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.
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.
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.
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