Gucci offers luxury rewards to NFT holders, embracing the Web3 trend. Holders can exchange tokens for a chic Gucci wallet or co-branded duffle bag via 10KTF.shop. Brands bridge the digital-physical gap, attracting loyalists and Web3 fans. Exciting move in an evolving market.
Luxury fashion brand Gucci is taking a step further into the world of Web3 by rewarding its community of NFT holders with exclusive and sought-after products. Holders of the Gucci Material NFTs, which were minted in March and have been the subject of much speculation, can now exchange their tokens for coveted Gucci items.
This week, Gucci went live with a redeem facility on the partner platform 10KTF.shop, offering a unique opportunity for the NFT holders. For those in possession of one Gucci Vault Material NFT, a stylish Gucci bifold wallet can be redeemed. However, for the high rollers who possess three of these tokens, they are entitled to exchange them for a luxurious Gucci x 10KTF co-branded duffle bag.
The playful copywriting from the Gucci team has added excitement to the offer, dubbing the duffle bag as “baggage you’ll want to carry,” and highlighting that the wallet does not require a seed phrase, poking fun at the complexities of cryptocurrency wallets.
When it comes to the value proposition, it appears that the duffle bag may be the more appealing choice for Gucci fans and collectors alike. A similar-looking wallet available on the official Gucci e-commerce site carries a price tag of $460, while the co-branded duffle bag, minus the 10KTF logo, retails for a hefty $1,790.
Considering the current market price of the Gucci Material NFT on platforms like OpenSea, where it is going for 0.22 ETH (equivalent to around $412), it becomes evident that the duffle bag’s rarity, due to its co-branded nature, adds even more allure to the reward.
The Gucci Vault Material NFT was initially a reward for engaging in a 10KTF mission in Battle Town. Participants required a Gucci Grail NFT to enter the mission, and those involved were subsequently airdropped the Material NFT.
Tech Consultant Praises Gucci’s Engagement-to-Earn Strategy
Tech consultant Matt Maher, founder of M7 Innovations, highlighted the clever strategy employed by Gucci, stating, “the engagement-to-earn model is a smart move as it bridges the digital divide and rewards token holders with tangible products.” Maher himself redeemed his NFT for the Gucci wallet, seeing it as an excellent addition to his luxury collection.
Maher emphasized the broader implications of this approach, stating, “For Gucci loyalists, it’s another luxury product to cherish, and for Web3 enthusiasts, it acts as a ‘trial product’ introducing them to the world of Gucci and creating a magnetic attraction towards the brand.”
Gucci’s decision to reward its NFT holders sets it apart from other luxury brands in the Web3 space. For instance, Louis Vuitton’s VIA program offered its genesis NFT holders a limited edition trunk, but subsequent perks have revolved around purchasing a limited edition “bitcoin orange” Speedy 40 bag, which comes at a substantial cost of around $9,000.
Similarly, Dior’s digital twin collectible holders were granted early access options to buy exclusive items from Kim Jones’ Dior Men’s spring ’24 collection. Gucci’s approach of providing tangible and exclusive rewards for NFT holders adds a new dimension to the NFT and luxury fashion landscape.
Collaborations with platforms like Yuga Labs, as seen in the Gucci 10KTF partnership, have proven to be a successful strategy to bridge the gap between digital and physical luxury goods. Brands like Gucci capitalize on shared traits of exclusivity, scarcity, and rarity, reinforcing the symbiotic relationship between Web3 native brands and traditional luxury brands.
As luxury brands continue to explore the possibilities of the Metaverse and Web3, Gucci’s move to reward its NFT holders with real-world products signals a growing trend in leveraging NFTs as a way to engage and reward dedicated communities. With this innovative approach, Gucci is not only attracting loyal customers but also enticing Web3 enthusiasts to embrace the world of high-end luxury.