Louis Vuitton, the renowned French luxury fashion brand, has unveiled its inaugural non-fungible token (NFT) lineup, pricing each digital rendition of its signature trunk at approximately $42,000.
As reported by Vogue Business, the fashion titan is set to release a “phygital” series called “Treasure Trunks.”
Furthermore, these NFTs will act as keys, granting their holders exclusive access to upcoming products, unique experiences, and a community of fellow owners.
The brand will release “several hundred” of these trunks, each priced at €39,000 (equivalent to $41,685). However, these NFTs come with a catch: they cannot be resold, gifted, or returned.
For those interested in acquiring a trunk, individuals from regions including the US, Canada, France, the UK, Germany, Japan, and Australia can register for a waiting list starting June 8.
Prospective buyers will need to link their cryptocurrency wallets and furnish some personal information. The trunks can be acquired using either cryptocurrency or traditional currency.
On June 14, Louis Vuitton will extend an invitation to a select group of customers. They’ll first be introduced to the ‘Via’ initiative, and two days thereafter, they’ll have the opportunity to purchase a trunk. Those who buy the NFT will also receive its physical counterpart.
This initiative stems from Via, a pioneering venture by Louis Vuitton that integrates cutting-edge technologies, including blockchain and NFTs. The term ‘Via’ translates to ‘road’ in Latin and represents a fresh trajectory in the company’s journey, as highlighted in the report. A prime focus of the brand is ensuring traceability. This is evident in their adoption of the Aura blockchain for their LV Diamonds collection.
While this might be their maiden venture into NFT sales, Louis Vuitton isn’t entirely unfamiliar with the NFT realm. In 2021, they rolled out ‘Louis the Game’—a free-to-play game intended to educate players about the brand’s legacy. Players had a shot at securing one of the 30 exclusive postcards on offer.
In January of the previous year, Bernard Arnault, the CEO of LVMH, hinted at the company’s broader vision for NFTs and the evolving metaverse. During an earnings discussion, he remarked,
“Our gaze is fixed on discerning the potential applications of the metaverse and NFTs. They could certainly offer a boost, provided they’re executed well, to our brand activities. However, peddling virtual sneakers for €10 isn’t on our radar. That’s not an avenue we’re keen on exploring.”
What’s captivating is Louis Vuitton’s strategic timing. They’ve made their foray into NFTs during a relatively tranquil phase in its landscape.
While there’s no denying that buzzworthy phenomena keep emerging, the limelight is expected to swing back to NFTs at some point. But for the moment, the tech world’s attention appears to have shifted, with many eyes set on other technological frontiers, particularly artificial intelligence (AI).
Despite the shifting focus in the tech world, Louis Vuitton is clearly charting its path with NFTs in its strategy for the upcoming year. Those who possess the Via Treasure Trunks will periodically have opportunities, starting from mid-June, to purchase keys. These keys grant access to an array of exclusive products.
Every new product will be accompanied by a provenance record, ensuring its authenticity. Moreover, a bespoke touch will be added to certain products, tailoring them specifically for each trunk’s proprietor. Notably, owners are permitted to resell any products they unveil using these keys.
For a deeper dive into how the fashion domain is intertwining with the metaverse and the NFT universe, continue reading below.