- The new initiative further establishes the Italian luxury fashion brand as an industry pioneer.
- The connection between fashion and entertainment in the Metaverse will be the core focus.
A multi-year relationship between Gucci and Yuga Labs, the firm behind well-known NFT lines including Meebits, Bored Ape Yacht Club (BAYC), and CryptoPunks, was recently revealed. A press announcement states that the connection between fashion and entertainment in the Metaverse will be the primary focus. The new initiative further establishes the Italian luxury fashion brand as an industry pioneer on Web3.
At a recent fashion-tech conference, Gucci’s senior executive vice president, of corporate and brand strategy, and chief executive of Gucci Vault & Metaverse Ventures, Robert Triefus, hinted at a possible long-term commitment in the Web3 domain.
Not First Foray Into Web3 Market
In an interview, Triefus was quoted as saying that the initial excitement around the NFTs sector was akin to the “wild west,” but that the subsequent decline from its highs in late 2021 was a “correction” that helped the market to a more “sensible” position.
The Executive is optimistic about the prospects for the next generation of the Web in terms of community building, consumer loyalty, and revenue growth. This week, Gucci will begin using Otherside, a metaverse platform built by Yuga-Labs and powered by the ApeCoin cryptocurrency.
This is not Gucci’s first foray into the Web3 market. In 2022, Gucci collaborated with 10KTF on a project dubbed “Gucci Grail,” in which the company’s “digital artisan,” Wagmi-san, created apparel and accessories based on the ideas of Gucci’s then-creative director, Alessandro Michele, to be utilized in the customization of NFTs. SuperGucci, the retailer’s second NFT line, debuted in the same time period.
In addition to traditional payment methods, Gucci accepted Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, and five USD-pegged stablecoins at five of its U.S. shops late last year.
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