Gucci Partners with Yuga Labs for NFT Fashion Line

UTC by Sanaa Sharma · 3 min read
Gucci Partners with Yuga Labs for NFT Fashion Line
Photo: Unsplash

Gucci has alwasy capitalized on new changes within the industry and disruptions within society.

Gucci is gradually shifting its focus to the Web3 space with the announcement of a multi-year collaboration with Yuga Labs, a Web3 firm heading several famous NFT collections like Bored Ape Yacht Club. Cryptopunks, Mebits, and Narrative NFT Project 10KTF. It is also the owner of Otherside, a bored app-themed digital world and game.

The deal is set to raise engagement between both the company’s communities by traversing the convergence of the Fashion and Entertainment industries in the metaverse.

In a statement by Robert Triefus, Gucci Senior Executive of Gucci Vault & Metaverse Ventures, the company is excited to reveal its interdisciplinary collaboration with Yuga Labs. The undertaking will also provide the luxury brand active participation in the persisting narrative of The Otherside and 10KTF, which embodies itself in several versions.

In a press statement from the Chief Creative Officer of Yuga Labs, Michael Figg, the partnership will help explore endless opportunities for both companies.

Robert Triefus recently spoke to a Business School about the possibility of a luxury brand like Gucci diving into the world of untapped opportunities in the Metaverse, the gaming industry. Triefus, who has worked at Gucci for more than fifteen years, says that the legacy of the company to expand further can be manifested by pursuing a future in the metaverse.

Triefus said that despite its reputation as a rather old brand, Gucci has historically capitalized on new changes within the industry and disruptions within society to triumphantly recreate itself.

Gucci’s contribution to Otherside is all set to commence this week. Triefus, indicated on the recent news last week at the BoF Professional Summit: An Inflection Point in Fashion Tech. Gucci, he said, still observes a long-term opportunity in Web3 to create a community, and prompt customer loyalty, consequently generating revenue. According to Triefus, the initial uncertainty around NFTs was a “wild west” period and witnessed the market’s downfall in 2021 as a correction. Triefus believes that the NFT space is in a more stable space now, and hence, Gucci will leverage Creative’s expertise via strategic collaboration.

Yuga Labs was established in 2021 and introduced Bored App Yacht Club, which skyrocketed to one of the most successful Non-Fungible Token undertakings. It eventually acquired the rights to CryptoPunks, Mebits, and 10KTF. Last March was when the company raised $450 million at a $4Billion valuation.

Yuga Labs also launched its Second Trip for its Otherside universe as a new “metaverse” experience on March 25th. The firm embarked on the experience with several thousands of simultaneous users, all communicating in real-time. Yuga Labs is also one of the main competitors trying to design an experience in the metaverse.

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