Home - Technology - Gucci and Yuga Labs joined for Metaverse Project-Crypto Adoption on the Rise?

James Carter

March 29, 2023

Gucci and Yuga Labs joined for Metaverse Project-Crypto Adoption on the Rise?

With cooperation with Yuga Labs, one of the most known non-fungible token (NFT) issuers in the world, the luxury fashion house Gucci is growing its footprint in Web3 and the metaverse.

Gucci and Yuga Labs joined for Metaverse Project

The collaboration drew the attention of the cryptocurrency community due to the fact that Yuga Labs is the developer of two of the most well-known cryptocurrency yacht clubs: Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

In addition, the group was successful in acquiring CryptoPunks, Meebits, and 10KTF in the preceding year, and they are currently working on the development of their gamified metaverse known as Otherside.

In the tweet that Gucci used to make the announcement, there is an image of an ape’s hand holding a bottle with a white label that shows a Koda, which is an NFT avatar from Otherside, and the words “Gucci Yuga Laboratories” below the image.

Gucci and Yuga Labs joined for Metaverse Project-Crypto Adoption on the Rise?

The teaser was also posted on the account for Otherside with the following inscription:

“We make our appearance in a realm where worlds collide.”

According to Business of Fashion, the two businesses have entered into a multiyear relationship to collaborate within Yuga Labs’ Otherside metaverse and its 10KTF collection.

According to Robert Tryfus, the senior executive vice president of Gucci, the transaction will provide the fashion label “an active part in Otherside and 10KTF’s continuous narrative.”

Also Read:  Yuga Labs to launch NFT collection on Bitcoin blockchain

He also mentioned that it might bring the brand closer to Otherside, as both organizations are continuing to work on integrating fashion and the metaverse.

In the past, 10KTF collaborated with Gucci on the creation of the Grail collection. This collaboration gave owners of specific NFT collections the ability to superimpose the Grail clothes onto their avatars.

In the meantime, Yuga Labs just released its Second Trip for its Otherside universe as a new “metaverse” experience a few days ago, on March 25. This comes after the company released its First Trip in the summer of 2017.

Gucci’s extending meta-path

Gucci is not unfamiliar with the world of the metaverse. In 2021, the corporation formed a partnership with the immensely popular Roblox platform to develop a digital environment that came to be known as the Gucci Garden.

According to the reports, Gucci began taking cryptocurrency payments across all of its locations in North America in May of the previous year.

These featured the cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Wrapped Bitcoin (wBTC), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE), as well as a number of stablecoins that were pegged to the US dollar.

Marco Bizzarri, the current president and CEO of Gucci, was quoted as saying at the time that the company is always trying to adopt new technology when it may give a better experience for the company’s clients.

The cryptocurrency payment processor BitPay then made the announcement in August that it would support ApeCoin (APE) and Euro Coin (EUROC), and Gucci became the first retailer to accept APE through BitPay.

Also Read:  How to Tokenize an Asset: A Comprehensive Guide

Yuga Labs is a supporter of ApeCoin, an active participant in the ApeCoin Decentralized Autonomous Organization (DAO), and is employing ApeCoin as the principal token for its various projects.

The high-end fashion house introduced new limited edition (NFT) lines, such as the “SUPERGUCCI” collection and the “Gucci Grail” collection.

Also, it created what it calls its “own virtual environment” by purchasing virtual land in the metaverse known as The Sandbox (SAND).

In the meantime, this year’s Metaverse Fashion Week will begin today with the participation of a number of well-known companies, such as Gucci, Dolce & Gabbana, Adidas, Coach, and Tommy Hilfiger, in addition to digital fashion brands such as DressX and The Fabricant.

The events are going to take place in Decentraland, which is a virtual reality platform built on the Ethereum blockchain, just like they did the year before. However, beginning this year, they will also be accessible on the metaverse platform Spatial and through Over, which is a decentralized augmented reality (AR) layer that seamlessly overlays virtual assets onto the real world.