Gucci Announces New Partnership with Yuga Labs
- Gucci purchased an undisclosed amount of virtual land in the Sandbox in 2022.
- Despite the inconsistency in the crypto market, the metaverse remains a profitable sector of Web3.
- Yuga Labs was launched in 2021 and is behind some of the most successful NFT projects, including Bored Ape Yacht Club.
On Monday, luxury fashion brand Gucci announced a new metaverse partnership with Yuga Labs, the company behind several top NFT projects including the Bored Apes Yacht Club, Meebits, and CryptoPunks. Yuga Labs also runs Otherside, a virtual world and metaverse game.
Both platforms signed a multiyear deal to explore “the intersection between fashion and entertainment in the Metaverse.” Robert Triefus, CEO of Gucci Vault and metaverse ventures, also noted that the partnership will provide Gucci with “an active role in Otherside and 10KTF’s continuing narrative.”
This wouldn’t be Gucci’s first foray into Web3. The luxury brand has already engaged in various activities within the metaverse, including a previous partnership with 10KTF, a virtual fashion platform owned by Yuga Labs.
Gucci also purchased undisclosed virtual land plots in The Sandbox in early 2022. The move was part of its expansion into Web3 and Gucci’s strategy to experiment with hosting digital experiences. Gucci also purchased $25,000 worth of SuperRare’s RARE tokens to open a digital art vault and join the SuperRareDAO.
Other fashion companies have also partnered with Web3 firms to develop the virtual fashion space. NFT marketplace RTFKT sold 600 pairs of digital sneakers in less than seven minutes in 2021, generating sales of about $3.1 million.
Interestingly, a virtual-only Gucci purse sold on Roblox for almost $4,000 in June last year. The virtual price tag was reportedly higher than that of its real-world equivalent.
Thanks to the growing adoption of Web3, fashionistas are now able to buy exclusive virtual clothing from designers like Balenciaga, Jimmy Choo, and Dolce & Gabbana across a variety of NFT marketplaces.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
