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On Monday, luxury brand Gucci announced a multi-year partnership with famed NFT series owner Yuga Labs. The agreement aims to increase the engagement of each company's communities "by exploring the intersection of fashion and entertainment in the metaverse," according to a press release. Last year, Gucci and 10KTF worked together on the Gucci Grill project, where 10KTF's "digital craftsman" Wagmi-san used images created by former Gucci creative director Alessandro MICHELE to customize the NFT.
The high-fashion brand also said it will be attending the Otherside event this week. Gucci continues to see Web3 as a long-term opportunity to build a community, drive customer loyalty, and ultimately generate revenue.
Luxury brands are still moving forward in the digital space. Metaverse now allows brands to build relationships with young consumers. According to a 2021 JPMorgan report, Metaverse and NFT games could account for 10% of the luxury goods market by 2030. This will create a €50 bln revenue opportunity with a total market growth of around 25% per annum.
Image: Hashtag Legend