Last Updated on March 27, 2023 by Bitfinsider
Yuga Labs, the company behind Bored Ape Yacht Club NFT, and Gucci announced their collaboration on an unnamed project to start off Metaverse Fashion Week. According to a Gucci statement, it has to do with the Otherside metaverse role-playing game.
“Continuing to explore the Metaverse, the House comes together with @yugalabs. Stay tuned as a new narrative takes shape, blurring the boundaries between the physical and digital,” the powerhouse in luxury fashion tweeted on Monday.
The action is being taken as NFT brands look far and wide for new sources of income, as a protracted bear market has stifled NFT trading and an arms race among competitor NFT marketplaces has reduced creator royalty payments.
The owner of Bored Ape Yacht Club has been looking elsewhere recently for new cashflow despite the fact that the club has long delivered merchandise to its devoted group of token holders. The NFT shop shifted to luxury after purchasing the CryptoPunks IP last year and teamed up with upscale jeweler Tiffany to produce pendants with NFT inspiration. At $50,000 each, the alleged NFTiffs were completely sold out.
Yuga has a track record of success with Gucci. The apparel store began taking payments in ApeCoin, the cryptocurrency linked to the ApeCoin DAO, in August.
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