After fashion brand Balmain announced its new Web3 initiative, now another popular fashion brand has joined the Web3 scene.
Recently, Coindesk (27/3/23) reported that the popular fashion company, Gucci, said that they have teamed up with NFT publisher Yuga Labs, the company behind the collection NFT Bored Ape Yacht Club (BAYC), to bring digital fashion luxury into the Metaverse.
What are the plans for this partnership? Don’t miss the answer below!
Gucci Explores the Metaverse
In a tweet from the Guci Twitter account uploaded on March 27, 2023, Gucci announced plans to explore the Metaverse with Yuga Labs, the company behind the BAYC NFT collection.
According to a report from Business of Fashion, Gucci and Yuga Labs have signed a multiyear partnership to collaborate on Yuga Labs’ Metaverse Otherside and 10KTF collections, aiming to expand the co-op opportunities between fashion and Web3 entertainment.
In this regard, Robert Triefus, head of Gucci’s Metaverse project, said, “We are excited to introduce this partnership with Yuga Labs, creative leaders and pioneers on Web3.”
Collaboration between Gucci and Yuga Labs
Reporting from Bein Crypto (27/3/23), prior to this latest collaboration, last year, Gucci had launched the “Gucci Grail” project with Yuga Labs. At that time, Gucci collaborated with “digital artisans”, Wagmi-san, to design accessories and apparel that could be used to personalize NFTs.
And in this partnership, the collaboration between Gucci and Yugas Labs will expand to Otherside, a Bored Ape-themed virtual world and game. According to reports, Gucci’s long-term plan is to build a Web3 community which it believes will foster more customer loyalty and generate more revenue for the popular fashion brand.
Michael Figge, Chief Creative Officer of Yuga Labs commented, “We look forward to showing how this partnership expands into an endless array of opportunities.” With this latest news, Gucci is one of a number of fashion brands testing Web3. Until now, several brands have learned that they can grow their customer base by using NFTs to attract young buyers.
Gucci’s journey on Web3
Nothing new, Coindesk says that Gucci previously made a move to Web3 in February 2022, where it purchased undisclosed amounts of land in the game Metaverse The Sandbox to experiment with plans for hosting virtual experiences.
In June 2022, Gucci reportedly purchased $25,000 worth of NFT market native token SuperRare to participate in decentralized autonomous organizations and open digital art vaults.
Not only that, the latest news came from Decrypt (28/3/23) which revealed that Gucci and several other luxury fashion brands, such as Dolce & Gabbana, Balmain, Coach, and Tommy Hilfiger, also participated in the Metaverse Fashion Week event held by Decentraland from 28 to 31 March 2023, by showing off their digital products.