Gucci launches Otherside Metaverse Physical Jewelry
Web 3 behemoth Yuga Labs has reached out to Italian fashion house Gucci to create physical jewelry related to the upcoming Otherside metaverse game.
Called a KodaPendant, the first piece of jewelry will enter the narrative of Yuga Lab’s new alien-themed game, which owners of Otherdeed NFTs have previewed.
Otherside KodaPendants will unlock the tool in new game
In addition to being a physical item, the KodaPendant will have an associated NFT that will unlock certain in-game privileges. There will be over 3,000 KodaPendant NFTs that will be sold from April 6, 2023, with the option to claim the accompanying physical adornment from Gucci later in the year.
Holders of Otherdeed NFTs can purchase KodaPendants using ApeCoin, the native currency of the Otherside Metaverse. The Charm will release unique cosmetic enhancements to Otherside avatars from Summer 2023.
Last week, Gucci announced a collaboration with Yuga Labs to explore the interface between fashion and entertainment in the metaverse.
Physical jewelry NFTs bring Web 3 clients into legacy industry
There have been some notable developments in the creation of physical NFTs whose provenance is recorded on the blockchain.
In 2021, art auction house Sotheby’s sold a pair of 18-carat earrings and their accompanying NFT for $32,110. The pieces were inspired by a painting by Vincent Van Gogh entitled Cafe Terrace at Night.
After that, Sotheby’s sold another set of earrings called Dazzling Autumn with its NFT. Dazzling Autumn was based on Wheat Field with Reaper and Sun, another Van Gogh artwork.
In June 2022, NFT platform Icecap sold diamond NFTs on OpenSea. The NFTs represent immutable proof of ownership of an item stored in a safe in the physical world.
In August 2022, the high-end jewelry outfit Tiffany & Co. that they would offer owners of CryptoPunk NFTs physical pendants representing the NFTs they own. The firm said it would produce 250 pendants similar to those held by NFT. These NFTs would be made of 18 carat rose or yellow gold and encrusted with precious stones.
Gamblers can prove a tougher nut to crack for NFTs
Yet, despite the popularity of selling physical items linked to NFTs, the traditional gaming industry has been skeptical of the asset class.
Yesterday, FIFA launched an AI-powered fantasy football game to bring football fans into the metaverse. In the new game, the players act as managers, as in other fantasy games such as the English Fantasy Premier League.
Rather than being modeled after famous footballers, characters are colorful and have skills assigned to them by artificial intelligence.
Over time, FIFA wants to convert these grades into NFTs and launch an NFT marketplace. They want players to first engage with the game instead of being distracted by crypto elements.
Traditional Web 2 players have resisted the onslaught of crypto elements in their favorite games, fearing that studios will look to make a quick profit and risk the quality of gameplay.
Recently, gaming and electronics giant Sony filed a patent to make in-game assets transferable between consoles and games, which could ease some of the player backlash.
Notably, Web 3 company Zilliqa will launch a Web 3 native console in Q1, 2023. The console will run games developed by Zilliqa. It will include a Web3 wallet and tools to mine Zilliqa’s native ZIL token. A game hub will unite crypto apps and games.
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