With the announcement of a partnership with a well-known blockchain technology firm and non-fungible token (NFT) issuer Yuga Labs, high-end clothing brand Gucci is expanding its presence in the Web3 and metaverse.
Given that Yuga Labs is the company behind the wildly popular Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club, Gucci’s announcement of the cooperation on Monday quickly caught the attention of the cryptocurrency community (MAYC). Also, the group purchased 10KTF, Meebits, and CryptoPunks last year. In addition, it is getting ready for its gamified metaverse Otherside.
Gucci’s tweet features an ape clutching a bottle with the words “Gucci Yuga Laboratories” underneath a white label that features a Koda (an NFT avatar from Otherside).
According to Business of Fashion, the two businesses have agreed to collaborate on projects related to the 10KTF line and Otherside metaverse from Yuga Labs.
According to Robert Tryfus, senior executive vice president of Gucci, the agreement will provide the clothing brand “an active involvement in Otherside and 10KTF’s continuing narrative.” As both businesses continue to work on fusing the metaverse with fashion, he continued, it might bring the brand and Otherside closer together.
A previous collaboration between 10KTF and Gucci on the Grail line allowed owners of specific NFT collections to add outfits to their avatars.
In the meantime, Yuga Labs recently launched its Second Trip for its Otherside universe on March 25 as a brand-new “metaverse” experience, following up on last summer’s First Trip.
Gucci’s Developing Metaverse-path
Gucci is well-known in the crypto/metaverse community. In 2021, it collaborated with the immensely well-liked Roblox gaming platform to develop the Gucci Garden, a virtual realm.
As previously mentioned, Gucci began taking cryptocurrency payments in all of its North American stores in May of last year. They included Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (wBTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Shiba Inu (SHIB). In addition, various stablecoins are tied to the US dollar.
Once BitPay, a cryptocurrency payment processor, announced support for ApeCoin (APE) and Euro Coin (EUROC) in August. As a result, Gucci became the first retailer to accept APE through BitPay. Yuga Labs uses ApeCoin as the main token in its projects and is a contributor to ApeCoin and a community member of the ApeCoin DAO.
The upmarket brand debuted NFT collections, such as the “SUPERGUCCI” and “Gucci Grail” lines. In order to create its “own virtual world,” it also bought virtual land in The Sandpit (SAND) metaverse.
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In the meanwhile, several prestigious companies, like Gucci, Dolce & Gabbana, Adidas, Coach, and Tommy Hilfiger. In addition, online fashion retailers like DressX and The Fabricant will take part in this year’s Metaverse Fashion Week, which begins today.
The events will once again be held in Decentraland, as they were last year. However, this time they will also broadcast on the metaverse platform Spatial. In addition, a decentralized augmented reality (AR) layer overlays virtual objects in the real world.
