Luxury Giant Gucci Teams Up With Yuga Labs To Develop Web3

Web3 company Yuga Labs is behind several popular NFT collections, including Bored Ape Yacht Club, Cryptopunks, Mebits, and Narrative NFT Project 10KTF. It also runs Otherside, a boring app-themed game and virtual world.

The agreement aims to increase engagement among each company’s communities “by exploring the intersection of fashion and entertainment in the metaverse,” they said in a press release.

“We are excited to unveil this multifaceted partnership with Yuga Labs, a leading and creative developer of Web3 technology,(…) This will give us an active role in the continuing narrative of The Otherside and 10KTF, which manifests itself in many forms.”

Robert Tryfus, Gucci Senior Executive Vice President, Corporate and Brand Strategy and Chief Executive of Gucci Vault & Metaverse Ventures, said in a statement.

“We look forward to showing how this partnership extends to endless opportunities among others,”

Michael Figg, the chief creative officer of Yuga Labs, said in a release.

Last year, Gucci and 10KTF worked together on the Gucci Grill project, where 10KTF’s “digital craftsman,” Wagami-san, used to customize NFTs with artwork created by this luxury brand’s former creative director, Alessandro Michele used to get ready to wear garments and accessories.

Crafted by Wagmi-san, designed by Alessandro Michele. Source: @10KTFshop

The high-fashion brand also said it would be present at the Otherside event to be held this week.

Gucci still sees a long-term opportunity in Web3 to build community, incentivize customer loyalty, and ultimately generate revenue.

Luxury brands are still pushing ahead in the digital space. Metaverse is now a way for brands to build relationships with young consumers. According to JPMorgan’s 2021 report, Metaverse and NFT games could account for 10% of the luxury goods market by 2030. This would create a €50 billion revenue opportunity with an overall market growth profit of around approx 25% per year.

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