- Iconic fashion brand Gucci and Yuga Labs announce an agreement aimed at integrating Web3 technology into fashion.
- The collaboration is expected to include a role for Gucci in Yuga Labs’ projects, such as Otherside and 10KTF.
- The news of the partnership helped push the floor price of the BAYC NFTs higher.
Gucci, one of the world’s leading fashion brands, recently announced a multi-year partnership with Yuga Labs to explore the intersection between fashion, Web3 and entertainment. The company made the news official via its Twitter account, emphasizing the goal of “blurring the boundaries between the physical and digital.”
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 agreement between Gucci and Yuga Labs is expected to help the fashion brand take an active role in the 10KTF collection and Otherside. This week, news reports indicate that Gucci will debut in the 10KTF, with Otherside to follow. As part of this collaboration, the two companies will look to innovate and integrate Web3 technology into the fashion world.
The news of the partnership between Gucci and Yuga Labs was met with positive market reaction, with the BAYC NFT floor price increasing by 1.2% in the last 24 hours. At the time of writing, the NFTs floor price was around 60.697 ETH, or $104,850.
Yuga Labs was founded in 2021 and raised $450 million during its seed round in March 2022, with the company valued at $4 billion.