Gucci has announced a partnership with Yuga Labs, the creator of Bored Ape, to venture into the Metaverse. The luxury fashion brand is expanding its presence in the Web3 world. In fact, it has already begun working on initial plans with Yuga Labs.
Gucci has recently revealed a long-term collaboration with Yuga Labs, the firm responsible for popular NFT collections like CryptoPunks, Meebits, and Bored Ape Yacht Club (BAYC). The primary objective of this partnership is to delve into the Metaverse’s nexus between fashion and entertainment, as stated in the official statement. This latest move solidifies the Italian luxury fashion house’s position as an early adopter of Web3 technology.
Gucci Prepares to Enter Otherside
Gucci has teased a new partnership with Yuga Labs on Twitter. The teaser image shows Gucci and Yuga Labs branding on a bottle that was previously seen in the trailer for Otherside, Yuga’s upcoming Bored Ape-themed metaverse game. Gucci’s tweet reads, “Continuing to explore the Metaverse, the House comes together with Yuga Labs. Stay tuned as a new narrative takes shape, blurring the boundaries between the physical and digital.”
The details of the deal are scarce, but Gucci Vault and Metaverse Ventures CEO, Robert Triefus, mentioned that the collaboration will give Gucci an active role in Otherside and 10KTF’s continuing narrative. A Yuga Labs representative stated that it’s a “multi-year partnership designed to extend the engagement between their respective communities, by exploring the intersection between fashion and entertainment in the metaverse.”
Triefus further hinted at a potential long-term commitment to the Web3 space in a recent fashion-tech summit. He compared the early NFTs frenzy to the “wild west” period. However, it maintained that the downturn from its peak in late 2021 was a point of “correction”. This helps the market to position itself in a more “sensible” place. The executive believes that the next generation of the web has the potential to develop communities. It will also encourage customer loyalty and ultimately boost revenue generation. Triefus expressed excitement about the “multifaceted partnership with Yuga Labs, a leader, and creative pioneer in web3,” stating that it will give Gucci an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms. Gucci is set to participate in Otherside, a Yuga-Labs-developed and ApeCoin-powered metaverse platform, starting this week.
Conclusion
As users are getting more familiar with the metaverse and NFTs, big brands are slowly joining in on the hype. This is very positive news to the entire web3 as public adoption will only increase. In the meantime, check out our MEXC trading page and find out what we have to offer! Do not miss out on the golden window. You can learn more about crypto industry news and interesting articles to get you up to speed with the crypto world. Happy trading!
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