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Gucci partners with Bored Ape Yacht Club company Yuga Labs

Gucci partners with Bored Ape Yacht Club company Yuga Labs

Gucci and Web3 are getting better at working together.

On Monday, the large store and Yuga Labs, the Web3 company behind popular NFT collections like Bored Ape Yacht Club, Cryptopunks, Mebits, and Narrative NFT Project 10KTF, announced a partnership that will last for several years. It also runs the Otherside, which is a virtual world and game based on the idea of a bored app.

The goal of the partnership

A press release says that the goal of the agreement is to make it easier for the communities of each company to talk to each other “by exploring where fashion and entertainment meet in the metaverse.”

Robert Tryfus, Gucci’s Senior Executive Vice President of Corporate and Brand Strategy and CEO of Gucci Vault & Metaverse Ventures said in a statement, “We are excited to announce this multifaceted partnership with Yuga Labs, a leading and creative developer of Web3 technology. This will give us an active part in the story of The Otherside and 10KTF, which is still going on and has many different parts.

Last year, Gucci and 10KTF worked together on the Gucci Grill project. 10KTF’s “digital artisan,” Wagami-san, used to customize NFTs with artwork made by Alessandro Michele, who used to be Gucci’s creative director.

In a press release, Michael Figg, the chief creative officer of Yuga Labs, said that “the company We look forward to showing how this partnership extends to endless opportunities among others.”

Tryfus talked about the news a few times during his talk at the BoF Professional Summit: An Inflection Point in Fashion Tech last week. He said Gucci still thinks Web3 is a long-term way to build community, keep customers coming back, and eventually make money.

He stated the first NFT craze was like the “wild west,” and he thinks that the drop in the market in late 2021 will be a “correction.” He also added that it was now in a better place and that Gucci would use Creative’s experience to make smart partnerships.

Yuga Labs made the Bored App Yacht Club in 2021. It quickly became one of the most popular NFT products. The company later bought the rights to 10KTF, Mebits, and Cryptopunks. It was worth $4 billion when it raised $450 million in March of last year.

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