{"id":20250,"date":"2023-07-26T03:43:20","date_gmt":"2023-07-26T03:43:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/gucci-wants-to-reward-material-nft-holders-with-2-physical-items-for-free\/"},"modified":"2023-07-26T03:43:25","modified_gmt":"2023-07-26T03:43:25","slug":"gucci-wants-to-reward-material-nft-holders-with-2-physical-items-for-free","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/gucci-wants-to-reward-material-nft-holders-with-2-physical-items-for-free\/","title":{"rendered":"Gucci Wants to Reward &#8216;Material NFT&#8217; Holders With 2 Physical Items \u2013 For Free"},"content":{"rendered":"<div>\n<p class=\"\">Luxury fashion powerhouse Gucci is preparing to gift two exclusive physical items \u2013 a wallet or bag \u2013 to holders of its Gucci Vault Material NFTs, which will be generally unavailable to Gucci\u2019s usual clientele.<\/p>\n<p>The Material NFTs debuted last March as part of a partnership between Gucci and the narrative NFT project, 10KTF. The collection dressed eleven selected NFT collections, including Bored Ape Yacht Club (BAYC), World of Women (WoW), Cool Cats, and more, in digitally enhanced Gucci outfits to showcase Gucci\u2019s digital identity in an alternate world.\u00a0<\/p>\n<p>10KTF tells the fictional story of a floating city in a parallel universe, following Gucci\u2019s Creative Director Alessandro Michele as he takes a trip from Rome to New Tokyo. During his time in New Tokyo, he crosses paths with Wagmi-san, the famed digital artisan who was considered a legend in having crafted the coveted items in his 10KTF shop.\u00a0<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><\/figure>\n<p>The project\u2019s parent company, Wenew, was acquired by Yuga Labs last November.<\/p>\n<p>While the true purpose of the Material NFT was shrouded in mystery when it was initially introduced to Grail NFT holders, the curiosity and anticipation from the Web3 community was nothing short of genuine interest \u2013 especially for Gucci Grail NFT holders who were airdropped the Material NFT last year. For this reason, those NFTs were valued at around $600 on OpenSea prior to its ultimate purpose being revealed to the community.<\/p>\n<p>Turning back to Gucci\u2019s exciting announcement, it\u2019s already teased images of the physical wallet and bag that will be exclusively available to its 2,896 Material NFT holders \u2013 both infused with Gucci\u2019s signature interlocking \u201cG\u201d pattern and iconic red-and-green stripes.\u00a0<\/p>\n<p>Unique to Gucci\u2019s efforts in rewarding its NFT holders, is that it\u2019s all free of charge. Material NFT holders will be given the choice to exchange their Material NFTs for either the wallet or the bag or they can simply sell their Material NFT to someone who would be interested in acquiring one of the two exclusive physical items.\u00a0<\/p>\n<p>If a holder chooses to exchange their NFT for either the wallet or bag, their NFT will subsequently be \u201cburned\u201d and sent to a null wallet address where it can never be used again.<\/p>\n<p>While this certainly isn\u2019t the first time a luxury brand like Gucci has offered a physical item to its NFT holders, Gucci\u2019s approach here stands out due to the absence of any associated costs in exchanging their NFT in a period where the sentiment towards NFTs has experienced a major decline alongside the crypto market.\u00a0<\/p>\n<p>Gucci\u2019s first steps into Web3 began with a $25,000 art film auctioned by Christie\u2019s in June 2021. Since then, the brand has been at the forefront of integrating exclusive physical products with NFT ownership in a way that derives actual value through a genuine rewards mechanism \u2013 including digital twins\u00a0 and token-gated access.\u00a0<\/p>\n<p>During the recent Christie\u2019s Art + Tech Summit in New York, Gucci\u2019s VP of Metaverse Ventures, Micael Barilaro, and Yuga Labs\u2019 Chief Creative Officer, Michael Figge, unveiled this new community reward.\u00a0<\/p>\n<p>Barilaro emphasized the importance of authentic storytelling and the need for brands to genuinely engage with new communities by \u201clistening before making noise.\u201d He highlighted the Gucci Grail project as a testament to this ethos, describing it as a novel approach to luxury that is more accessible.<\/p>\n<p>As part of the event, Gucci and Christie\u2019s, who both share a parent company in Groupe Art\u00e9mis, commissioned a unique collection of NFT artworks that were reportedly made using generative artificial intelligence (AI) and Gucci\u2019s intellectual property.\u00a0<\/p>\n<p>Gucci\u2019s latest initiative undoubtedly underscores the brand\u2019s commitment to exploring the intricate interplay between the digital and physical worlds.\u00a0<\/p>\n<p>As Barilaro aptly noted, the internet has made our world more visual and interconnected, and Gucci is at the forefront of this digital revolution, seamlessly weaving the tangible and intangible threads of luxury.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Luxury fashion powerhouse Gucci is preparing to gift two exclusive physical items \u2013 a wallet or bag \u2013 to holders of its Gucci Vault Material NFTs, which will be generally unavailable to Gucci\u2019s usual clientele. The Material NFTs debuted last March as part of a partnership between Gucci and the narrative NFT project, 10KTF. The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-20250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gucci Wants to Reward &#039;Material NFT&#039; Holders With 2 Physical Items \u2013 For Free | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/gucci-wants-to-reward-material-nft-holders-with-2-physical-items-for-free\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gucci Wants to Reward &#039;Material NFT&#039; Holders With 2 Physical Items \u2013 For Free | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Luxury fashion powerhouse Gucci is preparing to gift two exclusive physical items \u2013 a wallet or bag \u2013 to holders of its Gucci Vault Material NFTs, which will be generally unavailable to Gucci\u2019s usual clientele. 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