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Gucci Announces Perks for Vault Material NFT Holders

Posted on August 1, 2023

After months of speculation regarding the utility of the over 2,800 Vault Material NFTs minted earlier this year, top fashion house Gucci has announced that all holders are eligible to exchange their digital art pieces for a Gucci duffle bag or a bifold wallet.

Holders need to visit 10KTF.shop in order to redeem their non-fungible tokens. One Vault Material NFT is required to secure a Gucci wallet, while getting a duffle bag will take three NFTs.

Our calculations indicate that redeeming an NFT for the wallet is cheaper than buying it on Gucci’s e-commerce platform, where it retails at $460. As of this writing, one Vault Material NFT goes for $413.

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The Vault Material NFTs were airdropped to Gucci Grail NFT holders who participated in 10KTF’s Battle Town Web3 game.

The founder of M7 Innovations, Matt Maher, whose company offers consultancy in the technology sector, praises Gucci for rewarding NFT holders with physical products. He believes the move will attract new customers to the fashion brand.

Maher reveals that he redeemed his Vault Material NFT for Gucci wallet over the weekend.

Luxury Brands and Their Rewards to NFT Holders

Luxury brands that have stepped into the Web3 space have been offering their NFT holders varying rewards.

For example, Louis Vuitton’s Treasure Trunk NFT holders were each given a limited edition trunk. The company recently announced that the NFT owners would soon redeem their tokens for the “Bitcoin Orange” bag designed by Pharrell Williams.

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As for Dior, holders of the B33 Sneaker NFTs are set to get early access to buy Kim Jones’ exclusive drop dubbed “Dior Men Spring ’24.”

Further, holders of KodaPendant NFTs, a project that Gucci launched in partnership with Yuga Labs’ metaverse game, Otherside, have been allowed to redeem their tokens for a physical pendant necklace.

Maher Call for More Partnerships Between Web3 Firms and Luxury Brands

Meanwhile, Maher wants to see more luxury brands working with Web3 companies as he believes they have a symbiotic relationship that covers the shortcomings of each other. He explains further that Web3 firms help luxury brands gain credibility in the NFT space while the latter boosts the credibility of the former in physical products.


SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

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