- Italian fashion house Gucci is joining the luxury brands by launching a new practical physical jewelry collection in the metaverse.
- The first NFTs called KodaPendants will offer utility in Yuga Labs’ upcoming metaverse game.
- FIFA announced a new game that will add NFT elements later. This was done to prevent NFTs from disturbing Web 2 players, who are usually more difficult to convince about NFTs.
Web 3 giant Yuga Labs has chosen Italian fashion house Gucci to create physical jewelry related to the Otherside metaverse game.
The first jewelry, KodaPendant, will fit the story of Yuga Labs’ new alien-themed game and has been previewed by Otherdeed NFT holders.
Otherside, APE Providing Utility in the New Game
In addition to being a physical item, KodaPendant will be associated with an NFT that unlocks certain privileges in the game. There will be over 3,000 KodaPendant NFTs sold from April 6, 2023, and there will be an option to request related physical jewelry from Gucci in the future.
Otherdeed NFT holders can purchase KodaPendants using ApeCoin, the native currency of Otherside Metaverse. Charm will offer unique cosmetic enhancements to Otherside avatars from the summer of 2023 onwards.
Last week, Gucci announced a partnership with Yuga Labs to explore fashion and entertainment interfaces in the metaverse.
Physical Jewelry NFTs Bring Web 3 Customers to Traditional Industry Through APE Coin
There have been notable developments in the creation of physical NFTs recorded on the blockchain.
In 2021, art auction house Sotheby’s sold an 18-karat pair of earrings and an associated NFT inspired by Vincent Van Gogh’s Cafe Terrace at Night for $32,110.
After that, Sotheby’s sold another earring set called Dazzling Autumn with an NFT. Dazzling Autumn was based on another Van Gogh work, Wheat Field with Reaper and Sun.
In June 2022, the Icecap NFT platform sold diamond NFTs on OpenSea. The NFTs represent immutable proof of ownership of an item stored in a physical vault.
In August 2022, luxury jewelry firm Tiffany & Co. announced that they would offer physical necklaces representing NFTs owned by CryptoPunk NFT holders. The company said they would produce 250 similar-looking necklaces. These NFTs will be made of 18-karat rose or yellow gold and adorned with jewels.
Players May Be More Difficult for NFTs
Despite the popularity of selling physical items associated with NFTs, the traditional gaming industry has been skeptical of the asset class.
Yesterday, FIFA launched an AI-assisted imaginary football game, bringing football fans into the metaverse. In the new game, they function as managers like other English Fantasy Premier League.
Instead of modeling famous footballers, the characters are brightly colored and have skills assigned by artificial intelligence.
Over time, FIFA wants to turn these characters into NFTs and launch an NFT market. They want players to focus on the game first and not be distracted by crypto elements.
Traditional Web 2 players have resisted these elements, fearing that they will be used to make quick profits in their favorite games and risk the quality of the game.
Recently, game and electronics giant Sony filed a patent application to create transferable in-game assets between consoles and games, which could ease some player hostility.
In particular, Web 3 firm Zilliqa will launch a Web 3 native console in Q1 2023. The console will run games developed by Zilliqa. It will include a Web3 wallet and utility programs for mining Zilliqa’s native ZIL token. A game center will combine crypto applications and games.
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