Luxury fashion brand Gucci has announced a partnership with Yuga Labs the Web3 company behind NFT collections like Bored Ape Yacht Club and Narrative NFT Project 10KTF to bring digital fashion into the metaverse. The two companies have signed a multiyear agreement to collaborate within Yuga Labs’ Otherside metaverse and its 10KTF collection, with the aim of exploring joint opportunities between Web3 fashion and entertainment.
DappRadar’s report indicates that the NFT market has experienced substantial growth in the first quarter of 2023, surpassing its baseline growth in the past year. The report states that trade volume levels in the Metaverse have hit a new record, with over 147,000 transactions valued at more than US $ 311 million, therefore more and more brand partnerships will be seen this year.
Furthermore, the press release stated that the collaboration will lead to increased interaction between the communities of both companies, as they explore the merging of fashion and entertainment in the Metaverse.