Gucci Material NFT holders can now indulge in some extravagant rewards as the luxury brand goes live with its redeem facility on partner platform 10KTF.shop. The 2,896 NFTs minted in March have been a topic of speculation, but the wait is over for those eager to exchange their tokens for premium items.
The coveted Gucci Material NFTs can be exchanged for a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag. While one NFT unlocks the stylish wallet, collectors will need three tokens to claim the eye-catching duffle.
The copywriting team at Gucci added a playful twist to the announcement, calling the duffle “baggage you’ll want to carry” and describing the wallet as one that “does not require a seed phrase.”
Gucci fans and collectors will find the deal attractive, as the co-branded duffle bag, valued at $1790, offers a better value compared to the Gucci e-commerce site’s wallet, priced at $460. Moreover, the Material NFT is trading on Opensea for approximately $412 in equivalent ETH.
The unique factor of the co-branded duffle, combined with the engagement-to-earn model, adds an aura of “money can’t buy” rarity to the product. The Gucci Vault Material NFT was a reward for participating in a 10KTF mission in Battle Town, where participants were airdropped the NFT after entering with a Gucci Grail NFT.
The “play-to-earn” or “engage-to-earn” model is gaining momentum, with technology consultant Matt Maher praising the strategy for bridging the digital and physical worlds and rewarding the community. He believes this trend will become more prevalent in the future.
Gucci’s approach to the Web3 fidelity program sets it apart from other luxury brands. The strategic reward of physical products for NFT holders fosters a stronger connection between the brand and its community. Maher highlighted how this approach attracts both Gucci loyalists and Web3 enthusiasts, introducing them to the brand and its offerings.
Comparatively, other luxury brands like Louis Vuitton and Dior have also implemented NFT-based programs, but their perks revolve around the option to purchase exclusive items, rather than receiving them as rewards for NFT ownership.
The symbiotic relationship between Web3 native brands and traditional luxury peddlers enables them to complement each other’s strengths and fill in their respective shortcomings. With Gucci leading the way in engaging the digital-savvy audience, the luxury industry is embracing the convergence of the physical and digital realms, creating exciting opportunities for its loyalists and collectors alike.
Source: decrypt
