Gucci Dives Deeper Into the World of Web3 With Announcement of Partnership with Era Labs, Better known for its bored app Yacht Club Non-Fungible Tokens (NFTs).
The deal will mark the start of a new range, which will “explore the intersection between fashion and entertainment in the metaverse”, the Italian luxury fashion house said.
the holy grail of fashion
“We are excited to unveil this multifaceted partnership with Yuga Labs, a pioneer and creative leader in Web3,” said Robert Tryfus, Head of Metaverse Projects at Gucci.
Gucci launched the Gucci Grill project with Yuga Labs last year. Gucci collaborated with “digital artisan” Wagami-san to design accessories and clothing that can be used to personalize NFTs.
The partnership will also extend to Otherside, the Bored App-themed virtual world and game.
Gucci’s long-term plan is to build Web3 communities, which, it believes, will foster greater customer loyalty and generate more revenue for the fashion giant.
“We look forward to showing how this partnership expands to endless opportunities, among others,” said Michael Figg, chief creative officer of Era Labs.
Gucci is one of the many fashion houses testing the Web3 waters. Brands are learning that they can grow their customer base by using NFTs to entice younger shoppers.
The 10KTF collection accounted for 74% of the trading volume for NFT fashion items in the first quarter of this year. Yuga Labs acquired the 10KTF collection last November when it bought NFT maker WENEW. Michael Figg and NFT artist Beeple, otherwise known as Mike Winkelman, founded the firm in 2021. As part of the deal, Figg moved to Yuga Labs.
This year, investors poured $502 million into Web3 Gaming and Metaverse projects. Despite being down from $7.6 billion, it is still significant given the recent turn of investors towards the crypto industry.
Metaverse presents fashion houses with a low cost of goods and allows them to use existing designs.
Morgan Stanley says the digital fashion industry will be worth $50 billion by 2030.
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BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.