Luxury fashion brand Gucci has announced a partnership with web3 company Yuga Labs to explore the fusion of fashion and entertainment in the metaverse. The collaboration will include Gucci taking an active role in Yuga Labs’ metaverse world and game Otherside, and participating in the popular NFT project 10KTF. This will expand interaction between both companies’ communities and enhance Gucci’s previous partnership with 10KTF for the Gucci Grail project. Yuga Labs is a well-known company in the field of metaverse coins. Because the Yuga Labs ecosystem includes tokens such as BAYC, MAYC NFTs and ApeCoin (APE). Here are the details…
Partnership between Gucci and metaverse coins
The multi-year deal will allow Gucci to take an active role in Yuga Labs’ metaverse world and game Otherside and participate in the ongoing narrative of popular narrative NFT project 10KTF. The collaboration will expand interaction between both companies’ communities and enhance Gucci’s previous partnership with 10KTF for the Gucci Grail project. The project originated with the creation of clothing and accessories used to customize NFTs with designs by Gucci’s then creative director, Alessandro Michele.
Robert Triefus, senior vice president of corporate and brand strategy at Gucci and CEO of Gucci Vault & Metaverse Ventures, said the luxury brand still sees a long-term opportunity on web3 to build community, foster customer loyalty and ultimately generate revenue. . Triefus describes the craze around NFTs as an era of “wild west” and sees the market’s decline from its peaks in late 2021 as a “fix”.
Yuga Labs was founded in 2021 and established Bored Ape Yacht Club, which has become one of the most successful NFT projects . The company later bought the rights to CryptoPunks, Meebits and 10KTF and came to a valuation of $4 billion last March. He had raised $450 million at the time.
Fashion brands drive metaverse participation
Gucci’s participation in Otherside kicks off this week, and Yuga Labs creative director Michael Figge said he looks forward to showing how the partnership extends to endless opportunities on Otherside. The partnership between Gucci and Yuga Labs represents an important step forward for the fashion industry’s exploration of the metaverse and web3, and many are excited to see how the collaboration will evolve in the years to come.
Fashion brands are realizing that the metaverse offers a new and unique opportunity to engage with consumers in an immersive and interactive way. By joining the metaverse, fashion brands can create virtual experiences that allow users to try on clothes, accessories and other fashion items that they may not have access to in the physical world.