This is the inaugural case of our series, “Web3 Decoded: Brands’ Strategies”.
In this series, we delve into the innovative tactics and strategies employed by various brands in the rapidly evolving Web3 space.
We aim to provide a comprehensive analysis, offering insights into how brands are pioneering and adapting in this new digital realm.
We’ve dived deep into the rabbit hole for you. It’s a lengthy read, but trust us, it’s worth every minute. So, grab your favorite chair, brew some coffee, and let’s dive in!
The M3 LAB Crew: Erwan Gallo (Sorcier), Nicolas Billières (Orsey).
From Lil Pump’s “Gucci Gang” to Ridley Scott’s “House of Gucci” and Dapper Dan’ bespoke designs, Gucci’s influence on pop culture is unmistakable. This isn’t just a result of their iconic designs or celebrity endorsements; it’s a testament to their strategic foresight and willingness to innovate.
What truly anchors Gucci in the zeitgeist is not just its aesthetic appeal, but its relentless spirit of innovation and exploration. Venturing into the realms of blockchain, NFTs, and Web3 is just the latest example of Gucci’s commitment to pushing boundaries and shaping the future.
Table of Content:
I. Gucci: From Timeless Heritage to Digital Pioneers
Gucci: A Legacy of Innovation and Exclusivity
- Craftsmanship & Quality: The Foundations of Gucci
- Exclusive and Limited Creations: Scarcity as a Legacy
- Collaborations & Innovations: Pushing Boundaries
- Digital Evolution: Embracing the future through the Gaming World
II. Gucci’s Web3 Odyssey: A Tale of Innovative Activations
1. Aria, Inaugural NFT at Christie’s
- Auction Insights: Zora, Philanthropy, and Unique Gucci’s NFT
- Gucci’s Eco-Conscious Measures: Luxury with Responsibility
- Behind the Collaboration: Artemis and The Pinault Family
- Tracking the NFT’s Journey On-Chain : From Buyer to Owner
2. The Launch of Gucci Vault : A Digital and Experimental Concept-store
3. SuperGucci : When Gucci meets Superplastic
- Drop Insights & Approach: SuperGucci Strategy Unveiled
- Community First: Prioritizing loyalty
- Bumps in the SuperGucci Journey: Overcoming Digital Hurdles
- Breaking the Digital and Physical Realms Barriers
- Mint, Secondary Market and Royalties
4. Gucci’s Metaversal Move: Acquiring Virtual Real Estate in the Sandbox Metaverse
5. Customise Your Digital Self with Gucci Grail x 10KTF Collaboration
- Exclusive Access for Chosen Community Members
- A Unique Digital Fashion Opportunity
- Gucci: Crafting the Future of Digital Elegance
- Secondary Market and Royalties
- The Metaversal Connection: 10KTF, WeNew Labs, Beeple, and Yuga Labs
6. Gucci is starting to accept cryptocurrency in select U.S stores
7. A Century of Gucci, Digitally Reimagined: The Vault Art Space x SuperRare Collaboration
8. Gucci Vault Material Airdrop: Exclusive Reward for the Active Holders
9. ApeCoin: A New Payment Option for Gucci
10. Exploring the Digital Landscape: Gucci’s Experience into The Sandbox
- Introducing “Gucci Vault Land” in The Sandbox
- The Vault Experience: A Journey Through Gucci’s Rich Heritage
- Community Engagement: Gucci’s Call for Ideas on Discord
- Exclusive Rewards for Gucci NFT Holders
11. Gucci x Yuga Labs: Unveiling The Otherside Relics & KodaPendants
- Gucci x Yuga Labs: A Pioneering Collaboration
- KodaPendants, the first OtherSide Relics
- Mint, Reception and Exclusives Privileges
- From Digital to Physical : Claiming the KodaPendant
12. Tangible Rewards for Digital Engagement: Gucci’s Gift to NFT Holders
- An Exclusive Offer: Gucci’s Token-to-Product Initiative
- Arbitrage Opportunities: The Financial Upside of Gucci Material NFTs
- Origins of the Gucci Vault Material NFT: From Battle Town to Real-World Rewards
13. Gucci x Christie’s: Generative Art Auction with “Future Frequencies”
- Gucci and Christie’s: A Renewed Collaboration
- A Collection Blending the Virtual and the Real
- Artists at the Forefront: AI-Driven Creativity
- Gucci’s Bold Stance on Intellectual Property
- “Phygital” Art: Merging Tangibility with the Digital Realm
III. Conclusion: Point of View, Insights and Projections
- The Owner-Centric Approach
- Interconnected Vision: A Long-Term Strategy
- Gucci’s next Steps in the Web3 Universe
- Leadership Mercato
- Engaging with Holders in the Web3 Era
- The more, the merrier
- Final Words
I. Gucci: From Timeless Heritage to Digital Pioneers
Recognized globally, Gucci transcends the definition of a brand. It stands as an emblem of luxury and fashion, consistently remaining at the pinnacle. Its influence permeates films, culture, music, and collaborations.
For Gucci’s centenary, the brand released the “Aria” video, a testament to the brand’s enduring cultural impact. The soundtrack is uniquely curated, consisting solely of songs that reference “Gucci”. This choice of music not only celebrates the brand’s iconic status but also underscores how deeply Gucci has embedded itself into the lexicon of pop culture.
We invite you watching this video before diving into the case study to fully appreciate Gucci’s vision and history.
”Web3, NFTs and the Metaverse represent both an opportunity and a disruptive phenomenon”
Gucci: A Legacy of Innovation and Exclusivity
Founded in 1921 in Florence, Italy, by Guccio Gucci, the brand has consistently prioritized its customers relationship, product exclusivity, quality, and innovation. Over the years, Gucci has introduced several groundbreaking initiatives and products.
- Craftsmanship & Quality: The Foundations of Gucci
Gucci introduced a unique tanning technique to produce “cuoio grasso,” which became a signature of the brand.
Domenico De Sole, who served as the CEO of Gucci since 1994, championed the cause of Gucci’s leather manufacturers in Italy. He developed a partners’ program to strengthen their ties, ensuring the brand’s commitment to quality.
“Quality is remembered long after price is forgotten”
Aldo Gucci
- Exclusive and Limited Creations: Scarcity as a Legacy
In 1966, Rodolfo Gucci and Vittorio Accornero designed the Flora scarf as a tribute to Grace Kelly, Princess of Monaco, showcasing the brand’s penchant for crafting exclusive pieces.
The commitment to exclusivity took a strategic turn in 1989 when Dawn Mello, serving as Gucci’s executive vice president and chief designer, made a bold decision. To preserve the brand’s elite status, she significantly reduced the number of Gucci stores from over 1,000 to just 180 and streamlined the product offerings from 22,000 to a curated 7,000.
- Collaborations & Innovations: Pushing Boundaries
Gucci has always been at the forefront of innovation, as evidenced by examples such as:
- The private art gallery “Gucci Galleria” in Beverly Hills in 1977, reserved for premium customers who received a symbolic golden key granting them exclusive access.
- The ArtLab in 2018, an innovation center outside of Florence
- Gucci Décor, offering interior decoration.
- The Gucci Wooster bookstore in New York in 2018.
- The Gucci Salon in Los Angeles (Melrose), in April 2023.
- Digital Evolution: Embracing the future through the Gaming World
Gucci’s journey in the digital realm is marked by its innovative and strategic initiative. Their dedication to embracing new technologies is evident in their ventures in the gaming world.
Embracing the digital age, Gucci collaborated with games, brands and platforms such as Zepeto, Sims, Animal Crossing, Pokemon Go or Roblox*.
*where in 2021, an exclusive digital Gucci Dionysus bag was sold for more than $4,115 (350,000 Robux), more than the real life Dionysus Bag retail price.
This commitment is further highlighted with Gucci launched in 2022 an e-sport school, the Gucci Gaming Academy and introduced the “Gucci Good Game” capsule collection, a celebration of the brand’s connection with the gaming community, featuring a range of apparel and accessories with a reworked GG monogram referencing the gaming term “GG” for “good game”
“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.”
Marco Bizzarri, Gucci president and CEO
II. Gucci’s Web3 Odyssey: A Tale of Innovative Activations
Gucci’s foray into gaming laid the groundwork for its Web3 initiatives. By collaborating with popular games and platforms, Gucci introduced virtual fashion items, allowing players to own exclusive Gucci outfits within the digital universes. This not only expanded Gucci’s reach to a younger, tech-savvy audience but also highlighted the potential of digital goods in a increasingly virtual world.
With a foundation in gaming, Gucci’s transition to Web3 was a natural progression. Building on its experiences in the gaming space, Gucci ventured into the realm of Web3 as early as 2021.
Let’s delve deeper into the specific activations that marked Gucci’s pioneering journey in the Web3 space.
1. Aria, Inaugural NFT at Christie’s
June 2021 — Aria — at Christie’s for PROOF OF SOVEREIGNTY: A Curated NFT Sale by Lady PheOnix
In June 2021, Gucci made its debut in the NFT space in collaboration with Christie’s. This unique NFT was a short animation derived from the Aria fashion film, a joint effort by Alessandro Michele, Gucci’s Creative Director at the time, and award-winning photographer and director Floria Sigismondi around Gucci’s centenary.
The NFT encapsulated the essence of Gucci Aria, the brand’s latest fashion collection at the time celebrating the 100th birthday of Gucci, and symbolized a significant transition for the iconic brand, both physically and digitally.
This NFT was featured among works from over 20 new media artists as part of Christie’s online auction, “Proof of Sovereignty, a sale curated by Lady PheOnix”.
- Auction Insights: Zora, Philanthropy, and Unique Gucci’s NFT
The unique NFT was auctioned off for $25,000 and minted with Zora.
Gucci pledged to donate all its proceeds from this sale to UNICEF USA, supporting UNICEF’s involvement in COVAX. This initiative was dedicated to ensuring global equitable access to COVID-19 vaccines.
- Gucci’s Eco-Conscious Measures: Luxury with Responsibility
To counteract the environmental implications of minting and auctioning its inaugural NFTs, Gucci collaborated with Offsetra and purchased 10T of Carbon Offsets. The offsets acquired will aid the Agrocortex REDD Project, which aims to prevent deforestation in the Amazon. This move effectively renders Gucci’s participation in this NFT exhibition carbon negative.
- Behind the Collaboration: Artemis and The Pinault Family
Christie’s collaboration with Gucci isn’t merely by chance. Both companies fall under the umbrella of Artemis, the investment arm of the Pinault family, which also holds the reins of the Kering Group.
Earlier, on 11 March 2021, Christie’s set a precedent by auctioning Beeple’s artwork, “Everydays: The First 5000 Days,” for a staggering $69 million.
- Tracking the NFT’s Journey On-Chain : From Buyer to Owner
Now, you might wonder about the current status of this NFT. Who’s the present owner? Leveraging the transparency of blockchain, we traced its journey across various wallets.
The NFT, initially minted on Zora on June 2, 2021, has been transferred four times without any subsequent sales. While it’s absent from Opensea, it’s visible on platforms like LooksRare or Rarible and goes by the name “Zora 3395.”
The current holder seems to be a seasoned and passionate crypto Degen who attended the blockchain conference ETHCC 2023 in Paris last July. Their portfolio, boasting a net worth close to a million dollars, and possession of two specific NFTs in their possession further corroborate this:
- Gucci Aria NFT (Zora 3395)
- The Ortolan: Paris — 2023 Ticket by DegenScore
The latter, The Ortolan: Paris NFT, is a Soulbound Token (SBT), signifying attendance at an exclusive and private dinner hosted by DegenScore.
Entry to The Ortolan: Paris was exclusive to Beacon NFT holders who met specific criteria and minted their individual soulbound NFT-Ticket.
These tickets underwent three separate minting phases, prioritizing those with high DegenScores
An intriguing feature of this ticket mechanism is the burning of the soulbound NFT tickets for those who didnt attend. Attendees kept their soulbound tickets as a proof of attendance.
For those unfamiliar with the Degen Language : The Ortolan Paris event was a private event only accessible for those who are deeply involved in the Decentralized Finance (DeFi) ecosystem.Their involvement was gauged by their on-chain activities and trades, culminating in a DegenScore.
We tried to reach the NFT holder on-chain via XMTP for further insights.
2. The Launch of Gucci Vault : A Digital and Experimental Concept-store
September 2021 — The Gucci Vault
During 2021 Milan Fashion Week, Gucci’s Creative Director Alessandro Michele unveiled the brand’s latest conceptual venture: the Gucci Vault.
This online concept store and experimental space is a homage to Gucci’s rich 100-year history, offering a curated selection of vintage pieces that have been meticulously restored by Gucci artisans and personally customized by Michele himself.
Initially created to highlight the brand’s vintage offerings and a curated selection of products and content by Gucci and new emerging designer, the Vault is gradually shifting towards showcasing Gucci’s Web3 operations, particularly its NFT drops.
“In my mind, I always had the idea to create a place in constant evolution where ‘impossible’ conversations between objects from different origins, creators, and eras could take place”
Alessandro Michele, Gucci’s Creative Director until November 2022
3. SuperGucci : When Gucci meets Superplastic
January 2022 — SuperGucci NFTs with Superplastic
Gucci, in collaboration with Superplastic, a leading name in luxury toys, launched the SuperGucci NFT collection. This project melded Gucci’s iconic patterns from the Aria collection with Superplastic’s animated characters, Janky & Guggimon. This collaboration showcased Gucci’s dedication to pioneering the digital realm, seamlessly blending luxury fashion with digital artistry.
The release was in partnership with the Gucci Vault.
- Drop Insights & Approach: SuperGucci Strategy Unveiled
Initially planned as three separate drops, the SuperGucci release was eventually split into two.
- The first drop saw each NFT sold for 1.5 ETH, equivalent to around $5.000 at that time.
- The second drop was an airdrop, meaning SuperGucci NFT holders received an additional NFT directly transferred to their wallets at no cost.
The entire collection consisted of 1000 NFTs, equally divided between the two phases (500 each).
Purchasers of the SuperGucci NFTs were presented with a unique opportunity: the chance to own a one-of-a-kind 8-inch tall white ceramic statue. Produced meticulously by expert craftsmen at the renowned Bitossi Ceramiche factory in Italy, these statues were limited editions, with a mere 500 hand-numbered pieces in circulation. It’s crucial to mention that there was a specific window during which these statues could be claimed.
- Community First: Prioritizing loyalty
Before the official release, SuperPlastic and Gucci prioritized their loyal communities.
- Holders of Cryptojankyz, the NFT collection from SuperPlastic, were granted early access to 150 distinct SuperGucci NFTs.
- An hour later, Gucci’s Discord community had the opportunity to acquire an additional 150 unique SuperGucci NFTs using an exclusive special code.
- The collection was then made available to the broader public, adding 200 more NFTs to the offering, totaling 500 NFTs.
- Bumps in the SuperGucci Journey: Overcoming Digital Hurdles
The SuperGucci NFT drop was not without its challenges. Initially, the release was hijacked by bots exploiting the NFTs’ smart contracts, leading to unfair acquisitions. In an attempt to rectify this, the organizers transitioned to a raffle system. However, this approach had its own set of problems, as scam links began circulating within the Discord community.
The situation was further exacerbated when many genuine users and holders found themselves unable to access the mint due to website crashes and inconsistent informations were shared into both brands discords.
This series of setbacks not only frustrated the community but also led to a decline in the floor price of Superplastic NFTs.
Post-drop, another significant issue emerged with the distribution of the physical sculptures. Holders faced a prolonged wait, with their items being delivered almost a year after the drop. Moreover, the distribution, managed by Superplastic, came under scrutiny as some recipients reported receiving their SuperGucci items in a damaged condition.
While there were challenges in the distribution process, it’s noteworthy that the majority of buyers received their SuperGucci items in impeccable condition. Gucci’s commitment to excellence was evident in the meticulous attention to detail they invested in both the packaging and the sculptures, underscoring the brand’s dedication to delivering a premium experience to its customers.
These challenges highlighted the complexities of merging the digital and physical realms, especially when high expectations are set by luxury brands like Gucci.
- Breaking the Digital and Physical Realms Barriers
The SuperGucci collection underscores Gucci’s innovative approach. By prioritizing their community with exclusive early access and then extending it to a broader base , Gucci crafted a unique digital experience.
The limited availability of the NFTs and the accompanying hand-crafted sculptures created a sense of exclusivity, fostering a deeper bond between the holders and the brand. Despite the challenges faced during the drop, this initiative highlighted the convergence of the physical and digital realms (Phygital), the allure of exclusivity, and the added value of airdrops in strengthening brand loyalty.
- Mint, Secondary Market and Royalties
Disclaimer: The Ether (ETH) to USD conversion rate used based on the rate at the time of writing, where 1 ETH is approximately $1,700. It’s important to note that the value of ETH has fluctuated between the creation of the collection and now, so the royalty figures provided may not be entirely accurate.
The secondary market value of the collection stands at 6,506 ETH, which is approximately $11 million. With 5% in royalties, this translates to around $550K for Gucci and SuperPlastic.
The minting process raised 750 ETH (500 x 1.5 ETH), which was approximately $2,500,000 at the time.
4. Gucci’s Metaversal Move: Acquiring Virtual Real Estate in the Sandbox Metaverse
February 2022 — Gucci’s Sandbox Land Acquisition
Gucci announced its partnership with blockchain game The Sandbox to offer experiences in the Metaverse.
Additionally, the company was planning to sell virtual fashion items for players to wear in the game.
This initiative was carried out once again through Gucci Vault, the experimental platform launched by the brand in September 2021.
“For a new generation of players, virtual fashion is as important as real fashion.”
Sebastien Borget, co-founder of The Sandbox
5. Customise Your Digital Self with Gucci Grail x 10KTF Collaboration
March 2022 – 10KTF Gucci Grail NFT
In March 2022, Gucci embarked on a groundbreaking collaboration with digital artist Wagmi-san and his renowned virtual store, 10KTF. Together, they unveiled the “10KTF Gucci Grail” project, a curated collection of bespoke NFTs, conceptualized by Gucci’s visionary, Alessandro Michele, and brought to life by Wagmi-san.
This initiative underscores Gucci’s pioneering spirit, seamlessly blending luxury with the burgeoning metaversal project.
- Exclusive Access for Chosen Community Members
The partnership birthed the Gucci Grail Mint Pass, a mesmerizing and magical globe, serving as a pass, exclusively available exclusively available to 5,000 members of the Gucci, 10KTF, and 11 PFP collections communities.
- World of Women • Gutter Cat Gang • Cool Cats • 0N1 Force • Bored Ape Kennel Club • Bored Ape Yacht Club • Mutant Ape Yacht Club • Pudgy Penguins • Forgotten Runes Wizards Cult (excluding Forgotten Souls) • CrypToadz • Wolf Game
Access to the drop unfolded in four phases:
- An “Allowlist” only accessible to holders of the 10KTF NFTs before the snapshot date (March 3, 2022), members of the Gucci Discord with the “Explorer” role, and holders of the 11 mentioned NFT projects.
- Being on the Allowlist did not guarantee the privilege of minting one of the 5,000 available Gucci Grail NFTs. A limited number of NFTs were allocated to each eligible category, and a lottery was conducted on premint.xyz.
- 950 Mint Passes were distributed as “community rewards” (to SuperGucci NFT owners, other “O.G” holders of 10KTF, or significant holders in these communities).
- 100 Mint Passes were reserved for team members and friends of Gucci and 10KTF.
- 1,000 Mint Passes were reserved for the 10KTF Discord community.
- 1,000 Mint Passes were reserved for the Gucci Discord community.
- 1,950 Mint Passes were reserved for the owners of the 11 collaborating NFT projects.
3. After the Allowlist mint phase, access to a “Reserve List” was opened to the general public.
4. Holders of the Mint Pass, mostly acquired for 1 ETH (~$3,400), could freely transform it into a Gucci Grail to customize their PFP in Gucci colors, but only if they owned one of the NFTs from the 11 collaborating collections such as Bored Ape Yacht Club, World of Women, or Cool Cats.
- A Unique Digital Fashion Opportunity
NFT owners were presented with a unique opportunity: the chance to adorn their PFP NFTs with two signature Gucci ensembles, drawing inspiration from the Aria and Love Parade collections.
The price? 1 ETH (~$3,400).
4,253 NFTs were minted, representing sales of around 4,253 ETH, or $14,500,000*.
*NFTs airdropped have not been deducted from this calculation.
- Gucci: Crafting the Future of Digital Elegance
Even in the vast expanse of the Metaverse, Gucci remains synonymous with unparalleled exclusivity.
Through this strategic alliance, targeting the heart of Web3 communities, Gucci not only reinforces its digital footprint but also preserves the quintessence of its luxury brand. In both digital and “phygital” realms, Gucci stands as a symbol of opulence for the discerning few.
They crafted luxury goods for owners of already luxury NFTs.
- Secondary Market and Royalties
Disclaimer: The Ether (ETH) to USD conversion rate used based on the rate at the time of writing, where 1 ETH is approximately $1,700. It’s important to note that the value of ETH has fluctuated between the creation of the collection and now, so the royalty figures provided may not be entirely accurate.
Gucci Grail Mint Pass: The secondary market value of the collection stands at 3,068 ETH, which is approximately $5.2 million. With 5% in royalties, this translates to around $260.8K for Gucci and 10KTF.
Gucci Grail: The secondary market value of the collection stands at 6,283 ETH, which is approximately $10.68 million. With 5% in royalties, this translates to around $534,000 for Gucci and 10KTF.
- The Metaversal Connection: 10KTF, WeNew Labs, Beeple, and Yuga Labs
Behind 10KTF is none other than WeNew Labs, a NFT enterprise co-founded by industry heavyweights such as Figge, Beeple, Tim Smith, and Guy Osheary.
Adding another layer, Yuga Labs acquired WeNew Labs in November 2022, further solidifying its position in the metaversal landscape.
6. Gucci is starting to accept cryptocurrency in select U.S stores
In May 2022, Gucci began accepting cryptocurrency as a form of payment in select U.S. stores. Over 70% of its directly operated stores now accept cryptocurrency, with plans for further expansion.
Gucci accepts payments in more than 10 different cryptocurrencies. This includes major cryptocurrencies like Bitcoin, Ether, and Litecoin, as well as five stablecoins pegged to the US dollar.
Additionally, Gucci also accepts meme cryptocurrencies, Shiba Inu and Dogecoin, which were originally created as a joke.
The decision to incorporate cryptocurrency payments was driven by customer demand, particularly from members of the Bored Ape Yacht Club NFT community.
To facilitate in-store crypto payments, Gucci sends a QR code to customers via email. This allows customers to make payments directly from their crypto wallets. The payment can then be automatically converted into fiat currency or retained as cryptocurrency.
Gucci’s decision to accept meme coins, especially in the wake of the Bored Ape Yacht Club’s (BAYC) popularity, showcases their understanding and adaptability to the evolving digital ecosystem.
This move not only appeals to the traditional crypto enthusiasts but also to a younger, more digitally-native audience that resonates with meme culture and the NFT community.
“Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.”
Marco Bizzarri, Gucci president and CEO
7. A Century of Gucci, Digitally Reimagined: The Vault Art Space x SuperRare Collaboration
July 2022 — Vault Art Space — The next 100 years of Gucci with SuperRare
Gucci’s entry into the crypto art world was marked by the launch of Vault Art Space, an online gallery resulting from a partnership with the digital art marketplace, SuperRare.
The inaugural exhibition, “The Next 100 Years of Gucci” showcased the works of 29 artists. This includes both early adopters of crypto art and traditional artists exploring the digital medium. They were tasked with reflecting on Gucci’s century-long legacy and envisioning its future for the next one.
This exhibition was presented and auctioned in three separate drops throughout July 2022 on the Vault website.
Each piece from ‘The Next 100 Years of Gucci’ represents a part of Alessandro Michele’s vision for the brand.
Gucci’s commitment to the digital art future was further emphasized by its investment in SuperRare’s $RARE token, allowing them a say in the platform’s governance.
“The House has always had a deep connection with art, especially under Creative Director Alessandro Michele as he pushes the boundaries of the Gucci narrative to include ever-diverse points of view. As we venture further into the Web3 realm, Vault Art Space naturally expresses this facet of Gucci’s heritage in an experimental and contemporary way.”
Nicolas Oudinot, EVP of New Business at Gucci and CEO of Vault until November 2022
- Secondary Market and Royalties
Disclaimer: The Ether (ETH) to USD conversion rate used based on the rate at the time of writing, where 1 ETH is approximately $1,700. It’s important to note that the value of ETH has fluctuated between the creation of the collection and now, so the royalty figures provided may not be entirely accurate.
The secondary market value of the “The Next 100 Years of Gucci” collection stands at 15 ETH, which is approximately $25,500. With 7,5% in royalties, this translates to around $1,912.50 for Gucci and Christie’s.
8. Gucci Vault Material Airdrop: Exclusive Reward for the Active Holders
July 2022–10KTF Gucci Vault Material Airdrop
In July 2022, Gucci and 10KTF joined forces for an exclusive mission in Battle.town.
The reward? An exclusive NFT airdrop.
But there was a catch: only those holding a Gucci Grail NFT could participate. Those who met the criteria and engaged in the mission were subsequently gifted the Gucci Vault Material NFT.
However, at that time, this particular NFT had no defined utility and internet started to speculate around what it could be used for*.
*For those eager to know more, you can jump straight to activation 12.
9. ApeCoin: A New Payment Option for Gucci
August 2022 — Apecoin cryptocurrency is accepted as payment method in Gucci stores.
Gucci once again showcased its commitment to innovation in luxury retail. This time, by integrating Apecoin as an accepted payment method in its select U.S. boutiques.
Facilitated by BitPay, this move not only expands Gucci’s cryptocurrency payment options but also strengthens its ties to the Bored Ape Yacht Club and Yuga Labs ecosystem, the birthplace of ApeCoin
10. Exploring the Digital Landscape: Gucci’s Experience into The Sandbox
From October 27th to November 9th, 2022 — Gucci launches “Gucci Vault Land” in The Sandbox,
- Introducing “Gucci Vault Land” in The Sandbox
Marking its pioneering step into the Metaverse, The Vault, curated by Creative Director Alessandro Michele, showcases rare vintage Gucci items, collaborations with contemporary creators, and a passion for NFT artworks.
- The Vault Experience: A Journey Through Gucci’s Rich Heritage
Named a “play-to-know”, it aimed to educate the Web3 community about Gucci’s heritage through gamification. Users were able to explore various rooms in the Vault, each narrating Gucci’s story. Activities include exploring Gucci Vault Land, complete quests, and earn Gucci Vault Boxes for a chance to win SAND and exclusive digital collectibles.
- Community Engagement: Gucci’s Call for Ideas on Discord
Always listening to its community and aiming to give unique experiences, Gucci called for suggestions on Discord.
Some proposal from Gucci Discord community members:
- Experiences of play-to-earn to win products
- An avatar of Artistic Director Alessandro Michele
- An NFT museum
- An immersive challenge journey culminating in the award of a POAP
These suggestions enriched the conversation, enhanced the experience, and ultimately brought the community closer to the Italian house.
- Exclusive Rewards for Gucci NFT Holders
And for those holding Gucci NFTs (SuperGucci or Gucci Grail), a special surprise awaited: exclusive avatar accessories.
11. Gucci x Yuga Labs: Unveiling The Otherside Relics & KodaPendants
April 2023- Otherside Relics by Gucci : KodaPendants
- Gucci x Yuga Labs: A Pioneering Collaboration
Gucci, in collaboration with Yuga Labs, the $4 billion compagny behind the NFT project Bored Ape Yacht Club, unveiled their “Otherside Relics by Gucci” project. This venture merges OtherSide, the Bored Ape’s Metaverse, with the opulence of Gucci.
- KodaPendants, the first OtherSide Relics
The first step of this partnership is the release of 3,333 limited-edition “KodaPendants.” Crafted from 925 sterling silver, each pendant is not just a tangible luxury item but also comes with a digital twin. This digital counterpart is tailored to integrate as a trait to Kodas or Vessels NFTs, the NFTs from Yuga Labs’ OtherSide.
- Mint, Reception and Exclusives Privileges
The sale kicked off on April 6th, with each pendant carrying a price tag of 450 APE tokens (around $1,935).
Total estimated sales: around $6,500,000.
All holders of Koda or Vessel NFTs were eligible to purchase the Pendant on a first-come, first-served basis.
Over half of the pendants were claimed within the initial hour of the 24-hour availability period.
While the collaboration garnered immense buzz, it wasn’t without its critics. Many highlighted the premium pricing and some issues with the website’s user experience.
Despite these criticisms, the sheer volume of sales within the first hour is proof to the collaboration’s success and the allure of the products on offer.
The proud owners of the KodaPendants were granted the privilege to enhance their OtherSide NFTs and access a range of digital assets to showcase them globally.
Total sales: 3,019 NFTs, around $5,850,000. Not a Sold Out.
- From Digital to Physical : Claiming the KodaPendant
To claim the physical jewelry, wallets holding a Koda or Vessel NFT with the KodaPendant metadata trait were eligible, based on a snapshot taken on June 21, 2023. 3,019 pieces were available.
For the lucky few, these pendants, each bearing a unique edition number inscribed on the back, have already been delivered.
12. Tangible Rewards for Digital Engagement: Gucci’s Gift to NFT Holders
July 2023 — Gucci rewards holders of the Gucci Material NFTs
- An Exclusive Offer: Gucci’s Token-to-Product Initiative
Gucci unveiled a unique initiative allowing Gucci Material NFT holders to exchange their 10 KFT tokens for tangible Gucci products through the 10KTF.shop platform. This exclusive offer was valid until August 25, 2023.
The exchange rates were as follows:
- One Gucci Material NFT for a Gucci bifold wallet, described as one — “that doesn’t need a seed phrase.”
- Three NFT to secure a exclusive co-branded Gucci x 10KTF duffle bag described as “This is baggage you’ll want to carry.”
What’s intriguing was the potential for arbitrage with these Gucci items.
- Arbitrage Opportunities: The Financial Upside of Gucci Material NFTs
As of this article’s preparation, the Gucci Material NFT was trading at approximately 0.15 ETH (roughly $250) on OpenSea.
- The bifold wallet, priced at $490 on Gucci’s official website, could be acquired for just one Gucci Material NFT, translating to a savings of $240.
- The Gucci Duffle Bag, retailing for $1,790 on Gucci’s site, required three Gucci Material NFTs for acquisition. This means a total expenditure of $750, resulting in a savings of nearly $1,040.
This initiative comes after much speculation about the utility of the NFTs airdropped in July.
- Origins of the Gucci Vault Material NFT: From Battle Town to Real-World Rewards
The Gucci Vault Material NFT was originally awarded for participating in a 10KTF mission in Battle.Town. To qualify, participants had to own a Gucci Grail NFT. After the mission concluded, 2,896 Materials were distributed to those who actively engaged in the mission, as opposed to just holding their NFTs.
13. Gucci x Christie’s: Generative Art Auction with “Future Frequencies”
July 2023 — “Future Frequencies: Explorations in Generative Art and Fashion” — Gucci and Christie’s second collaboration
- Gucci and Christie’s: A Renewed Collaboration
Two years after their inaugural Web3 venture with Christie’s, Gucci is partnering once again with the auction house.
This unique project named “Future Frequencies: Explorations in Generative Art and Fashion” aimed at interpreting Gucci’s DNA through the lens of generative art.
- A Collection Blending the Virtual and the Real
Hosted on the Christie’s 3.0 digital platform and the Gucci Vault Art Space until July 25th, the collection showcased 21 NFT digital art pieces. Some of these digital masterpieces were complemented by tangible counterparts, blurring the lines between the virtual and the real.
- Artists at the Forefront: AI-Driven Creativity
Esteemed digital artists, including Claire Silver, Tyler Hobbs, Emily Xie, Yazid, Emi Kusano, and Zach Lieberman, have utilized artificial intelligence tools to explore new creative avenues.
- Gucci’s Bold Stance on Intellectual Property
Several pieces in the collection echo Gucci’s rich Florentine legacy, with the brand officially encouraging artists to derive inspiration from its iconic elements, such as the Bamboo 1947 bag’s intricate details or the pattern of a Gucci Suit.
At a time when there are growing concerns about intellectual and artistic property related to these new technologies, It’s a bold move from the Italian house.
- “Phygital” Art: Merging Tangibility with the Digital Realm
Notable highlight of the collection is the introduction of “phygital” art, seamlessly merging the digital and the tangible. For instance:
- “Shijitai” by Claire Silver and Emi Kusano is both a digital dress and a physical fabric pattern. With a starting bid set at ETH 35 (approximately $66,000), this piece also boasts a 3D file, offering versatility in its display across various digital platforms (displayed as a sculpture in the metaverse, worn on an avatar, 3D printed, or used in any other related three-dimensional digital context).
Though the lot remained unsold, the winning bidder would have received a roll of fabric printed and embroidered with the pattern generated by AI.
- Luke Shannon, applied “algorithmic embroidery” to the pattern of a Gucci suit with a starting bid of 3 ETH ($5,600); the lot sold for 12.1 ETH ($19,878) and the buyer can ultimately have a physical version tailored.
- Digital fashion influencer and Draup founder, Dani Loftus, collaborated with renowned digital artist Nicolas Sassoon to present a couture piece of digital fashion, intricately designed with dynamic layers. With an opening bid set at 1 ETH ($1,650), this unique piece offers the flexibility of digital tailoring to fit its owner’s avatar. The lot was successfully acquired at its starting price of 1 ETH.
III. Conclusion: M3 Lab point of view, insights and projections
M3 Lab Analysis:
Gucci’s strategic immersion into the Web3 space is a clear indication of its forward-thinking approach, seamlessly blending the brand’s rich heritage with the digital future. This strategy is well-thought-out, targeting a diverse clientele and ensuring they remain at the heart of every digital experience.
- The Owner-Centric Approach
Owning a Gucci Digital Collectible is more than just possessing a digital asset; it’s an immersive experience. It serves as a golden key to a world of exclusive privileges. And as Gucci’s clientele evolves, so does its approach.
This commitment to this ecosystem is not just about embracing new technologies; it’s about enhancing the bond with their patrons, offering them unparalleled experiences both online and offline.
- Digital Perks: From exclusive virtual experiences and clothing with collaborations like Sandbox and 10KFT to priority access to coveted web3 projects like MNTGE by Sean Wotherspoon.
- Phygital Rewards: A blend of the physical and digital, like SuperGucci or Gucci Materials, which not only grant digital benefits but also tangible and exclusive Gucci merchandise.
- Physical Exclusives: From invitation-only events in Los Angeles, Florence or New York to high-demand collaborations like Adidas x Gucci.
Micael Barilaro, Gucci’s VP of Metaverse Ventures, emphasizes the importance of truly understanding and resonating with these new-age communities.
For Gucci, it’s not about making a brief and loud impression but about “listening before making noise.”And they do more than just listen; they actively engage with their community on platforms like Discord, seeking feedback and ideas.
Gucci recognizes that Web3 is an evolution of its brand, not just a decorative element for its image. It’s a powerful tool to engage new customers and reconnect with existing ones, showcasing their dynamic nature and ability to innovate at the speed of change. The bond between the brand and its owners is what Gucci excels at, and their Web3 activations are a testament to this.
- Interconnected Vision: A Long-Term Strategy
“Storytelling is what keeps everything together (..) At the end of the day, the internet is more visual and connected”.
Gucci’s VP of Metaverse Ventures, Micael Barilaro
This narrative-driven approach is evident in Gucci’s strategy. Even without a shared roadmap for clients, the long-term, well-thought-out strategy is evident.
By gamifying luxury, Gucci sells not just products but stories, making luxury more relatable and accessible to those willing to dive deep. Prime examples include the digital Gucci loafer, initially a virtual concept for the “Next 100 Years of Gucci” exhibition, that later became a tangible piece, and collaborations with the metaversal shop 10KTF and the NFT industry leader Yuga Labs.
In this digital era, where the internet shapes perceptions, Gucci understands that visuals and tangible outcomes resonate more than mere words. Their Web3 strategy, rooted in luxury, innovation, and exclusivity, signifies their dedication to staying connected, relevant, and ahead of the curve.
- Gucci’s next Steps in the Web3 Universe
“These new worlds if they happen will bring scarcity and ownership into the digital sphere which didnt exist before”
Francois Henri Pinault, Kering’s CEO
With dedicated teams at Kering, Gucci, and Balenciaga focusing on the Metaverse, and with web3 acculturation initiatives within the group, it’s evident that Gucci’s journey into the web3 domain is just beginning and the horizon looks promising.
While competitors are unveiling diverse activations, and the concept of ‘phygital’ (a blend of physical and digital) gains traction, we can’t help but wonder: What’s Gucci’s next move in this space?
- Sneaker and shoes collaborations: Following Dior B33, or Adidas recent partnership with Bape, Gucci could collaborate with sneakers creators to imagine new kind of shoes, exploring ventures with innovative entities like Futures Factory or 3D printing pioneer ZellerFeld.
- Owner collaboration: A groundbreaking move could see Gucci co-designing exclusive items in collaboration with owners. What would be your fantasy?
- New OtherSide Relics: What could be the new digital artifact? A ring, perhaps, merging the aesthetics of Gucci and OtherSide? A tripartite collaboration involving Oura, Gucci, and YugaLabs might be on the horizon.
- A Soho House Inspired Private Club: Imagine “Gucci’s Savoy Travel Club”. An exclusive real-world club enhanced with digital collectibles. With Gucci’s recent reintroduction of the Gucci Galleria concept for the Gucci Salon in Melrose, Los Angeles, in April 2023, and given its love for interlocking past and future, such a fusion seems plausible and a solution like Youba could be the key.
- Kering and Artemis Portfolio Collaborations: Kering and Artemis are full of potential collaboration in the horizon. From Balenciaga, to Bottega Veneta or Saint Laurent.
However, amidst this excitement, things change.
- Leadership Mercato
Key positions at Gucci are shifting with executives leaving their positions for other horizons:
- Marco Bizzarri : Gucci’s CEO, is leaving in september 2023.
- Alessandro Michele: Gucci’s Creative Director — left november 2022.
- Nicolas Oudinot: Gucci’s EVP of New Business and CEO of Vault — left November 2022
Such shifts inevitably spark curiosity about Gucci’s strategic direction in the Web3 domain.
- Engaging with Holders in the Web3 Era
In this dynamic digital age, what measures will Gucci adopt to keep its community informed and engaged?
How will the brand evolve its communication strategies to ensure a seamless and enriching experience? Traditional communication like emails and phone numbers are becoming less prevalent in the Web3 space, necessitating innovative approaches.
Gucci might consider leveraging on-chain messaging platforms such as XMTP or Converse. These platforms allow for direct communication with holders through their wallet addresses, bypassing the need for centralized data like emails.
Additionally, as the digital realm evolves, on-chain social media platforms are gaining traction. Platforms like Lens and Farcaster offer decentralized alternatives to traditional social media, enabling brands to share content directly on the blockchain. Gucci could utilize these platforms to share exclusive updates, ensuring that their community remains in the loop with the brand’s latest developments.
- The more, the merrier
As the Web3 universe expands, how will Gucci welcome and integrate new consumers who aren’t owners of past collections?
Multiple solutions can be considered, but Gucci will undoubtedly continue to experiment with separate “capsule” activations, discreetly connected to their previous ones.
- Final Words
Gucci’s voyage into the Web3 realm showcases its adaptability and vision. As they blend tradition with innovation, one thing is certain:
Gucci is not just adapting to the digital age; it’s pioneering it.
ABOUT M3LAB
M3 LAB is a brand activation agency operating in the realm of Web3, unleashing creative strategies and innovative experiences to empower brands in embracing the forefront of the digital evolution fueled by blockchain technology.
With the journey already underway, we believe in the rise of Owner Relationship Management, disrupting the dynamics between individuals and brands and changing the way they must conceive and nurture their relationship.
Therefore, our mission is to help brands establish an enduring and trustable relationship with their communities and owners, while generating value for the projects they co-create together.
As partners guaranteeing a successful breakthrough into these new territories, we operate from strategy to the launch of brand activations fueled by Web3, with the ability to create the content that will make grow and retain communities.
Our team, composed of experts deeply rooted in the Web3 ecosystem and with a proven track record in Web2, bridges the gap between these worlds to create seamless and engaging experiences.
Based in Paris, M3 LAB is part of the Mozoo group, closely collaborating with the experts from the creative content factory to deliver impactful campaigns and ensure the execution of high-quality projects.
