Louis Vuitton, the esteemed fashion brand, and music producer Pharrell Williams are expanding their exploration of Web3 fashion with the introduction of their latest creation: the VIA NFT-linked varsity jacket, as reported on Tuesday. This innovative design was exclusively unveiled to VIA NFT holders.
Crafted from luxurious suede buckskin and adorned with the iconic Louis Vuitton logo prominently displayed across the front, the physical varsity jacket draws inspiration from western aesthetics. It made its debut at Louis Vuitton’s Autumn/Winter 2024 men’s runway presentation in Paris this January.
Louis Vuitton Launches “Phygital” Varsity Jacket To VIA Holders
Buyers of the jacket, priced at approximately $8,450, who are holders of the luxury brand’s VIA NFT project, will not only acquire the physical garment but also receive its digital counterpart in the form of a limited-edition NFT, with only 200 pieces in existence.
This release of the item aligns with the emerging trend of “phygital” goods, where both physical and digital versions of a product are created and distributed.
While the physical varsity jacket is anticipated to be shipped to buyers by November or December of this year, the digital version will be instantly available for purchase.
Pharrell Williams Embraces The World Of Web3
Louis Vuitton’s latest digital endeavor underscores the French fashion house’s ongoing commitment to harnessing the potential of Web3 fashion, particularly through exclusive NFT-based offerings.
In June 2023, the luxury label introduced its VIA project, accessible by invitation only, enabling customers to acquire its inaugural Web3 creation: a digitized rendition of its renowned LV trunk, appropriately named “The Treasure Trunk,” priced at $41,000. Louis Vuitton described the trunk as crafted for individuals who aspire to voyage through novel dreams and realities, collecting unique creations along their journey.
This initiative represents Pharrell Williams’ second collaboration with the brand in the realm of NFTs, following his initial release last June, which featured the company’s iconic orange monogram Speedy 40 bag, fetching just over $9,000.
Furthermore, Louis Vuitton’s women’s creative director, Nicolas Ghesquière, introduced a miniature trunk for the brand priced at $6,400 towards the end of last year.
Web3 Fashion’s Growth
With the metaverse’s ongoing expansion, the Web3 fashion sector anticipates a significant surge in business over the next decade. Projections suggest that by 2031, the industry could reach a valuation of $4.8 billion, boasting a compound annual growth rate exceeding 26%.
Louis Vuitton has consistently maintained its position at the forefront of emerging fashion technology trends. Most notably, the luxury house recently unveiled a Discord server dedicated to its forthcoming ventures.
By spearheading the Web3 fashion frontier, the luxury brand’s strategic decision could potentially shape the future aesthetics of luxury style.
