CRYPTO — For those who have been holding onto their Gucci Material NFTs, you can now redeem them for a Gucci bifold wallet or a Gucci x 10KTF co-branded duffel bag. The announcement comes after months of mystery over the intended purpose of the 2,896 NFTs issued back in March. This week, a redemption feature for the Kering-owned company went live on the 10KTF.shop website. The wallet may be redeemed for a single Gucci Vault Material NFT, whereas the duffel bag requires three tokens.
The creative writing staff came up with a clever description of the duffel bag, calling it “baggage you’ll want to carry,” and describing the wallet as one that doesn’t need a seed phrase. In terms of value for money, it’s easy to see which bag may appeal more to Gucci devotees and collectors. On the Gucci online store, a wallet with the same design (but without the 10KTF mark) goes for $460, and a bag with the same design (but without the logo) goes for $1790.
The current asking price of the Material NFT on Opensea is 0.22 ETH, or about $412.The bag’s inestimable value stems from the fact that it is co-branded with 10KFT. Those that completed a 10KTF task in Battle Town were awarded the Gucci Vault Material NFT as a reward. To participate, you needed a Gucci Grail NFT, which was airdropped to all entrants.
“Just holding a Gucci Grail didn’t reward you, but ‘engagement’ did,” said Matt Maher, founder of technology firm M7 Innovations, to Decrypt. Maher has just bought the Gucci wallet using the token he received. One should “expect to see this ‘play-to-earn’ or ‘engage-to-earn’ model a lot more in the future,” he said.
According to Maher, “the strategy here was smart because it bridges the digital divide and rewards holders with a physical product.”” For Gucci loyalists, it’s another luxury product in their repertoire, one that was essentially free,” he explained. “For Web3 degens,” the company says, “it acts as a ‘trial product’ to introduce them to the world of Gucci and create a gravitational pull towards the brand.” He stated, “Rewarding a community is never a bad idea.” As the article states, “in this bearish NFT market, holders may bicker over the value and/or utility of a reward, but it’s a reward nonetheless.”
Luxury brands have diverse approaches to running their Web3 fidelity programs and rewarding token holders for their loyalty. Consider Louis Vuitton and the VIA service it offers. Despite the fact that the initial 100 or so buyers spent $41,600 Chest of Gold Since NFT’s initial perk of a limited-edition Louis Vuitton trunk, creative director Pharrell Williams’ following rewards have consisted solely of the opportunity to acquire a limited-edition “bitcoin orange” Speedy 40 bag. The cost of this is approximately $9,000.
Those who purchased one of Dior’s 470 pairs of limited edition B33 sneakers will also have the opportunity to buy an exclusive drop from Kim Jones’ Dior Men’s spring ’24 collection before anybody else. While not a free drop, the first 3,333 Gucci KodaPendant NFTs were redeemed for physical co-branded pendant necklaces in 925 silver from the Yuga Labs Otherside metaverse game.
