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After months of anticipation, Gucci has unveiled the utility of its 2,896 Gucci Material NFTs, allowing holders to exchange them for exclusive rewards. The tokens can be redeemed on the partner platform 10KTF.shop for either a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag. To get the wallet, one Gucci Vault Material NFT is sufficient, while the duffle bag requires three tokens.
The copywriting team added a playful touch, referring to the duffle bag as “baggage you’ll want to carry,” and highlighting the wallet’s user-friendly design, which doesn’t require a seed phrase. Calculations indicate that the duffle bag appears to be the more enticing option for Gucci enthusiasts and collectors. A similar-looking wallet on Gucci’s e-commerce site costs $460, whereas the co-branded duffle bag, albeit without the 10KTF logo, retails for a hefty $1790.
On Opensea, the Material NFT is currently being traded at 0.22ETH, equivalent to approximately $412, making the duffle bag even more appealing due to its co-branded exclusivity.
For Gucci loyalists, it’s another luxury product in their repertoire, one that was essentially free.
Participating in a 10KTF mission in Battle Town earned individuals a Gucci Grail NFT, which, in turn, granted access to the Gucci Vault Material NFT. Merely holding a Gucci Grail NFT didn’t provide rewards; it was active engagement that rewarded participants. According to Matt Maher, founder of technology consultancy M7 Innovations, this “play-to-earn” or “engage-to-earn” model is likely to become more common in the future. Maher himself redeemed his token for the Gucci wallet and praised the strategy for bridging the digital-physical divide and rewarding holders with tangible products.
Gucci Vault Exchange is live at https://t.co/O514vG9r1Q for all Gucci Vault Material NFT holders.
Turn the digital textile into Gucci physicals starting now through August 25, 2023 at 3:00 PM PT.
Visit https://t.co/O514vG9r1Q for full details. pic.twitter.com/zsrDahsjf6
— Wagmi-san (@10KTFshop) July 27, 2023
He emphasized that for Gucci loyalists, the reward adds another luxury item to their collection, effectively free of charge. For Web3 enthusiasts, it serves as an introduction to the world of Gucci, enticing them to explore more of the brand’s offerings.
Comparison to Other Luxury Brands
Comparing Gucci’s approach to other luxury brands, strategic differences become apparent. Louis Vuitton’s VIA program, for instance, rewarded early buyers of its $41,600 Treasure Trunk NFT with a limited edition trunk, while subsequent perks involved the option to purchase a limited edition “bitcoin orange” Speedy 40 bag, costing around $9,000. Dior, on the other hand, provided early access to purchase an exclusive drop from Kim Jones’ Dior Men’s spring ’24 collection to holders of its digital twin collectible, which came with limited edition B33 sneakers.
Gucci’s collaborations, such as the one with Yuga Labs for the 3,333 Gucci KodaPendant NFTs, also offer redeemable co-branded pendant necklaces in 925 silver, showcasing the brand’s efforts to bridge the gap between digital and physical realms.
Overall, these strategic partnerships capitalize on the shared concepts of exclusivity, scarcity, and rarity, benefitting both Web3 native brands and traditional luxury companies. Through such collaborations, they complement each other’s strengths and establish a stronger presence in both the digital and physical worlds.
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