Gucci collaborates with Yuga Labs for the NFT Fashion Line

by James · March 27, 2023

Gucci has always taken advantage of new changes in the industry and disruptions in society.

Gucci is gradually shifting its focus to the Web3 space with the announcement of a multi-year collaboration with Yuga Labs, a Web3 company that manages several well-known NFT collections such as Bored Ape Yacht Club. Cryptopunks, Mebits and Narrative NFT Project 10KTF. It’s also the owner of Otherside, a digital world and app-themed game for the bored.

The deal is set to increase engagement between both company’s communities by crossing the convergence of the fashion and entertainment industries in the metaverse.

In a statement from Robert Triefus, Gucci Senior Executive at Gucci Vault & Metaverse Ventures, the company is pleased to reveal its multidisciplinary collaboration with Yuga Labs. The move will also give the luxury brand active participation in the ongoing narrative of The Otherside and 10KTF, which embodies itself in multiple versions.

In a press release from Chief Creative Officer of Yuga Labs, Michael Figg, the partnership will help explore endless possibilities for both companies.

Robert Triefus recently spoke to a business school about the possibility of a luxury brand like Gucci diving into the world of untapped opportunities in the Metaverse, the gaming industry. Triefus, who has worked at Gucci for more than fifteen years, says that the legacy of the company to expand further can be manifested by pursuing a future in the metaverse.

Triefus said that despite its reputation as a fairly old brand, Gucci has historically taken advantage of new changes in the industry and disruptions in society to triumphantly reinvent itself.

Gucci’s contribution to Otherside is set to launch this week. Triefus, stated on the breaking news last week at the BoF Professional Summit: An Inflection Point in Fashion Tech. Gucci, he said, still sees a long-term opportunity in Web3 to create a community, engender customer loyalty, and thereby generate revenue. According to Triefus, the initial uncertainty surrounding NFTs was a “wild west” period and witnessed the market’s fall in 2021 as a correction. Triefus believes that the NFT area is in a more stable area now, and therefore Gucci will utilize Creative’s expertise via strategic collaboration.

Established in 2021, Yuga Labs introduced the Bored App Yacht Club, which skyrocketed into one of the most successful Non-Fungible Token businesses. It eventually acquired the rights to CryptoPunks, Mebits and 10KTF. Last March, the company raised $450 million at a valuation of $4 billion.

Yuga Labs also launched its Second Trip for its Otherside universe as a new “metaverse” experience on March 25. The company embarked on the experience with several thousand simultaneous users, all communicating in real time. Yuga Labs is also one of the main competitors trying to design an experience in the metaverse.