Digital fashion on the rise: Gucci offers Materials NFT holders exclusive access to luxury products

The luxurious fashion brand ‘Gucci’ has unveiled plans to offer special physical rewards to select holders of its non-fungible tokens (NFTs). These unique items, either a Gucci bag or wallet, are not available for purchase elsewhere, creating a buzz among NFT enthusiasts and fashion aficionados alike.

Gucci's effort is aimed at owners of Gucci Vault Material NFTs and gives them the choice of selecting between a co-branded duffle bag made in partnership with 10KTF or a Gucci bifold wallet.

Owners of the Material NFTs, which were first given out to Gucci Grail NFT holders, are only eligible for the unique gift. The initiative has some rules where one material NFT is needed to get the wallet, whereas three Material NFTs are needed to get the duffle bag.

The backstory and process

The backstory of these NFTs is rooted in a narrative project called 10KTF, revolving around a digital tailor named Wagmi-san. The parent company of this project, Wenew, was acquired by well-known NFT issuer Yuga Labs.

The NFTs are part of the 10KTF Stockroom collection, boasting around 2,194 items. Recent sales on the OpenSea marketplace indicate prices ranging from $300 to $500. It's worth noting that the previous peak price was approximately $700, marked by an average of ETH 0.3712 in July of the preceding year.

What’s the process to get NFTs?

NFT holders are not required to pay any additional fees if they choose to swap their Material NFTs for the specified physical goods. Though the Material NFT must be given up as part of this trade-off.

In addition, owners have the option of selling their NFTs to those who are eager to acquire the special goods. Getting the actual thing entails burning the Material NFT by sending it to a null address, rendering it useless. Holders must first make sure that their delivery address is inside a supported region before carrying out this activity on the 10KTF website.

Gucci's partnerships

Gucci's Vice President of Metaverse Ventures, Micael Barilaro, emphasised the importance of storytelling and partnerships like the Gucci Grail project. Such initiatives help the brand appeal to a wider audience and make luxury more accessible.

The collaboration was hinted at during Christie's Art + Tech Summit in New York, a platform exploring the impact of web3, NFTs, and AI on the global art and fashion landscape. The partnership between Gucci, Christie's, and crypto payments provider MoonPay aimed to delve into the intersections of technology and creativity.