With the declaration of a multi-year partnership with Yuga Labs, a Web3 firm that is the creative force behind a number of well-known NFT collections, such as Bored Ape Yacht Club, Gucci is steadily moving its attention to the Web3 space.
Project 10KTF is a collaboration between the Cryptopunks, Mebits, and Narrative NFT. Otherside, a digital world and game with a bored app-themed setting is also owned by the company.
It is anticipated that the transaction will increase the level of engagement between both companies’ communities by navigating the integration of the fashion and entertainment industry sectors in the metaverse.
Gucci is excited (1) to reveal its multidisciplinary partnership with Yuga Labs, according to a statement released by Robert Triefus, Senior Executive of Gucci Vault & Metaverse Ventures.
In addition, the undertaking will enable the luxury brand to take an active part in the ongoing narrative of The Otherside and 10KTF, which manifests itself in a number of different forms.
According to a press statement released by Michael Figg, Chief Creative Officer of Yuga Labs, the relationship will assist in assisting both organizations in exploring unlimited prospects.
Robert Triefus recently gave a presentation on the topic of the possibility of a luxury brand such as Gucci venturing into the world of unexplored opportunities in the gaming industry. The presentation was given to a Business School.
Triefus, who has worked for Gucci for more than fifteen years, believes that the heritage of the corporation to broaden further can be exhibited by continuing to pursue a future in the metaverse. Triefus is a proponent of the brand’s use of metaverse technology.
According to Triefus, Gucci has traditionally been able to rebuild itself successfully by capitalizing on new changes inside the industry and upheavals within society. This is despite the fact that Gucci has a reputation for being a pretty old brand.
This coming week will begin Gucci’s participation in the Otherside project
As Triefus mentioned in the most current news from the BoF Professional Summit: An Inflection Point in Fashion Tech, which took place the week before last.
According to him, Gucci believes that there is still a long-term chance in Web3 for the company to create a community, prompt customer loyalty, and ultimately generate revenue.
As per Triefus, the first period of uncertainty surrounding NFTs was a “wild west” phase, and it was during this time the market had a correction in the form of a decline in 2021.
According to Triefus, the non-fungible token (NFT) market is currently in a more stable space currently; as a result, Gucci will exploit Creative’s knowledge through strategic collaboration.
In 2021, Yuga Labs was established, and the same year it launched Bored App Yacht Club, which went on to become one of the most successful endeavors involving Non-Fungible Tokens. After some time, it was able to purchase the rights to CryptoPunks, Mebits, and 10KTF.
In March of last year, the company successfully raised $450 million at a valuation of $4 billion.
On March 25, Yuga Labs also released a new “metaverse” experience known as Second Trip for its Otherside universe.
The company began the experiment with several thousands of concurrent users, all of whom were able to communicate with one another in real time.
Yuga Labs is also one of the most significant rival companies attempting to build an experience in the metaverse.