This collaboration between Gucci and Yuga Labs is aimed at exploring the intersection between fashion and entertainment in the metaverse, extending engagement between the two companies’ communities.
The deal will give Gucci an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms, said Robert Triefus, chief executive of Gucci Vault & Metaverse Ventures.
This collaboration between Gucci and Yuga Labs comes at a time when Gucci is seriously considering its Web3 ambitions. Gucci’s participation in Otherside is set to begin this week. Triefus hinted at the news on stage last week, speaking at the BoF Professional Summit: An Inflection Point in Fashion Tech.
He indicated that Gucci still sees a long-term opportunity in Web3 for building community, encouraging customer loyalty, and ultimately generating revenue.
“The market’s downturn from its highs in late 2021 as a ‘correction,’ and now it’s in a more sensible place. He added that Gucci would capitalize on the expertise of creatives through strategic partnerships.”
Robert Triefus, Chief Executive of Gucci Vault & Metaverse Ventures
Yuga Labs was founded in 2021 and created Bored Ape Yacht Club, which grew into one of the most successful NFT projects. It later acquired the rights to CryptoPunks, Meebits, and 10KTF. Last March, it raised $450 million at a valuation of $4 billion.
Michael Figge, Yuga Labs’ chief creative officer, expressed his excitement about the partnership, saying that it extends to endless opportunities in the Otherside metaverse.
He also mentioned the Gucci Grail project, a collaboration between Gucci and 10KTF last year, which entailed 10KTF’s “digital artisan,” Wagmi-san, crafting clothing and accessories used to personalize NFTs with the designs of Gucci’s then-creative director, Alessandro Michele.
Figge said that they are looking forward to showcasing how that partnership extends to endless opportunities in Otherside.
The Otherside Metaverse is gaining significant traction, with more than 7,200 concurrent voyagers joining the second trip. Players on Team Glacia led by Jimmy Wong emerged as winners and received a rare winged helmet as a reward.
The Gucci-Yuga Labs collaboration is a significant step towards the future of fashion & entertainment in the metaverse.
As Web3 gains more momentum, we can expect more brands to follow suit and embrace the opportunities presented by the metaverse. The metaverse is still in its early stages, and there is much to explore and learn. However, collaborations like this one between Gucci and Yuga Labs are an indication that we are on the cusp of a new era of fashion and entertainment.
Source : Blockster