Gucci dives into web3 with its recent Yuga Labs partnership

Yuga Labs, the team behind Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), has partnered with the luxury fashion house Gucci. 

Per the new alliance, Gucci has now dived deeper into the world of NFTs, web3, and blockchain. According to Gucci’s senior executive vice president, Robert Tryfus, this partnership could help both companies explore the intersection of fashion and the metaverse.

According to a Business of Fashion (BoF) report, Tryfus believes this deal could bring Gucci closer to the blockchain gaming metaverse, Otherside, which Yuga Labs also own.

Moreover, this is not the first web3 move for Gucci. In May 2022, the luxury brand announced the acceptance of cryptocurrency payments in some of its stores in the US. Per the report, Gucci started accepting 12 major digital currencies, including five US dollar-pegged stablecoins.

The famous luxury brand launched the Gucci Vault Metaverse after acquiring a virtual piece of land in the Sandbox metaverse in October last year.