Gucci teams up with Bored Apes Yuga Labs to create fashion NFT
Italian fashion house Gucci has partnered with Bored Ape Yacht Club (BAYC) creator Yuga Labs to produce a luxury fashion crossover into the metaverse.
The partnership will see web3 content creator Yuga Labs team up with Gucci to create physical jewelery linked to NFTs that will exist within the BAYC-affiliated ‘Otherside’ metaverse.
The first piece will be the KodaPendant; it’s a solid silver pendant related to Yuga Lab’s new alien-themed metaverse game “Otherside”.
The Otherside contains a mysterious alien species known as the ‘Koda’ and the new Gucci/Yuga Labs created pendant is an image of one of these virtual creatures.
Read more: “Dressing digitally” pins are hoping for blockchain to clean up fashion’s carbon footprint
Each physical piece of jewelry is linked to an NFT, which will unlock a variety of in-game benefits for the owner.
A total of 3,333 KodaPendants NFTs will be offered for sale starting Thursday, April 6, and at no additional cost, each NFT holder will be able to claim the associated physical piece of Gucci jewelry later in the year.
The pendant will bear the inscription “GG”, which is gamer slang for “good game”, and will also have a unique edition number engraved on the back.
The physical jewelry will only be posted to residents of certain countries; including the United States, Canada, the United Kingdom, the majority of European Union nations, as well as some Gulf states, including Kuwait, Qatar, Saudi Arabia and the UAE.
NFT holders residing in African, Central American and South American countries will not receive the physical pendant.
In the long term, the partnership between Gucci and Yuga Labs aims to explore the intersection of fashion and entertainment in the metaverse, “blurring the boundaries between the physical and the digital,” according to a recent tweet from the luxury brand.
Gucci and metaverse fashion
Gucci has ventured into the web3 space before. In February 2022, the brand acquired a lot of land in the metaverse game, The Sandbox, with the intention of exploring and hosting virtual fashion experiences.
In June 2021, Gucci invested $25,000 in native tokens from NFT and crypto-art marketplace SuperRare, enabling the company to take part in the decentralized autonomous organization and establish a presence on a digital art platform.
What is Bored Ape Yacht Club and its parent company Yuga Labs?
Bored Ape Yacht Club is a pool of non-fungible tokens launched in April 2021 by Yuga Labs.
The collection consists of 10,000 unique digital artworks, each featuring a distinct and artistically designed cartoon monkey with different characteristics, accessories and backgrounds.
Each Bored Ape NFT acts as a membership token, granting its holder access to an online community and various benefits, such as virtual events and parties, airdrops and other digital assets.
Read more: Bored Ape Bar: Inside the exclusive $100,000 NFT club in London
The Bored Ape Yacht Club has gained significant attention and attracted high-profile collectors and celebrities, leading to significant increases in the value of these NFTs, but after the succession of crypto collapses in 2022, the value of each BAYC NFT dropped.
BAYC remains an influential part of the NFT and crypto art landscape, inspiring other NFT projects and playing a significant role in popularizing the concept of NFTs as digital collectibles and status symbols.
Each BAYC NFT is distributed on the Ethereum (ETH-USD) blockchain.
See: ‘Dress Digitally’ Pins Hope on Blockchain to Clean Up Fashion’s Carbon Footprint | Crypto Mile
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