Gucci is progressively turning its attention to the Web3 market with the launch of a multi-year partnership with Yuga Labs.
Robert Triefus, Senior Executive of Gucci Vault & Metaverse Ventures, said in a statement that the firm is thrilled to announce its cross-disciplinary partnership with Yuga Labs.
Additionally, the project will provide the luxury brand a direct voice in the multiple iterations of the ongoing story of The Otherside and 10KTF.
According to a news release from Yuga Labs’ Chief Creative Officer, Michael Figg, the collaboration will let both businesses explore limitless possibilities.
Robert Triefus recently lectured at a business school about the potential for a luxury brand like Gucci to enter the gaming industry’s untapped Metaverse market.
Triefus, who has been employed by Gucci for more than fifteen years, asserts that pursuing a future in the metaverse will enable the company to fulfill its legacy of continuing to grow.
Despite having a reputation for being a rather dated brand, according to Triefus, Gucci has successfully reinvented itself in the past by capitalizing on market shifts and social upheaval. The Otherside collaboration with Gucci is scheduled to start this week.
Triefus stated at the BoF Professional Summit last week: An Inflection Point in Fashion Tech. He claimed that Gucci continues to see a long-term opportunity in Web3 to forge a community, inspire customer devotion, and ultimately generate income.
According to Triefus, the market’s decline in 2021 might be seen as a correction from the “wild west” period of initial uncertainties surrounding NFTs.
Triefus thinks that because the NFT market is more secure at the moment, Gucci will strategically collaborate with Creative to benefit from its expertise.
In 2021, Bored App Yacht Club was introduced by Yuga Labs, which went on to become one of the most lucrative Non-Fungible Token ventures. It ultimately acquired the rights to 10KTF, Mebits, and CryptoPunks.
The company raised $450 million in March of last year at a $4 billion valuation. On March 25, Yuga Labs also released Second Trip, a brand-new “metaverse” adventure set in the Otherside realm.
The company started the experience with thousands of concurrent users talking to each other in real time. One of the main rivals attempting to create a metaverse experience is Yuga Labs.
