[Video] 'Untouchable' Gucci Bag Sold for 4.65 Million Won... "Metaverse World Will Grow Bigger"

[Asia Economy Reporter Han Seung-gon, PD Yoon Jin-geun] “You have to at least buy a Gucci bag and an Apgujeong apartment.”

The Italian luxury brand Gucci sold a digital-only bag for $4,115 (approximately 4.65 million KRW) on the metaverse platform ‘Roblox’ at the end of last month. This bag exists solely in the ‘virtual world’ and is known to be untouchable in reality.

Additionally, on the virtual real estate investment platform ‘Earth2,’ ‘virtual apartments’ are traded. For example, virtual transactions of Apgujeong Hyundai Apartments in Gangnam, Seoul take place.

Citizens view this phenomenon positively. Mr. Hwang Eui-taek analyzed, “The metaverse is a step beyond the previous virtual reality (VR). Economic, cultural, and creative activities of users take place within the virtual world.”

Regarding the Gucci bag sales, he said, “It’s quite possible. Young generations try to express themselves and show differentiated personalities within the metaverse,” adding, “Alternatively, it can be seen as a form of investment. Although it is data fragments now, as the metaverse develops and deeply integrates into real life, its value will increase, so it is definitely possible as a value investment.”

The gaming industry is also showing interest in the metaverse. Oh Ji-hyun, a Technology Evangelist at Unity, a game engine providing development environments, emphasized, “Transactions in the metaverse are already occurring like item sales between game users.” Regarding future prospects, she predicted, “Currently, interest in the metaverse remains at the level of social media, but it can expand into various industries.”

Meanwhile, luxury brands have recently been increasing product launches into the metaverse. In 2019, the LVMH group released a collection for League of Legends players. Balenciaga showcased its fall collection through a video game this year.