Luxury fashion brand Gucci has announced a partnership with web3 company Yuga Labs to explore the intersection of fashion and entertainment in the metaverse. The multi-year deal will see Gucci take an active role in Yuga Labs’ virtual world and game, Otherside, and participate in the continuing narrative of its popular narrative NFT project, 10KTF.

The collaboration will extend engagement between the communities of both companies and build on Gucci’s previous partnership with 10KTF for the Gucci Grail project. The project saw the creation of clothing and accessories used to personalize NFTs with the designs of Gucci’s then-creative director, Alessandro Michele.

10KTF’s Wagmi-san with the Gucci Grails

Gucci’s senior executive vice president, corporate and brand strategy, and chief executive of Gucci Vault & Metaverse Ventures, Robert Triefus, said that the luxury brand still sees a long-term opportunity in web3 for building community, encouraging customer loyalty, and ultimately generating revenue. Triefus described the early frenzy around NFTs as a “wild west” period and views the market’s downturn from its highs in late 2021 as a “correction.”

Yuga Labs was founded in 2021 and created Bored Ape Yacht Club, which grew into one of the most successful NFT projects. The company later acquired the rights to CryptoPunks, Meebits and 10KTF, and raised $450 million at a valuation of $4 billion last March.

Gucci’s participation in Otherside is set to begin this week, and Yuga Labs’ chief creative officer, Michael Figge, said he is looking forward to showcasing how the partnership extends to endless opportunities in Otherside. The partnership between Gucci and Yuga Labs represents a significant step forward for the fashion industry’s exploration of the metaverse and web3, and many are excited to see how the collaboration unfolds in the coming years.

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This article was republished from azcoinnews.com