Web3 company Yuga Labs is behind many popular NFT collections, including Bored Ape Yacht Club, Cryptopunks, Mebits, and Narrative NFT Project 10KTF.
Gucci and Yuga Labs Partnership
World-renowned luxury brand Gucci has announced its multi-year partnership with Yuga Labs, owner of the famous NFT series, in a press release.
Commenting on the Gucci and Yuga Labs partnership, Robert Tryfus, Gucci’s Senior Executive Vice President, said:
“We are excited to unveil this multifaceted partnership with Yuga Labs, a leading and creative developer of Web3 technology,(…) This will give us an active role in the continuing narrative of The Otherside and 10KTF, which manifests itself in many forms.”
Luxury Brands Continue to Advance in the Digital Space
Gucci sees community building on Web3 as a long-term opportunity to foster customer loyalty and generate revenue (the Gucci and Yuga Labs partnership is a major step forward for Gucci in this area). Last year, Gucci and 10KTF worked together on the Gucci Grill project, in which 10KTF’s “digital master” Wagami-san customized accessories with artwork created by Alessandro Michele, former creative director of the luxury brand. The high fashion brand will also be present at the Otherside event this week.
Growth of the NFT and Metaverse Market
Luxury brands continue to move forward in the digital space. The metaverse can now be shown as a way for brands to build relationships with young consumers. According to JPMorgan’s 2021 report, the Metaverse and NFT games will create a €50 billion revenue opportunity this year with an overall market growth profit of around 25%. This could account for 10% of the luxury goods market by 2030.
VISIT OUR OTHER BLOGS: ALL NEWS
Leave a comment