Gucci, the world-famous Italian luxury fashion company, has made waves in the worlds of NFTs and the Metaverse. Gucci has teamed up with Yuga Labs, the developers of the famous Bored Ape Yacht Club (BAYC) NFT line, to explore new possibilities in the Metaverse. Earlier they had collaborated with Arianee, an open-source protocol for the digital certification of luxury items.
The brand is thrilled to showcase its multidisciplinary partnership with Yuga Labs, according to Robert Triefus, Gucci Senior Executive of Gucci Vault & Metaverse Ventures. The collaboration marks the beginning of a new era that will “explore the intersection of fashion and entertainment in the metaverse,” according to the Italian luxury fashion business. The project will also provide the luxury brand active engagement in the ongoing story of The Otherside and 10KTF, which manifests itself in many forms.
The partnership was teased on Twitter with an image of a bottle with both the Gucci and Koda logos, similar to the one that was sipped during the debut of Yuga Labs and BAYC’s Otherside Metaverse. The tweet also included a message that hinted at the emergence of a new narrative, blurring the lines between the actual and digital worlds.
Last year, Gucci collaborated with Yuga Labs on the Gucci Grail project. Gucci collaborated with “digital artisan” Wagmi-san to create accessories and garments that can be used to customise NFTs. The collaboration will also include Otherside, the virtual world and a game with Bored Ape themes. Gucci’s long-term strategy is to create Web3 communities, which it believes will increase client loyalty and income for the fashion house.
Gucci could respond by creating new digital fashion items that can be worn in the Metaverse, allowing users to show off their style and creativity in a virtual setting. This might imply Yuga Labs experimenting with new methods to include luxury items and experiences into their NFT collections, resulting in a more immersive and engaging experience for collectors.
In the first quarter of this year, the 10KTF collection accounted for 74% of NFT fashion item trade volumes. Investors have poured $502 million into Web3 gaming and metaverse ventures this year. While down from $7.6 billion, it remains notable in light of the recent deterioration in investor opinion towards the crypto business. The metaverse lowers the cost of items and allows the fashion industry to reuse current designs.
Luxury brands were among the early adopters of web3 and the Metaverse. Gucci and Louis Vuitton have built NFT collections based on their renowned items. While Prada has created an immersive experience in Decentraland that allows visitors to tour a virtual version of the brand’s main shop in Tokyo.