Fashion luxury house Gucci is ready to provide physical products as rewards to its non-fungible token (NFT) holders.
These special rewards — which might include a wallet or a bag — will be exclusively available to the NFT holders and cannot be purchased elsewhere.
The specific NFTs eligible for these physical rewards are the Gucci Vault Material NFTs, a total of 2,896 digital collectibles featuring a fabric design with a blend of orange, white, and yellow hues that were distributed to the Gucci Grail NFT holders in 2022. These NFTs were created in partnership with 10KFT, a virtual city online shop managed by the fictional world-famous artisan, Wagmi-san.
The Gucci Material NFT is accessible for trade on the OpenSea marketplace. The current price (at the time of writing) for the NFT stands at 0.338 ETH, equivalent to approximately $626.65.
This move of rewarding NFT holders with exclusive physical products is another example of how NFTs are being used to strengthen the bond between brands and their customers, a strategy that Gucci and other fashion brands have embraced in recent years.
Gucci has been actively exploring opportunities in the web3 space. The company recently collaborated with Christie’s Web3 platform, Christie’s 3.0, to blend art, technology, and fashion in a new NFT auction. In the past, Gucci also partnered with Superplastic, a global entertainment brand specializing in designer toys and digital collectibles, for the launch of the “SuperGucci” NFT collection in January 2022.
Expanding further into the digital realm, Gucci introduced the “Gucci Vault Land” metaverse experience on The Sandbox in October 2022. Additionally, the fashion brand joined forces with Yuga Labs’ Otherside metaverse project, resulting in the creation of the KodaPendant, which exists as both a digital NFT and a physical item.
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