Luxury fashion giant Gucci is diving deeper into Web3 by announcing a multi-year partnership with Yuga Labs, the Web3 powerhouse responsible for some of the most popular NFT collections including Bored Ape Yacht Club, CryptoPunks, Meebits, and the narrative-driven project 10KTF.
Yuga Labs also operates Otherside, a virtual world and gaming platform themed around the Bored Ape Yacht Club.
The collaboration aims to explore the intersection of fashion and entertainment in the Metaverse, fostering engagement between both companies’ communities.
This announcement signifies Gucci’s commitment to leveraging Web3 technologies and solidifying its presence in the rapidly growing Metaverse ecosystem.
In a statement, Robert Triefus, Gucci’s Senior Executive Vice President, Corporate and Brand Strategy, and CEO of Gucci Vault & Metaverse Ventures, expressed excitement about the partnership with Yuga Labs. He stated that the collaboration would allow Gucci to play an active role in the ongoing narratives of Otherside and 10KTF, which would unfold in various forms.
Gucci had previously collaborated with 10KTF on the Gucci Grail project, where Wagmi-san, 10KTF’s digital artisan, crafted clothing and accessories to personalize NFTs with designs from Gucci’s then-creative director, Alessandro Michele. The collaboration’s success paved the way for an expanded partnership.
Michael Figge, Yuga Labs’ Chief Creative Officer, shared his enthusiasm for the partnership, emphasizing the endless opportunities it presents in Otherside.
Gucci is set to begin participating in Otherside later this week.
Speaking at the BoF Professional Summit: An Inflection Point in Fashion Tech, Triefus hinted at the announcement, indicating that Gucci sees long-term potential in Web3 for building community, fostering customer loyalty, and generating revenue. Describing the initial NFT craze as a “wild west” Triefus acknowledged the market’s downturn in late 2021 as a “correction” leading to a more sensible environment for strategic partnerships with creative experts.
Founded in 2021, Yuga Labs quickly gained prominence with the launch of Bored Ape Yacht Club, one of the most successful NFT projects to date. The company later acquired the rights to CryptoPunks, Meebits, and 10KTF. In March, Yuga Labs secured $450 million in funding at a $4 billion valuation.
This partnership represents a significant milestone in the convergence of fashion and Web3 technologies, with Gucci and Yuga Labs pioneering the way for other luxury brands to explore the Metaverse’s potential.