- Louis Vuitton announced its first-ever non-fungible token (NFT) collection, with each NFT coming with a price tag of almost $42,000.
- These NFTs will not only be collectibles but also serve as access passes to future products, experiences, and a unique community of holders.
Stepping into the realm of digital luxury, French fashion mogul Louis Vuitton has declared the launch of its inaugural non-fungible token (NFT) collection. Each NFT, a digitized rendition of the iconic Louis Vuitton trunk, comes with a hefty price tag of approximately $42,000.
As reported by Vogue Business, the fashion titan has curated a collection of what it dubs “phygital” Treasure Trunks, converging the physical and digital domains. These digital collectibles will extend beyond mere tokens, offering their holders exclusive access to forthcoming products, immersive experiences, and an intimate community of holders.
The fashion powerhouse intends to release several hundred of these exclusive trunks, each priced at €39,000 ($41,685). These NFTs come with strict ownership rules, precluding their resale, gifting, or return.
To purchase a trunk, customers from specified nations, including the US, Canada, France, UK, Germany, Japan, and Australia, can register on a waiting list commencing June 8, after providing requisite personal details and connecting their cryptocurrency wallets. The payment options will accommodate both cryptocurrency and fiat currencies.
On June 14, Louis Vuitton will acquaint selected customers with the ‘Via’ project, followed by an exclusive opportunity to purchase a trunk on June 16, which will later be physically delivered to the NFT holders.
This launch represents a segment of Via, a Louis Vuitton initiative aiming to incorporate innovative technologies like blockchain and NFTs. Termed ‘road’ in Latin, Via symbolizes a fresh phase in the brand’s journey, with a key focus on traceability, as evidenced by its LV Diamonds collection leveraging the Aura blockchain.
Notwithstanding this venture, Louis Vuitton is not entirely new to NFTs. In 2021, the brand introduced ‘Louis the Game’, a free-to-play digital platform designed to educate players about the brand’s heritage, with a chance to win one of 30 postcard NFTs.
Louis Vuitton’s move towards NFTs also resonates with LVMH CEO Bernard Arnault’s sentiments expressed in an earnings call last year. Arnault highlighted the potential benefits NFTs and the metaverse could bring to brand activities, provided they are executed effectively.
The timing of Louis Vuitton’s entry into the NFT realm is intriguing, given the currently subdued state of the NFT market, with more attention being diverted towards tech domains like artificial intelligence (AI).
Regardless, Louis Vuitton seems committed to integrating NFTs into its strategy, with plans to offer Treasure Trunk holders the opportunity to purchase keys granting access to additional products periodically, starting mid-June. These products will come with a digital record of ownership and proof of authenticity, and some products will be individually tailored for each trunk owner. Significantly, owners will have the liberty to sell the products they unlock with these keys.
