Gucci, the renowned Italian fashion house, announced today a multi-year partnership with Yuga Labs, the top company in the non-fungible token space. The fashion house teased their partnership on Twitter, posting an image associated with Yuga Labs’ Otherside metaverse but with the word “Gucci”:
Although the two companies did not reveal the extent or terms of their partnership, the announcement indicates that Gucci will blend the “physical and digital” possibly in Yuga Labs’ metaverse. This new field, often called “phygital,” typically involves the release of digital items that have IRL benefits or a corresponding physical item.
Emily Kitts, Director of PR for Yuga Labs, told Rarity Sniper the first activation in the partnership will give a glimpse of Gucci’s participation in Otherside and that the first chapter begins this week. “Gucci and Yuga Labs aim to create entirely new experiences for their communities through creative storytelling.,” she added.
Gucci has experimented with Web3 in the past, launching activations in multiple metaverses like its Gucci Vault Land in The Sandbox or its “Gucci Town” in Roblox. It has also created NFT collections, partnering with SUPERPLASTIC for its SUPERGUCCI set. And this isn’t even the first time it has partnered with Yuga Labs.
Eight months ago, Gucci became the first major brand to start accepting ApeCoin, the unofficial cryptocurrency of the Bored Ape Yacht Club community. It also collaborated with 10KTF, now a Yuga Labs subsidiary, for its Gucci Grail project, which involved outfitting different avatars with digital Gucci products.
Already amassing over 3,000 likes on NFT Twitter, Gucci’s Tweet indicates that NFT enthusiasts are excited about the collaboration.
Yuga Labs Bets Big on Online Gaming
Yuga Labs, the preeminent company in the NFT space, was long considered strictly a non-fungible token company. The last year has changed those notions, however. It started when the company held its Otherside metaverse mint, one that created such demand that it crashed Etherscan. Since then, there has been a steady stream of news involving Yuga Labs’ expansion into online gaming. Here are three such stories.
First, five months ago, Yuga Labs revealed the ideology behind its Otherside metaverse in an interview with Decrypt. The two company co-founders envision it as a “semi-decentralized Roblox” but geared to a more adult audience. In addition, the Otherside metaverse will have a story to build “on top of.”
Next, six months ago, the company hired Spencer Tucker to be its Chief Gaming Officer and oversee the development of its Otherside metaverse. Tucker comes from a strong gaming background, previously being the President of Gaming at Scopely and SVP of Product at Gree International Entertainment.
Lastly, eight months ago, Yuga Labs held its “First Trip” in the Otherside metaverse. During the experience, 4,300 “voyagers” participated, using teleporter devices, communicating via voice chats and emojis, and battling a giant “Koda.” The company held its “Second Trip” just this past weekend, drawing many more participants, who gathered magical blobs in a battle between four teams.
With both Gucci and Yuga Labs building rapidly in Web3, perhaps it is unsurprising they are partnering. Here at Rarity Sniper, we’ll keep you up to date on any further developments in this story.