Gucci Material NFT Holders Can Now Get Wallets & Duffle Bags
CRYPTO — Some of Gucci’s non-fungible token (NFT) holders will receive limited edition merchandise as a kind of reward. As reported by Vogue Business, this will be an exclusive Gucci handbag or wallet. The project description states that you can choose between a Gucci bifold wallet or a Gucci x 10KTF co-branded duffel bag.
In addition, as reported by Vogue, the bonus is restricted to owners of Gucci Vault Material NFTs. Those who owned Gucci Grail NFTs received 2,896 Material NFTs. The wallet can be purchased with a single Material NFT, but the duffel bag requires three.
The NFTs were developed in March of 2017 alongside the storytelling project 10KTF. The collection’s narrative centers on a famous virtual tailor named Wagmi-san. Time remaining: 01:35 (EDT), July 31, 2023 Gucci NFT holders can exchange their tokens for branded duffel bags and wallets. Some of Gucci’s non-fungible token (NFT) holders will receive limited edition merchandise as a kind of reward.
As reported by Vogue Business, this will be an exclusive Gucci handbag or wallet. The project description states that you can choose between a Gucci bifold wallet or a Gucci x 10KTF co-branded duffel bag. In addition, as reported by Vogue, the bonus is restricted to owners of Gucci Vault Material NFTs. Those who owned Gucci Grail NFTs received 2,896 Material NFTs.
The wallet can be purchased with a single Material NFT, but the duffel bag requires three. The NFTs were developed in March of 2017 alongside the storytelling project 10KTF. The collection’s narrative centers on a famous virtual tailor named Wagmi-san. The leading NFT issuer Yuga Labs bought the project’s parent business, Wenew.
The 10KTF Stockroom collection includes 2,194 items, and the Gucci Vault Material within this collection has been selling for about $300-$500 on the OpenSea marketplace over the past few days. In July of last year, the average price reached a peak of 0.3712 ETH, which is equivalent to around $700 at today’s ETH price.
Gucci provided Vogue Business with a preview of the tangible goods, with images showcasing “a design detail unique to the exclusive items” and the brand’s signature interlocking G pattern and red and green stripes. Importantly, holders of Material NFTs will have the option to trade in their tokens for a tangible product at no extra cost. The Material NFT will be forfeited at that time.
They also have the option of selling their NFT to those who are interested in exchanging it for the real thing. According to the 10KTF Stockroom, holders can get their hands on physicals by burning their Material NFTs at 10KTF.shop. When a token is “burned,” it is sent to an invalid address.
They must first make sure their shipping address is inside a supported location before proceeding with the burn. Christie’s Art + Tech Summit, held earlier this month in New York, was when hints of this community incentive were first revealed. This summit explored the global effects of Web3, NFTs, and AI on the art and fashion industries, and it was co-hosted by Christie’s, Gucci, and crypto payments infrastructure provider MoonPay.
“Storytelling is what keeps everything together,” Micael Barilaro, Gucci’s vice president of Metaverse Ventures, was quoted as saying at the time by Vogue. He ultimately determined that collaborations like the Gucci Grail project were an effective means of expanding the brand’s reach by appealing to a wider demographic with a more “approachable” take on luxury.
