Luxury fashion brand Gucci has entered into a collaboration with Web3 company Yuga Labs to delve into blending fashion with entertainment within the metaverse. This partnership will see Gucci playing a pivotal role in Yuga Labs’ metaverse project and game, Otherside, as well as participating in the renowned NFT project 10KTF.
This collaboration aims to foster greater interaction between the communities of both companies and build upon Gucci’s prior engagement with 10KTF through the Gucci Grail project. Yuga Labs is recognized in the metaverse domain, notably for overseeing an ecosystem that includes tokens like BAYC, MAYC NFTs, and ApeCoin (APE).
Partnership between Gucci and metaverse coins
Under a multi-year agreement, Gucci will actively engage in Yuga Labs’ metaverse project and game, Otherside, and contribute to the evolving story of the acclaimed NFT project, 10KTF. This collaboration is set to enhance the interaction between the communities of both entities and build upon Gucci’s earlier partnership with 10KTF through the Gucci Grail initiative. This initiative began with creating clothing and accessories for customizing NFTs, featuring designs from Gucci’s then creative director, Alessandro Michele.
Robert Triefus, the senior vice president of corporate and brand strategy at Gucci and CEO of Gucci Vault & Metaverse Ventures, expressed the luxury brand’s vision of harnessing Web3 to cultivate a community, enhance customer loyalty, and drive revenue in the long term. Triefus likened the initial NFT frenzy to a “wild west” period, viewing the subsequent market correction from its late 2021 highs as a necessary adjustment.
Founded in 2021, Yuga Labs quickly rose to prominence with the Bored Ape Yacht Club, one of the most notable NFT ventures to date. The company expanded its portfolio by acquiring rights to CryptoPunks, Meebits, and 10KTF, reaching a valuation of $4 billion by March of the following year, bolstered by a $450 million fundraising effort.
Fashion brands drive metaverse participation
Gucci’s foray into Otherside begins this week, with Yuga Labs’ creative director, Michael Figge, expressing enthusiasm about demonstrating the expansive possibilities the partnership with Gucci will bring to Otherside.
This collaboration marks a significant advancement in the fashion industry’s venture into the metaverse and web3, sparking widespread anticipation for its development in the coming years.
The fashion sector is recognizing the metaverse as a novel and distinctive platform for engaging with consumers in a more immersive and interactive manner.
By entering the metaverse, fashion brands have the opportunity to craft virtual experiences that enable users to explore and try on clothing, accessories, and other fashion items, potentially beyond their reach in the physical realm.
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