Gucci has partnered to sell limited edition silver jewelry linked to NFTs. Photo: Getty
Italian fashion house Gucci has partnered with Yuga Labs, the makers of the Bored Ape Yacht Club (BAYC), to create a luxury fashion crossover in the metaverse.
In this partnership, web3 content creator Yuga Labs will collaborate with Gucci to create physical pieces of jewelry that are NFTs that will exist within the ‘Otherside’ metaverse associated with BAYC.
The first piece would be codependent; This is a solid silver pendant that belongs to ‘OnlySide’, the new alien-themed metaverse game from Yuga Labs.
The Underside contains a mysterious alien species known as ‘Coda’, and the pendant created by New Gucci/Era Labs bears an image of one of these virtual creatures.
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Each physical piece of jewelry is associated with an NFT, which will unlock a number of perks for the owner within the game.
A total of 3,333 codependent NFTs will be offered for sale starting Thursday, April 6, and at no additional cost, each NFT holder will be able to claim physical jewelry associated with Gucci at the end of 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.
Physical pieces of jewelery will only be posted to residents of specific countries; This includes the US, Canada, the UK, most countries in the European Union as well as some Gulf states including Kuwait, Qatar, Saudi Arabia and the United Arab Emirates.
NFT holders residing in African, Central American and South American countries will not receive the physical pendant.
In the longer term, the partnership between Gucci and Era Labs aims to explore the intersection of fashion and entertainment within the metaverse, and “blur the boundaries between the physical and the digital,” according to a recent tweet from the luxury brand.
gucci and metaverse fashion
Gucci has forayed into the Web3 space before. In February 2022, the brand acquired a substantial amount of land in The Sandbox, a metaverse game 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 participate in the decentralized autonomous organization and establish a presence on the digital art platform.
Yug Labs “Bored Ape Yacht Club” has a track record in digital fine art. Illustration: Florence Low/Reuters
What is Bored Ape Yacht Club and its parent company Yug Labs?
Bored App Yacht Club is a non-fungible token offering that was launched in April 2021 by Era Labs.
The collection features over 10,000 unique digital artworks, each featuring a distinctive and artistically designed cartoon ape with a variety of characters, accessories, and backgrounds.
Each Bored App NFT acts as a membership token, giving its holder access to an online community and various benefits, such as virtual events and parties, airdrops and other digital assets.
Read more: Bored App Bar: Inside the $100,000 Membership Exclusive NFT Club in London
The Bored Ape Yacht Club has attracted significant attention and attracted high-profile collectors and celebrities, increasing the value of these NFTs significantly, however, the value of each BAYC NFT dropped after the crypto crash in 2022 .
BAYC is still an influential part of the NFT and crypto-art landscape, inspiring other NFT projects and being instrumental in popularizing the concept of NFTs as digital collectibles and status symbols.
Each BAYC NFT is deployed on the Ethereum (ETH-USD) blockchain.
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