Iconic fashion brand Gucci is offering exclusive physical rewards to selected NFT owners.
As reported by Vogue Business, these unique gifts include a Gucci bag or wallet, which are not available for regular purchase.
Details from the project highlight that recipients can choose between a special Gucci bifold wallet or a collaborative Gucci x 10KTF duffle bag.
Gucci is exclusively offering these gifts to those in possession of the Gucci Vault Material NFTs, as pointed out by Vogue. A total of 2,896 Material NFTs were distributed among Gucci Grail NFT owners.
To claim the wallet, holders need one Material NFT, while the duffle bag requires three.
These NFTs were birthed from a collaboration with the narrative-driven project 10KTF in March of the previous year. The narrative constructed around this collection revolves around a celebrated digital tailor named Wagmi-san.
Wenew, the overseeing company of this project, was later acquired by the well-known NFT creator, Yuga Labs.
Burn and Redeem
Based on recent data from the OpenSea marketplace, the Gucci Vault Material under the 10KTF Stockroom collection, which comprises 2,194 items, has been trading between $300 to $500 in recent times. This average price reached a peak of ETH 0.3712 last July, which equates to almost $700 at the current ETH valuation.
Gucci provided Vogue Business with sneak peeks of the tangible items, highlighting “a distinctive design detail exclusive to these products,” marked by “the iconic interlocking G motif paired with the signature red-and-green stripes.”
Interestingly, holders are given the privilege to swap their Material NFTs for the actual items without any extra fees. However, after this exchange, they will relinquish ownership of the Material NFT.
Holders also retain the option of selling their NFTs to prospective buyers interested in redeeming the real-world product.
The 10KTF Stockroom elaborates that to claim the physical items, holders are required to ‘burn’ their Material NFTs at 10ktf.shop. In the crypto realm, “burning” signifies sending a token to a dead-end address, which effectively renders it defunct.
Before proceeding with the burning process, holders must ensure their shipping address is within an eligible region.
The terms stipulate that “Gucci Vault Material NFTs will lapse and cannot be exchanged for tangible items post August 25.”
Hints of this community reward were dropped during the Art + Tech Summit held by the esteemed auction house, Christie’s, in New York earlier this month. This summit, which delved into the ramifications of Web3, NFTs, and AI on the global art and fashion scenes, was the result of a collaboration between Christie’s, Gucci, and the crypto payment infrastructure entity, MoonPay.
According to Vogue, during the event, Micael Barilaro, Gucci’s VP of Metaverse Ventures, articulated the importance of narratives by stating that “storytelling is the glue that binds everything.” He further opined that initiatives similar to the Gucci Grail project present an avenue to engage a fresh audience demographic by presenting luxury in a more “relatable” manner.
