- Gucci and Yuga Labs partner to bring fashion NFTs to Otherside.
- The companies have entered a multi-year partnership to explore the intersection of Web3 and fashion.
- The BAYC floor price rose slightly following the announcement.
Gucci, the renowned luxury fashion house, is deepening its presence in NFTs and the metaverse through a new partnership with Yuga Labs. Gucci joins a growing list of fashion labels entering the NFT space, while Yuga Labs is the team behind the widely known Bored Ape Yacht Club (BAYC) NFT collection.
Gucci and Yuga Labs partner to explore Web3 and fashion
According to a report by Business of Fashion, the Italian brand has signed a multi-year agreement with Yuga Labs to investigate how fashion, Web3 and entertainment can converge. Gucci announced the collaboration on its official Twitter account, saying the partnership aims to “blur the boundaries between the physical and the digital.”
Under the agreement, Gucci is expected to take an active role in Yuga Labs’ Otherside metaverse project and engage with the 10KTF collection. Sources indicate Gucci will begin participating in 10KTF activities in the coming week, followed by initiatives within Otherside.
The announcement had a measurable impact on market sentiment for Bored Ape assets. Following the news, the BAYC floor price saw a modest increase. At the time of reporting, the BAYC floor rose about 1.2% over 24 hours, trading near 60.697 ETH — approximately $104,850.
Yuga Labs, founded in 2021, raised $450 million in a March 2022 funding round that valued the company at roughly $4 billion. The partnership with Gucci highlights continued interest from established luxury brands in exploring NFTs and virtual experiences as part of broader digital strategy and consumer engagement efforts.