Gucci pays $25,000 to SuperRare’s DAO to build a digital art vault

Italian luxury brand Gucci is making its Web3 presence bigger. 

Gucci pays $25,000 to SuperRare’s DAO to build a digital art vault

The Florence-based company is investing in its first decentralized autonomous organization through a new partnership with the Non-fungible token marketplace SuperRare. 

Gucci has put $25,000 worth of RARE tokens into the SuperRare DAO to join. With its buy-in knew we could on our joint effort to show off the vision of this unique group of artists. 

SuperRare was its ability to give artists a place to show their work in a new way, one that is based on a sense of community and improves relationships and decentralization as important tools to help both artists and collectors. 

The idea comes from the fact that other high-end companies are putting out NFTs and looking for more ways to use blockchain, in Feb, Gucci and cult toy maker Superplastic worked together to make 10 NFTs.

Gucci is releasing 10 SuperGucci NFTs with the loy company Superplastic in February. 

The next 100 Years of Gucci show has several collectible pieces of art that show Gucci's past and present Jonathan Perkins, Who helped start SuperRare and is now the company's chief product officer, said that the vault is Gucci's online home, they also want to work with artists and sell art through their venue, which will be run on SuperRare technology.

Gucci will Accept Cryptocurrency at Some US Retail Stores. Perkins says that the agreement was first announced in January and will be carried out in several steps with the last being the launch of a gallery on SuperRare's website later this year. 

This is the first time the fashion house has joined a DAO, and it gives them administrative power within the SuperRare community, Perkins says that the two are thinking about what it would mean to invest in a DAO as a premium brand and how this could set a precedent for other large companies.

Related: Bentley Motors ready to drop its Genesis NFT collection on Polygon