Gucci Gives Out Real Prizes to NFT Holders

Liputan6.com, Jakarta Gucci plans to award or rewards to several NFT holders with physical products in the form of wallets or bags, which cannot be purchased by other customers. This is the latest way luxury brands are expanding their NFT strategies and rewarding consumers.

Launching Vogue Business, Sunday (23/7/2023), this program will only be available to people who own the Gucci Vault Material NFT, which was awarded a year ago to holders of the Gucci Grail NFT, which is Gucci’s digital clothed PFP in partnership with narrative NFT project 10KTF in March 2022.

10KTF is based on the story of a fictional digital tailor character named Wagmi-san. Owners of popular PFP NFT communities including Bored Ape Yacht Club, Cryptopunks, World of Women and others can pay to dress their avatars in Gucci clothing.

The intent of the new Gucci Material NFT was intentionally kept secret when it was rolled out to Gucci Grail NFT holders last year, but the Web3 community has anticipated that mysterious prizes like this will eventually materialize into profits in the future.

That’s why the Gucci Material NFT, whose image is a collection of brightly patterned materials, was valued at around USD 600 at Opensea, before even members of the community knew what exactly it represented.

NFT owners will soon be able to exchange their NFT Materials to choose one of two reward items, at no additional cost.

This means that they will no longer have NFT Materials. Or if they want, they can sell their NFT Materials on the thrift market to people who later want to exchange them for physical goods. Gucci has not further disclosed how people will ultimately collect their physical possessions.

Other projects have invited people to connect their wallet on an e-commerce page to verify their NFT ownership, then enter shipping information to receive the product.

When the transaction is complete, the required NFT will be burned, meaning it is sent to address zero and can no longer be used.

This is not the first time that a luxury brand has offered NFT holders the option to receive exclusive physical luxury items.

What’s unique is that it is available for free, positioned as a reward for those who invest in the community. This move came as a pleasant surprise for NFT holders at a time when the NFT hype was dropping along with the cryptocurrency’s value.