Gucci announced a multi-year partnership with Yuga Labs, the company behind well-known NFT collections such as Bored Ape Yacht Club (BAYC), CryptoPunks, and Meebits. The main aim is to explore “the intersection between fashion and entertainment in the Metaverse,” according to the press release.
With the latest move, the Italian high-end luxury fashion house is cementing its place as an early mover in Web3.
Robert Triefus – who happens to be Gucci’s senior executive vice president, corporate and brand strategy, and chief executive of Gucci Vault & Metaverse Ventures – hinted at a potential long-term commitment in the Web3 space in a recent fashion-tech summit.
According to the report by The Business of Fashion, Triefus compared the early frenzy surrounding the NFTs sector was a “wild west” period but maintained that the downturn from its highs in late 2021 was a point of “correction,” helping the market to position itself in a more “sensible” place.
The executive believes the next web generation has the potential to develop community, encourage customer loyalty, and ultimately boost revenue generation. Triefus was also quoted saying,
“We are excited to unveil this multifaceted partnership with Yuga Labs, a leader, and creative pioneer in web3. This will give us an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms.”
Gucci is all set to participate in Yuga-Labs developed and ApeCoin-powered metaverse platform Otherside starting this week.
Gucci and Web3
This isn’t the first time Gucci had dived into the Web3 space. The company teamed up with 10KTF in 2022 for a project called “Gucci Grail,” which involves 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. The retailer also came up with another NFT collection – SuperGucci – last year.
Gucci became the first luxury brand to build its own space within Animoca Brands’ digital real estate platform The Sandbox, strengthening its place in the metaverse with the experimental concept store Gucci Vault Land.
Gucci also tapped crypto last year by accepting Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the USD in five stores in the United States.
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