Gucci NFT holders were surprised last week with the news of physical merch! Holders minted 2,896 Gucci Material NFTs in March. Now, they can exchange these tokens for luxury rewards. The news came earlier this week, and now, we have a look at just what is in store for Gucci NFT holders.
- Gucci NFT holders who minted 2,896 Gucci Material NFTs in March can now exchange these tokens for luxury rewards, choosing between a stylish Gucci bifold wallet or a co-branded Gucci x 10KTF duffle bag.
- To get the wallet, holders must exchange one Gucci Vault Material NFT. The duffle bag requires redeeming three tokens.
- The collaboration between Gucci and 10KTF in introducing phygital rewards demonstrates an engagement-based approach.
Gucci NFT Holders: Wallet or Duffle Bag, the Choice is Yours
Late July, Gucci announced that holder’s could redeem either a wallet or a bag using their NFT. We now have full details on how holders can receive their goods. Firstly, there is a stylish Gucci bifold wallet – a wallet you do not need a seed phrase for! Then, there is the duffle bag. This is a Gucci x 10KTF co-branded bag.
To receive the wallet, holders must exchange one Gucci Vault Material NFT for one wallet. However, to get your hands on the duffle bag, you need to redeem three tokens. At present, the Material NFT has a floor price of 0.22ETH on OpenSea. So, this is approximately $412 today (August 1st, 2023). In store, a similar looking Gucci wallet costs $460, and a duffle bag, $1790.
So, what does this mean? Well, it may be wise for holders to choose the duffle bag. Three Gucci Material NFTs costs around $1,236 – that’s over $500 less than a (similar) Gucci duffle bag. Then, factor in the co-branded logo. Could the co-branding between Gucci and 10KTF add scarcity and rarity?
How Did Gucci Collaborate With 10KTF?
After introducing Gucci Grail NFTs, holders were invited to take part in a 10KTF mission in Battle Town. Then, Material NFTs were sent to all those who participated. After months of speculation, Gucci finally revealed the phygital aspect of the NFTs.
This is an incredible example of brands implementing engagement-based rewards. Other brands to introduce NFTs as rewards include All Yoga with their digital twins and free in-store NFTs. Of course, we can’t mention NFT loyalty without mentioning Starbucks Odyssey. Further, this is not the first time that Gucci has played with phygital rewards. Gucci introduced the ‘KodaPendant’ together with Yuga Labs. Therefore, this newest offering further cements the brand’s place in the Web3 world.