Gucci and Yuga Labs Collaborate to Explore the Intersection of Fashion and Entertainment in the Metaverse
As reported by The Business of Fashion, an agreement has been reached between two companies to investigate the potential of combining the worlds of fashion and entertainment in the Metaverse. The aim of this collaboration is to enhance the interaction and participation of both companies’ communities. Robert Triefus, the Senior Executive Vice President of Corporate and Brand Strategy at Gucci, as well as the CEO of Gucci Vault & Metaverse Ventures, expressed his enthusiasm for this partnership with Yuga Labs, a company recognized as a leader and pioneer in the realm of web3. Triefus stated that this collaboration would provide a unique opportunity for Gucci to participate in the development of Otherside and 10KTF’s ever-evolving narrative, which will manifest itself in various forms. Gucci is thrilled to unveil this multifaceted partnership and is eager to explore new possibilities and push boundaries in this innovative space.
The “Otherside”
During a recent summit on fashion and technology, a Gucci executive reportedly expressed the brand’s belief in the potential of Web3 in the long term. According to the executive, the next generation of the internet has the potential to foster a sense of community, enhance customer loyalty, and ultimately drive revenue growth.
The executive went on to describe the early days of NFTs as a “wild west” period, but referred to the recent market correction as a necessary step in the evolution of the technology. He emphasized that NFTs are now in a more stable and sensible position, and that Gucci plans to leverage partnerships in this area. It is worth noting that Gucci partnered with 10KTF last year for its Gucci Grail project, and the brand’s latest partnership in “Otherside” is set to begin this week.
Otherside is a platform that has facilitated Yuga Labs’ expansion into the Metaverse. Recently, the parent company of Bored Ape Yacht Club conducted its “second trip” or second test of the gamified metaverse platform, which saw over 7,200 “concurrent Voyagers” participate. The trip was open exclusively to holders of the Otherdeed NFT.
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.”
