{"id":424545,"date":"2023-07-30T06:01:50","date_gmt":"2023-07-30T06:01:50","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=424545"},"modified":"2023-07-30T06:01:50","modified_gmt":"2023-07-30T06:01:50","slug":"gucci-introduces-rewards-program-for-gucci-material-nft-holders","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/gucci-introduces-rewards-program-for-gucci-material-nft-holders","title":{"rendered":"Gucci Introduces Rewards Program for Gucci Material NFT Holders"},"content":{"rendered":"<p>After months of anticipation, Gucci has unveiled the utility of its 2,896 Gucci Material <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-nft\">NFTs<\/a>, allowing holders to exchange them for exclusive rewards. The tokens can be redeemed on the partner platform <a href=\"https:\/\/10ktf.shop\/\">10KTF.shop<\/a> for either a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag. To get the wallet, one <a href=\"https:\/\/opensea.io\/assets\/ethereum\/0x7daec605e9e2a1717326eedfd660601e2753a057\/7\">Gucci Vault Material NFT<\/a> is sufficient, while the duffle bag requires three tokens.<\/p>\n<p>The copywriting team added a playful touch, referring to the duffle bag as &ldquo;baggage you&rsquo;ll want to carry,&rdquo; and highlighting the wallet&rsquo;s user-friendly design, which doesn&rsquo;t require a seed phrase. Calculations indicate that the duffle bag appears to be the more enticing option for <a href=\"https:\/\/twitter.com\/gucci\">Gucci enthusiasts and collectors<\/a>. A similar-looking wallet on Gucci&rsquo;s e-commerce site costs $460, whereas the co-branded duffle bag, albeit without the 10KTF logo, retails for a hefty $1790.<\/p>\n<p>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.<\/p>\n<blockquote><p>For Gucci loyalists, it&rsquo;s another luxury product in their repertoire, one that was essentially free.<\/p><\/blockquote>\n<p>Participating in a 10KTF mission in Battle Town earned individuals a <a href=\"https:\/\/insidebitcoins.com\/news\/luxury-fashion-house-gucci-yuga-labs-join-to-launch-otherside-themed-jewelry-nfts\">Gucci Grail NFT<\/a>, which, in turn, granted access to the Gucci Vault Material NFT. Merely holding a Gucci Grail NFT didn&rsquo;t provide rewards; it was active engagement that rewarded participants. According to Matt Maher, founder of technology consultancy M7 Innovations, this &ldquo;play-to-earn&rdquo; or &ldquo;engage-to-earn&rdquo; 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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Gucci Vault Exchange is live at <a href=\"https:\/\/t.co\/O514vG9r1Q\">https:\/\/t.co\/O514vG9r1Q<\/a> for all Gucci Vault Material NFT holders.<\/p>\n<p>Turn the digital textile into Gucci physicals starting now through August 25, 2023 at 3:00 PM PT.<\/p>\n<p>Visit <a href=\"https:\/\/t.co\/O514vG9r1Q\">https:\/\/t.co\/O514vG9r1Q<\/a> for full details. <a href=\"https:\/\/t.co\/zsrDahsjf6\">pic.twitter.com\/zsrDahsjf6<\/a><\/p>\n<p>&mdash; Wagmi-san (@10KTFshop) <a href=\"https:\/\/twitter.com\/10KTFshop\/status\/1684689892897419264?ref_src=twsrc%5Etfw\">July 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He emphasized that for Gucci loyalists, the reward adds another luxury item to their collection, effectively free of charge. For <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/new-cryptocurrency\">Web3 enthusiasts<\/a>, it serves as an introduction to the world of Gucci, enticing them to explore more of the brand&rsquo;s offerings.<\/p>\n<h2>Comparison to Other Luxury Brands<\/h2>\n<p>Comparing Gucci&rsquo;s approach to other luxury brands, strategic differences become apparent. <a href=\"https:\/\/us.louisvuitton.com\/eng-us\/faq\/products\/digital-collectibles-us\">Louis Vuitton&rsquo;s VIA program<\/a>, 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 &ldquo;bitcoin orange&rdquo; Speedy 40 bag, costing around $9,000. Dior, on the other hand, provided early access to purchase an exclusive drop from Kim Jones&rsquo; Dior Men&rsquo;s spring &rsquo;24 collection to holders of its digital twin collectible, which came with limited edition B33 sneakers.<\/p>\n<p>Gucci&rsquo;s collaborations, such as the one with Yuga Labs for the 3,333 <a href=\"https:\/\/kodapendant.otherside.xyz\/\">Gucci KodaPendant NFTs<\/a>, also offer redeemable co-branded pendant necklaces in 925 silver, showcasing the brand&rsquo;s efforts to bridge the gap between digital and physical realms.<\/p>\n<p>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&rsquo;s strengths and establish a stronger presence in both the digital and physical worlds.<\/p>\n<h3>Related News<\/h3>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/luxury-fashion-house-gucci-yuga-labs-join-to-launch-otherside-themed-jewelry-nfts\">Luxury Fashion House Gucci &amp; Yuga Labs Join To Launch Otherside-Themed Jewelry NFTs<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/ai-crypto-news-arthur-hayes-on-bitcoin-and-ai-solana-labss-new-ai-nft-tool\">AI &amp; Crypto News: Arthur Hayes on Bitcoin and AI; Solana Labs&rsquo;s New AI NFT Tool<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/news\/nft-sales-surge-to-275m-this-week-as-solana-nfts-now-become-second-traded-nfts\">NFT Sales Surge To $275M This Week, As Solana NFTs Now Become Second Traded NFTs<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-nft\">A Guide to the Best NFTs to Buy<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - 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The tokens <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1888,"featured_media":424546,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-424545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gucci Introduces Rewards Program for Gucci Material NFT Holders<\/title>\n<meta name=\"description\" content=\"After months of anticipation, Gucci has unveiled the utility of its 2,896 Gucci Material NFTs, allowing holders to exchange them for exclusive rewards.\" 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