Gucci Enters Web3 with Strategic Deal with NFT Firm Yuga Labs
Gucci, the renowned designer clothing house, has inked a multi-year contract with Yuga Labs, the NFT behemoth that is behind the creation of Bored Ape Yacht Club, CryptoPunks, Meebits, and 10KTF. This Gucci and Yuga Labs partnership aim to explore the crossroads of fashion and leisure in the metaverse, thereby broadening interaction between the followers of the two organizations.
Robert Triefus, chief executive officer of Gucci Vault & Metaverse Ventures, stated that the agreement will grant Gucci an active involvement in Otherside and 10KTF’s ongoing, multi-form narrative. This partnership between Gucci and Yuga Labs arrives at a moment when Gucci is actively contemplating its Web3 goals. This week, Gucci’s involvement in Otherside will commence. Last week, Triefus touched on the news while talking on stage at the BoF Professional Summit: An Inflection Point in Fashion Tech.
He stated that Gucci continues to observe the chance in Web3 for long-term community growth, consumer loyalty promotion, and eventually revenue generation. “The market’s decline from its peaks in the final leg of 2021 has been termed a ‘correction,’ and it is currently in an even reasonable position. He noted that Gucci would leverage the innovative design expertise of its affiliates via strategic alliances. Chief Executive Officer of Gucci Vault and Metaverse Ventures, Robert Triefus.
Yuga Labs was established in 2021 and developed one of the profitable NFT initiatives, Bored Ape Yacht Club. It acquired the rights to CryptoPunks, Meebits, and 10KTF in the future. In March of last year, it secured $450 million at a $4 billion capitalization. The chief creative officer of Yuga Labs, Michael Figge, was ecstatic about the collaboration, stating that it opens up numerous possibilities in the Otherside metaverse.
At The BoF Professional Summit: An Inflection Point in Fashion Tech, the seasoned luxury executive explained why Gucci believes in the long-term potential of fashion and web3 https://t.co/SxsZEehm5C #TheBoFPodcast
— The Business of Fashion (@BoF) March 24, 2023
He additionally stated the Gucci Grail initiative, a partnership between Gucci and 10KTF from the previous year, in which 10KTF’s “digital artisan,” Wagmi-san, crafted apparel and accouterments used to personalize NFTs with the concepts of Alessandro Michele, Gucci’s then-creative director. Figge stated that they are excited to demonstrate how this collaboration opens up limitless possibilities for Otherside.
A world first? Nfts exposed at the #Louvre
Cc @yugalabs @BoredApeYC pic.twitter.com/1Acc2S0w9j
— Ouriel @ZenGo (@OurielOhayon) March 21, 2023
Over 7,200 concurrent voyagers have joined the second excursion in the Otherside Metaverse. Team Glacia, commanded by Jimmy Wong, came out victorious and was rewarded with a rare winged headgear. The partnership between Gucci and Yuga Labs is an important move concerning the future of fashion and leisure in the metaverse.
As Web3 acquires traction, we can anticipate that more brands will take on the opportunities offered by the metaverse. The metaverse is still in its infancy, so there is a lot to discover and understand. Nevertheless, partnerships such as this one between Gucci and Yuga Labs indicate that an entirely novel phase of fashion and leisure is on the horizon.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.