March 28, 2023

Gucci in Multi-year Partnership with Yuga Labs

NFTs

NFTs

Gucci, the Italian luxury fashion house, announced its collaboration again with Yuga Labs, the creator and developer of famous NFT collections such as Bored Ape Yacht Club (BAYC), CryptoPunks, and Meebits.

Gucci’s multi-year partnership with Yuga Labs aims to explore the intersection between fashion and entertainment in the metaverse, according to a press release, a copy of which was obtained by The Business of Fashion. The partnership is expected to be activated this week.

“Existing in a world where physical and digital realms collide, and are shaped by creative storytelling, the first activation in the partnership will give a glimpse of Gucci’s participation in Otherside, Yuga’s gamified, metaRPG universe, beginning this week,” the press release read.

This is not the first time Gucci joined the Web3 world. In March 2022, it launched 10KTF Gucci Grail. It is a unique NFT collection envisioned by Alessandro Michele and crafted by digital artisan Wagmi-san.

In this regard, CEO of Gucci Vault and Metaverse Ventures Robert Triefus said: “We are excited to unveil this multifaceted partnership with Yuga Labs, a leader, and creative pioneer in web3,” adding the partnership will give Gucci an active role in 10KTF and Otherside continuing narrative, unfolding in multiple forms.

Earlier Triefus noted that the NFT situation is currently sensible in terms of its downward trend from its peak in 2021.

The Italian fashion house also announced its first event in the metaverse on The Sandbox, the digital real estate platform on October 27, 2022.

Under the name of Gucci Vault Land, Gucci became the first luxury fashion brand to have its own space on The Sandbox, cementing its footprints in the metaverse.

The Gucci Vault Land is free for all users, where they can have fun, play, and earn blockchain-based tokens or rewards after completing specific activities. Users will receive one Gucci Vault Box for completing a task and receive five Gucci Vault Boxes as a bonus for finishing all the tasks.

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