- Gucci and Yuga Labs partner to bring Fashion NFTs to Otherside.
- The companies have entered a multi-year partnership as they explore the interconnection between Web3 and fashion.
- The BAYC floor price rose slightly following the news.
Gucci, a leading high-end luxury fashion brand, is looking to continue its march into the world of NFTs and the metaverse with a new partnership with Yuga Labs. Gucci is one of numerous fashion brands to enter the NFTs space, while Yuga Labs is the creator of popular NFT project Bored Ape Yacht Club (BAYC).
Gucci and Yuga Labs partner to explore Web3 and fashion
According to a news report published on Monday by Business of Fashion, the Italian fashion giant will use the deal with Yuga Labs to explore the convergence between fashion, Web3 and entertainment. Gucci also noted via its official Twitter account that the collaboration targets “blurring the boundaries between the physical and the digital.”
Continuing to explore the Metaverse, the House comes together with @yugalabs. Stay tuned as a new narrative takes shape, blurring the boundaries between the physical and digital. pic.twitter.com/v60mzcgqqY
— gucci (@gucci) March 27, 2023
With the multi-year partnership in place, Gucci is reportedly eyeing an “an active role” in Yuga Labs project Otherside and the 10KTF collection. Details of the collaboration indicate the luxury fashion house will begin its journey in the 10KTF this coming week, with the Otherside set to follow.
The news of Gucci and Web3 leader Yuga Labs helped push the floor price of the BAYC NFT collection higher. At the time of writing, the NFTs floor price was up 1.2% in the past 24 hours – going for about 60.697 ETH, or $104,850.
Yuga Labs was founded in 2021 and raised $450 million during its seed round in March 2022, with the company valued at $4 billion.