Prestigious Italian fashion name Gucci announced yesterday, Monday, Mar. 27, a new strategic partnership with BAYC and Otherside metaverse creators Yuga Labs.
Through this exciting partnership, Gucci will have the chance to participate in Yuga Lab’s latest metaverse project, Otherside. Additionally, the deal is meant to extend engagement between each company’s communities, they said in a release.
Otherside is a Bored Ape-themed virtual world and game. Gucci’s participation in Otherside is set to begin this week.
Yuga Labs is a Web3 company that owns some of the industry’s fanciest and costlier NFT collections. Bored Ape Yacht Club (BAYC) is Yuga’s most famous collection, with CryptoPunks, Meebits, and the narrative NFT project 10KTF being equally recognized.
“We are excited to unveil this multifaceted partnership with Yuga Labs, a leader, and creative pioneer in web3,” Robert Triefus, Gucci’s senior executive vice president of corporate and brand strategy and chief executive of Gucci Vault & Metaverse Ventures, said in a statement. “This will give us an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms.”
Gucci has been closely observing Web3 technologies for a long time now. The luxurious fashion brand sees a long-term opportunity in this new cutting-edge technology to build community, encourage customer loyalty, and ultimately generate revenue.