Gucci has announced a multi-year partnership with Yuga Labs today. The web3 company has played a significant role…
Gucci has announced a multi-year partnership with Yuga Labs today. The web3 company has played a significant role in the emergence of non-fungible tokens (NFTs), creating several popular ones such as Bored Ape Yacht Club, CryptoPunks, Meebits and the narrative NFT project 10KTF. It also runs Otherside, a Bored Ape-themed virtual world and game.
The partnership deal is meant to extend engagement between each company’s communities “by exploring the intersection between fashion and entertainment in the Metaverse,” a joint statement said.
“We are excited to unveil this multifaceted partnership with Yuga Labs, a leader and creative pioneer in Web 3. This will give us an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms,” Robert Triefus, Gucci’s senior executive vice president for corporate and brand strategy and chief executive of Gucci Vault & Metaverse Ventures, said.
Otherside launched Yuga Labs’ expansion into the metaverse. The company recently initiated its “second trip” or second test of its gamified metaverse platform. More than 7,200 “concurrent Voyagers” embarked on the same. The trip was open to Otherdeed NFT holders.
Commenting on the latest collaboration, Michael Figge, Yuge Labs’ Chief Creative Officer, said, “We are looking forward to showcasing how that partnership extends to endless opportunities in Otherside.”
As stated in the announcement, Gucci will take a crucial role in the Otherside metaverse and Yuga Labs’ virtual gaming platform. Though little has been said as regards other details infused in the collaboration, the luxury brand is set to play a major role in the growth of the ongoing narrative of 10KTF, a non-fungible token collection featuring one-of-one NFTs and corresponding accessories. In the course of the game, the companies will advertise Gucci’s logo and signature style in a multitude of ways.
Through this partnership, Gucci will increase its market exposure to illustrious holders and owners of NFTs like BAYC, MAYC, 10KTF, and Otherside.
Gucci’s growing involvement in Web3 initiatives
Gucci partnered with 10KTF to create digital clothes for avatars in the metaverse. The Metaverse post reported that the collection, dubbed “10KTF Gucci Grail NFT,” included 5,000 profile picture-styled tokens inspired by Gucci’s Aria and Love Parade collections.
Before this collaboration, Gucci had begun accepting cryptocurrencies as payment in a few selected American stores. Gucci has an array of web3 initiatives, some of which include active participation in Roblox and The Sandbox metaverses and a partnership with the NFT company Superplastic.
At a recently held fashion-tech summit, Robert Triefus revealed that the fashion brand thinks of Web3 as a long-term cauldron of opportunities to enhance the company’s relevance. In his words, the next web generation could help foster community, improve customer fondness for the brand and eventually uplift revenues.
In addition, he described the early NFT days as a “wild west” period, labelling the recent nosedive in the NFT space as a “correction”. He states that NFTs are presently in a more sensible place, and Gucci is set to explore this momentum through strategic and exciting collaborations.