Gucci fashion house becomes Yuga Labs’ partner
The deal will expand the interaction between the parties’ communities and allow “exploring the intersection between fashion and entertainment in the metaverse.”
27.03.2023 - 10:00
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What’s new? On March 27, designer brand Gucci announced a multi-year partnership with Yuga Labs, the company that developed the NFT collections Bored Ape Yacht Club (BAYC) and 10KTF, as well as the Otherside metaverse. According to The Business of Fashion, the deal will expand the interaction between the parties’ communities and allow “exploring the intersection between fashion and entertainment in the metaverse.” Robert Triefus, Gucci’s Senior Executive Vice President, Corporate and Brand Strategy, and Chief Executive of Gucci Vault & Metaverse Ventures, said that the collaboration with Yuga Labs will allow the brand to play an active role in the Otherside and 10KTF projects.
The Business of Fashion’s material
What else is known? At a recent fashion and technology summit, Triefus said that Gucci sees long-term opportunities in the Web 3.0 space. According to him, the next generation of web technologies can help build community and encourage customer loyalty to grow profits.
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Triefus called the period of emergence and initial growth in the popularity of NFT the “Wild West,” with a market decline from the highs of late 2021 he considers a correction. He sees the current situation in the sector as more reasonable, noting that Gucci intends to capitalize on this through partnerships.
The fashion house began working with 10KTF last year on the Gucci Grail project. As for the latest deal, participation in the Otherside project will begin this week. Yuga Labs’chief creative officer Michael Figge said that the company will show how the partnership with Gucci will expand “endless opportunities in Otherside.”
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In January, Yuga Labs announcedthe launch of Dookey Dash, a game with rewards for activity in the form of NFTs. In March, the company’s auction to sell bitcoin NFT brought it $16,5 million in 24 hours, with a minimum winning bid of ~$50 500.
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