Gucci Makes $25K Investment in SuperRare’s DAO to Launch Digital Art Vault

Gucci has bought into its first DAO via a partnership with NFT marketplace, SuperRare.
Image source: SuperRare

Quick take:

  • Gucci has purchased $25,000 worth of $RARE tokens to join SuperRare’s DAO.
  • The fashion house is launching a “Vault Art Space” featuring NFT artworks by 29 artists.
  • Gucci is the first fashion house to participate in a DAO.

Italian fashion house Gucci has made yet another move in Web3 as it has invested $25,000 in the decentralised autonomous organisation (DAO) of NFT marketplace, SuperRare.

In a new partnership with the marketplace, the fashion house has purchased $25,000 worth of $RARE tokens to join SuperRare’s DAO, giving Gucci governance rights within the SuperRare community.

With the investment, Gucci and SuperRare are launching Vault Art Space, an experimental online space that features a regular rotation of exhibitions. The debut exhibition, ‘The Next 100 Years of Gucci,’ goes live today and features the work of 29 selected artists ranging from past collaborators to emerging artists including Alanna Vanacore, Alienqueen, Aliendrope, Antoni Tudisco, Darta Katina, Drew Young, Diberkato, eBoy, Ignasi Monreal, Ignorance1, Jordan Schiffer, Kris Andrew Small, Loudsqueak, Merjin Hos & Jurrian Hos, Paulina Almira, Pet Liger, Pindar Van Armand, Sasha Katz, Sam J, Sheidlina, Tim Maxwell, Tyler Spangler, Trs.mnz, Vexx and YeaYeaChloe.

‘The Next 100 Years of Gucci’ showcases a series of collectible art pieces that represent Gucci’s heritage and future. The Vault Art Space is Gucci’s digital space and it will be working with artists to sell art through the space, powered by SuperRare. 

Artworks in the exhibition will be displayed and auctioned off directly on Vault Art Space’s website in three drops, with the first from Jul 1, the second from Jul 5 to 15, and the third from Jul 21 to 29. All purchases will have to be made in ETH.

Speaking to CoinDesk, Gucci Vault CEO Nicolas Oudinot said: “We approached SuperRare for this knowing we could rely on our mutual effort to amplify the vision of this multifaceted group of artists. We were fascinated by SuperRare’s ability to provide [artists] with a platform to showcase their work in an innovative way, one that is built on a sense of community and that enhances interactions and decentralization as key tools to support both artists and collectors.”

According to Coindesk, Oudinot said that Gucci is looking to participate in a more “interconnected and decentralized economy” through this partnership.

SuperRare CEO Jonathan Perkin told CoinDesk that the partnership first emerged in January and will be rolled out in phases. It would also include a gallery on SuperRare’s platform later this year.

While Gucci has made several moves in the Web3 space, it is the first fashion house to participate in a DAO. Perkin thinks that it could set a trend for other big players in and out of fashion. 

Some of Gucci’s recent endeavours in Web3 include its NFT drops, its land purchase on The Sandbox, and its permanent space on Roblox.

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