Gucci Joins Yuga Labs and 10KTF on the Otherside
TL;DR Gucci has announced a partnership with Yuga Labs, leading to a 4.33% increase in the Bored Ape NFT floor price to 61.50 ETH (equivalent to $108,751). Gucci will join 10KTF Lore and Otherside adventures soon, and offer rewards for loyalty via blockchain technology. However, Yuga Labs is facing legal trouble for allegedly paying undisclosed amounts of money to influencers and celebrities for endorsements.
Gucci joins forces with Yuga Labs, Bored Ape NFT floor rises by 4.33% to 61.50 ETH.
Gucci previously released the SUPERGUCCI NFTs and topped $11M in sales.
The luxury fashion powerhouse Gucci strengthens its bonds with blockchain technology by partnering with Yuga Labs. The long-term partnership revolves around various Web3 products from Yuga, including the storyline of The Otherside and wearables for the most famous digital primates – the Bored Apes NFTs.
Gucci Unfolds in the Metaverse in Multiple Forms
Speaking at last week’s BoF Professional Summit: An Inflection Point in Fashion Tech event, Gucci’s Senior Executive Vice President Robert Triefus said that the NFT frenzy back in 2021 resembled the “Wild West,” so the correction that followed is logical.
Currently, the Gucci fashion brand aims to build-long term opportunities via blockchain technology and wants to reward users for loyalty similarly to Yuga Labs. “This will give us an active role in Otherside and 10KTF’s continuing narrative, unfolding in multiple forms,” said Mr. Triefus.
Bored Apes NFT Price Floor Rises to $108K
The Apes reacted well to the news, as the BAYC NFT floor price went up by 4.33% in the last 24 hours. BAYC, one of the most expensive NFT collections of all time, now goes for at least $108,751 on the secondary market.
Gucci was the first major brand to adopt Bored Ape-inspired Apecoin (APE) for payments in some United States stores. The luxury apparel brand will join 10KTF lore next week, while the Otherside adventures will be unveiled shortly.
On The Flipside
Yuga Labs recently got into legal trouble for allegedly paying social influencers and celebrities undisclosed amounts of money to endorse Yuga Labs products and $APE.
Why You Should Care
The most successful blue-chip NFT collection receiving more utility via the Gucci partnership can significantly increase crypto adoption.
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