Italian fashion house Gucci has partnered with Yuga Labs, creator of the Bored Ape Yacht Club (BAYC), to produce a crossover of luxury fashion into the metaverse.
As part of the partnership, Web3 content creator Yuga Labs will team up with Gucci to create physical jewelry linked to NFTs that will exist within the BAYC-affiliated “Otherside” metaverse.
The first piece will be the KodaPendant, a solid silver pendant that references Yuga Labs’ new alien metaverse game “Otherside.”
On the other hand, a mysterious alien species called “Koda” is swarming around, and the new pendant from Gucci/Yuga Labs is an image of one of these virtual creatures.
Read more: “Digital Dressing” relies on blockchain to reduce the fashion industry’s carbon footprint
Each physical piece of jewelry is linked to an NFT that unlocks numerous in-game benefits for the owner.
Starting Thursday, April 6, a total of 3,333 KodaPendants NFTs will be offered for sale, and each NFT holder will be able to collect the associated physical piece of Gucci jewelry later this year at no additional cost.
The pendant is engraved with “GG,” which means “good game” in gamer slang, and a unique edition number is also engraved on the back.
Yuga Labs and Gucci drop the first Otherside relics for Koda and Vessel owners
All KodaPendant holders will receive a physical Gucci necklace and a permanent necklace feature for their NFT
Would you pay 450 APE (~1.1 ETH) for this? pic.twitter.com/FRcP71bZCo
— Crypto Tea (@CryptoTea_) 4 April 2023
The physical jewelry will only be shipped to residents of certain countries, including the United States, Canada, the United Kingdom, most EU countries, and some Gulf countries, including Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.
NFT holders residing in African, Central American and South American countries will not receive a 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 and “blur the lines 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 some space 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, allowing the company to participate 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?
The Bored Ape Yacht Club is a collection of non-fungible tokens launched by Yuga Labs in April 2021.
The collection consists of 10,000 unique digital artworks, each featuring a distinctive and artistically designed cartoon monkey with different features, accessories and backgrounds.
Each Bored Ape NFT serves 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: In the exclusive NFT club with 100,000 US dollar membership in London
The Bored Ape Yacht Club has garnered significant attention and attracted high-profile collectors and celebrities, resulting in a significant increase in the value of these NFTs. However, following the series of crypto crashes in 2022, the value of each BAYC NFT plummeted.
BAYC continues to be 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 will be deployed on the Ethereum blockchain (ETH-USD).
Watch: ‘Digital Dressing’ relies on blockchain to reduce fashion industry’s carbon footprint | The Crypto Mile
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