Luxury fashion house Gucci is doubling down on Web3. Although the brand has maintained an elusive presence on the blockchain thus far, the recent announcement of a partnership with Yuga Labs’ coveted metaverse project Otherside has got the NFT space abuzz with speculation.
While the companies had previously indirectly collaborated on the offerings, this latest team will become a more robust and ongoing initiative focused on the large-scale metaverse of Yuga and Bored Ape Yacht Club. But, given Gucci’s Web3 past, is this something you’ll really want and benefit those who own Yuga NFT?
Gucci’s on-chain past
Gucci first entered the metaverse in March 2022 via the gucci grails collaboration with 10KTF. Although it came a few months before Yuga’s acquisition of 10KTF in November, considering that Gucci opted to start accepting ApeCoin as a valid mode of payment at select US branches in August, it is likely that two players were in talks long before this latest partnership announcement.
Things progressed slowly for the Gucci and 10KTF partnership after its initial release. While the joint venture generated fanfare and led to the subsequent launch of 10KTF’s Gucci Vault Material, failed to retain significant traction. It wasn’t until December that enthusiasm was renewed when Robert Triefus, CEO of Gucci Vault and Metaverse Ventures, announced that Gucci was working on three big pitches which will happen in the first six months of 2023. This apparently included the initiative with Yuga’s Otherside.
What to expect from Gucci on the Other Side
Little is currently known about Gucci and Yuga’s impending partnership. What we do know is that the venture will develop over several years and will involve some form of digital handheld devices accessible to Otherside NFT holders or those who are part of the larger BAYC ecosystem.
According to statements made by Gucci featured in a report of Fashion Businessthe partnership will serve to bring the Gucci and Yuga communities together “exploring the intersection of fashion and entertainment in the Metaverse.”
“We are excited to introduce this multi-faceted partnership with Yuga Labs, a creative leader and pioneer in web3,” Triefus said in a statement to Fashion Business. “This will give us an active role in the ongoing Otherside and 10KTF narrative, which plays out in multiple forms.”
Unsurprisingly, the news of this Gucci and Yuga partnership has continued to inspire conversation on Web3, but with a notable absence of the Fear, Uncertainty, and Doubt (FUD) that often plagues notable announcements.
He’s also optimistic for co-creation on web3: Big brands that are successful won’t just launch an NFT collection and expect users to buy.
The best way is to partner with native web3 brands, with flexible IP usage that allows the community to co-create with them.
This is a new paradigm.
— atareh.eth | THE 🅳🅰🅼 SHOW (@atareh) March 27, 2023
The story is likely to change as more details, especially those related to the price and utility of the mint, inspire detractors and speculators to once again comment about the potentially cash-grabbing nature of the release. But so far, the community sentiment seems to be overwhelmingly positive. Of course, whether or not this partnership stands up to the decentralized and creator-centric values of Web3 or falls by the wayside is something that only time will tell.
