Gucci announced on Monday that it is collaborating with non-fungible token issuer Yuga Labs, the creator of the Bored Ape Yacht Club NFT line, to bring luxury digital fashion into the metaverse.
Business of Fashion reported that Gucci and Yuga Labs had entered a multi-year agreement to collaborate within Yuga Labs’ Otherside metaverse and 10KTF line. The collaboration aims to explore opportunities for fashion and entertainment in the Web3 space.
In a recent announcement made on Twitter, Gucci stated that a new narrative is in development, which is expected to blur the lines between the physical and digital domains. The company encouraged its followers to stay tuned for updates on this upcoming development.
The announcement comes after Yuga Labs’ second visit to The Otherside, a gamified experience combining the company’s many projects, including Bored Apes, CryptoPunks, and Meebits.
Gucci and Yuga Labs previously collaborated on the Gucci Grail collection, which featured designs by 10KTF designer Wagmi-San.
Gucci has previously established a presence on Web3. In February 2022, the company acquired an undisclosed piece of land in The Sandbox, a metaverse game, in order to test hosting virtual experiences. Gucci purchased $25,000 worth of native tokens from NFT marketplace SuperRare in June 2017 in order to join the decentralized autonomous organization and build a digital art vault.