- Yuga Labs has signed a deal with Gucci for metaverse development
- Little has been revealed about what form it will take, but Gucci is preparing to take part in Otherside this week
- Gucci has already taken strides to adopt elements of the metaverse in recent months
Luxury brand Gucci has strengthened its ties with the Web 3.0 space by signing a deal with Bored Apes creator Yuga Labs. The fashion house, which in 2022 began accepting cryptocurrencies in stores and is deep into the exploration of the metaverse, will use the partnership to extend engagement between each company’s communities by “exploring the intersection between fashion and entertainment in the Metaverse”, although it’s not clear yet what tangible forms this will take.
Real World Partnerships Becoming Standard
Once upon a time, not too long ago, the news of a partnership between Gucci and a Web 3.0 company would have sent shockwaves through the respective industries. Such as the shift towards the virtual world from various fashion brands including Gucci that it’s simply another step down an already well trodden path.
Little has been given away as to what the partnership between Yuga Labs and Gucci will look like, but Robert Triefus, Gucci’s senior executive vice president, corporate and brand strategy, and chief executive of Gucci Vault & Metaverse Ventures said in a statement that it would be a “multifaceted partnership” that will give the brand an “active role in Otherside (Yuga LAbs’ metaverse) and 10KTF’s continuing narrative, unfolding in multiple forms.”
Gucci’s participation in Otherside is set to begin this week.
Gucci Already Involved in the Web 3.0 World
Gucci’s interest in Web 3.0 started last year when it collaborated with 10KTF for a project called “Gucci Grail,” which involved the creation of personalized NFTs using designs from the then-creative director Alessandro Michele. The project utilized Wagmi-san, 10KTF’s “digital artisan,” to craft clothing and accessories for the NFTs. Additionally, in the previous year, Gucci released another NFT collection named “SuperGucci.”
The fashion house strengthened its position in the metaverse by becoming the first luxury brand to establish its own space within Animoca Brands’ digital real estate platform, The Sandbox, late last year. This move is reinforced by the launch of the experimental Gucci Vault Land concept store, with some of its physical stores accepting various cryptocurrencies on a trial basis.
