Giant Brand Gucci Bought From This Altcoin Project: The Price Has Shot!

Gucci: Clothing brand giant Gucci continues its Web3 investments. The Italian clothing brand, which started to accept payments with cryptocurrencies, is now on the agenda with its investment in an altcoin project.

Gucci allocated $25,000 to this altcoin project

Through a new relationship with NFT marketplace SuperRare, the Florence-based firm is investing in DAO. To participate in SuperRareDAO, Gucci invested $25,000 in the RARE token. RARE price gained 60% after the news before correcting.

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Gucci is preparing for the exhibition “Vault Art Space”, which will feature a series of NFT works by 29 artists. Commenting on the subject, Gucci Vault CEO Nicolas Oudinot said:

We contacted SuperRare knowing we can count on our joint effort to highlight the vision for this unique artist collection. We were attracted by an approach based on a sense of community and fostering relationships and decentralization as vital tools to assist artists and collectors alike.

Gucci’s move comes amid intense NFT competition

AmkNews.com As we mentioned in its news, it has collaborated with Gucci and cult toy maker Superplastic. In the partnership made in February, they worked to launch 10 NFTs. The “Next 100 Years of Gucci” exhibition includes a range of artworks reflecting Gucci’s past and present.

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When does the Vault Art Space exhibition open?

This partnership is Gucci’s first involvement in the DAO. Three episodes of the show will be available for viewing and bidding on the website of the Gucci-managed Vault. The first phase will take place from June 23 to July 1, 2022, and the second phase will take place from July 7 to July 15. The third will likely take place between July 21 and July 29.

What is SuperRare (RARE)? Why is it important for the altcoin market?

SuperRare is a leading NFT platform with approximately $250M in digital art and $3M in artist royalties. Additionally, SuperRare enables artists to mint their works as SuperRare NFTs in a common smart contract.

The project was developed in 2017 by John Crain, CEO of SuperRare, Charles Crain and Johnathan Perkins.

According to CoinMarketCap, RARE token is the 541st largest cryptocurrency by market cap. It is currently trading at $0.213, with a market cap of $21 million. Its price peaked quickly from $0.4593 on February 24 to $0.5146 on March 3. It then fell 94.23% at the $3.79 ATH price. Given its recent momentum, RARE is poised to test the critical support of $0.3.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.