The inaugural Metaverse Fashion Week is here, thanks to the efforts of Gucci and Yuga Labs.
Yuga Labs, a company best known for developing the renowned Bored Ape Yacht Club line, is assisting Gucci with the project. As they prepared for a new project, the businesses recently announced their alliance.
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
The upcoming project will be related to RPG Otherside, the Bored Ape metaverse. The renowned fashion brand released an official tweet to talk about the partnership. According to Gucci, the company is exploring the Metaverse with Yuga Labs.
Users are requested to stay tuned for more narratives to make an entrance. These projects are set to blur the boundary between digital and physical, added Gucci.
The recent move came after NFT brands started looking for more revenue streams. The industry is currently facing issues with regulators, and marketplaces are reducing royalty payments to creators. Thus, many NFT brands are establishing new partnerships to enter industries with better value propositions.
Bored Ape Yacht Club’s loyal band of users is a virtue many NFT collections lack. Despite this, Yuga Labs has been trying to find new cash flow over the past few months. After the company acquired CryptoPunks’ IP in 2022, it entered the luxury circuit as well.
The company joined hands with Tiffany, the top-class jeweler, to produce NFT-based pendants. According to reports, items titled “NFTiffs” sold for 50,000 dollars each. As a result, this is not Yuga Laboratories’ first foray into the luxury commodity market.
The company announced accepting ApeCoin payments back in August. Associated with the ApeCoin DAO, the token was the choice of many emerging users. With its latest partnership, Yuga Labs is continuing to expand its reach across different markets, elevating its position in the industry accordingly.