Gucci Material NFT Holders Can Redeem Tokens for Luxury Items
Holders of the Gucci Material NFTs can now exchange their tokens for a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag. The Kering-owned brand has launched a redeem facility on partner platform 10KTF.shop, allowing Gucci Vault Material NFT owners to claim their rewards.
One Gucci Vault Material NFT can be redeemed for the wallet, while three tokens are required to redeem the duffle bag. The wallet is described as not needing a seed phrase, and the copywriting team has playfully named the duffle as “baggage you’ll want to carry.”
Compared to the Gucci e-commerce site, the bag seems to offer a better deal for Gucci fans and collectors. A similar wallet on the site costs $460, while the bag, which also features the 10KTF logo, retails for $1790. On Opensea, the Material NFT is being sold for 0.22ETH, approximately $412, giving the bag an additional ‘money can’t buy’ rarity value.
The Gucci Vault Material NFT was initially rewarded to participants in a 10KTF mission in Battle Town. To enter, participants needed a Gucci Grail NFT and were then airdropped the Material NFT. According to Matt Maher, founder of technology consultancy M7 Innovations, this engagement-based model is likely to be seen more in the future.
Maher believes that the strategy of bridging the digital and physical worlds rewards holders and introduces new audiences to luxury brands. The redemption of NFTs for physical products provides a tangible reward, particularly in a bearish NFT market.
Luxury brands have taken different approaches to their Web3 fidelity programs. Louis Vuitton’s VIA program offers limited edition items, such as a “bitcoin orange” Speedy 40 bag by Pharrell Williams. Meanwhile, Dior provides early access to exclusive drops for holders of its digital twin collectibles. Gucci has also collaborated with Yuga Labs Otherside to offer redeemable physical co-branded pendant necklaces.
These collaborations demonstrate the symbiotic relationship between Web3 native brands and traditional luxury brands. They combine exclusivity, scarcity, and rarity to bridge the gap between the digital and physical worlds.
