Gucci Collaborates With Yuga Labs To Dive Into NFT And Web3 Worlds

Gucci plunged into NFT. (Photo; Doc. Bigbrandboys)

JAKARTA - Gucci, a well-known brand in the fashion world, plans to develop its business in the Web3 room. This was announced after Gucci collaborated multi-yearly with Yuga Labs.

Yuga Labs is a company engaged in Web3 and has issued several well-known NFT collections such as the Bored Ape Yacht Club (BAYC) and others. Yuga Labs has also released its own metaverse called Otherside, a digital world and Bored Ape-themed game.

This collaboration aims to increase interaction between the two communities by exploring the convergence between the fashion and entertainment industries in the metaverse.

Robert Triefus, Senior Executive Gucci Vault & Metaverse Ventures, expressed his enthusiasm for the interdisciplinary collaboration between Gucci and Yuga Labs. Gucci hopes to actively participate in the ongoing narrative on The Otherside and 10KTF, which appears in several versions.

In Yuga Labs' Chief Creative Officer, Michael Figg, this collaboration will help develop unlimited opportunities for both companies. Triefus also spoke to Business School about the possibility of luxury brands like Gucci entering the gaming world on the Metaverse. According to him, Gucci should be able to follow changes in industry and be able to adapt to disturbances in society.

Gucci will start its contribution to Otherside this week. Triefus indicates this while speaking at the BoF Professional Summit: An Inflection Point in Fashion Tech. According to him, Gucci still sees long-term opportunities on Web3 to create communities and build customer loyalty, resulting in revenue.

Nevertheless, Triefus admits that NFT has experienced a "wild west" period and experienced a market decline in 2021, but is now considered more stable. Gucci will take advantage of Creative expertise through strategic collaboration, Coinspeaker reports.

Yuga Labs was founded in 2021 and is known as the creator of the Bored Ape Yacht Club, one of the most successful NFT projects. The company later obtained rights to CryptoPunks, Mebits, and 10KTF. In March, the company raised USD 450 million (IDR 6.8 trillion) with a valuation of USD 4 billion (equivalent to IDR 60.3 trillion).

Yuga Labs also launched Second Trip for Otherside on March 25, a new "metaverse" experience attended by several thousand users simultaneously and can interact in real-time. The company is one of the main competitors in designing experiences in the metaverse.