Gucci Ties Up with Bored Ape Yacht Club’s Yuga Labs

Lavina Daryanani
Source: Altcoin Buzz

Several mainstream brands around the world have been expanding into the Crypto, NFT, Metaverse, and Web3 space. The luxury brand Gucci is one such name. On Monday, March 27, the brand announced a multi-year partnership with Bored Ape Yacht Club’s Yuga Labs.

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Gucci x Yuga Lab’s partnership to help explore fashion x entertainment’s intersection

According to a report from The Business of Fashion, the deal would extend engagement between each company’s communities “by exploring the intersection between fashion and entertainment in the Metaverse.” Commenting on the latest tie-up, Robert Triefus, Gucci’s Senior Executive Vice President, Corporate and Brand Strategy, and Chief Executive of Gucci Vault & Metaverse Ventures said,

“We are excited to unveil this multifaceted partnership with Yuga Labs, a leader, and creative pioneer in web3. This will give us an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms.”

The “Otherside”

In a recent fashion-tech summit, the executive reportedly indicated that the brand sees a long-term opportunity in Web3. According to him, the next web generation could help build community, encourage customer loyalty, and help ultimately generate revenue.

Furthermore, Triefus went on to label the early NFT days as a “wild west” period. On the other hand, he called the latest meltdown a “correction.” According to the executive, NFTs are now in a more sensible place, and Gucci intends to capitalize on the same via partnerships. Here it is worth recalling that Gucci partnered with 10KTF last year for its Gucci Grail project. As far as the latest deal is concerned, the luxury brand’s participation in “Otherside” will kickstart this week.

Otherside fostered Yuga Labs’ expansion into the Metaverse. Bored Ape Yacht Club’s parent company recently undertook its “second trip” or second test of its gamified metaverse platform. More than 7,200 “concurrent Voyagers” embarked on the same. The trip was open to Otherdeed NFT holders.

Otherdeed Non-Fungible Tokens are linked to be released in Otherside’s impending Metaverse. Yuga Labs hosted the first trip in Q3 last year. Post that, in Q4, Yuga Labs went on to acquire Web3 ecosystem WENEW and its flagship NFT collection 10KTF. Opining on the latest tie-up, Michael Figge, Yuga Labs’ Chief Creative Officer said,

“We’re looking forward to showcasing how that partnership extends to endless opportunities in Otherside.”

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