cryptonews.com
Fashion giant Gucci has decided to reward some of its non-fungible token (NFT) holders with special physical items.
This, according to Vogue Business, will be either a Gucci bag or wallet - the type that can't be bought otherwise.
Per the project description, the options are a Gucci bifold wallet or a Gucci x 10KTF co-branded duffle bag.
Furthermore, the gift will only be available to Gucci Vault Material NFT holders, Vogue noted. 2,896 of the Material NFTs were distributed to the holders of the Gucci Grail NFTs.
One Material NFT can be redeemed for the wallet and three are needed for the duffle.
The NFTs were created in partnership with the narrative project 10KTF in March last year. The story formed around the collection features a famed digital tailor named Wagmi-san.
The project’s parent company Wenew was acquired by renowned NFT issuer Yuga Labs.
Burn and Redeem
Per the OpenSea marketplace, Gucci Vault Material within the 10KTF Stockroom collection - containing 2,194 items - has been selling for around $300-$500 in the past several days. The average price had gone as high as ETH 0.3712 last July, which is nearly $700 per the current ETH price.
Gucci shared image teasers of the physical items with Vogue Business, showing "a design detail unique to the exclusive items" and featuring "the classic interlocking G pattern and red-and-green stripes."
Notably, the owners will be able to exchange their Material NFTs for a physical item at no additional cost. At that point, they will no longer own the Material NFT.
They can also choose to sell their NFT to others who want to trade it in for the physical item.
According to the 10KTF Stockroom description, holders need to burn the Material NFTs at 10ktf.shop in order to redeem the physicals. Burning a token means that it is sent to a null address, rendering it unusable.
Before burning, they need to confirm that their delivery address is in a supported region.
"Gucci Vault Material NFTs expire and can't be redeemed for physical items after August 25," it said.
This community reward was teased during the auction giant Christie'sArt + Tech Summit in New York earlier this month. Christie's partnered with Gucci and crypto payments infrastructure provider MoonPay partnered to host this summit that focussed on the impact of Web3, NFTs, and artificial intelligence (AI) on art and fashion globally.
Gucci VP of Metaverse Ventures Micael Barilaro said at the time that "storytelling is what keeps everything together," Vogue reported. Partnerships like the Gucci Grail project are a way to build a new audience through an approach to luxury that is more "approachable," he concluded.
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Learn more:
- Renowned Luxury Brand Gucci to Accept Bitcoin, Ethereum Payments in the US
- Luxury Brand Gucci Collaborates with Bored Ape Creator Yuga Labs for Metaverse Project – Crypto Adoption on the Rise?
- Louis Vuitton Set to Launch $42,000 Physical-Backed NFT Trunks
- How Fashion and NFTs Found Themselves in a Beneficial Partnership