Louis Vuitton Launches $42,000 NFT Trunks With Physical Support
French luxury fashion house Louis Vuitton has announced its first collection of non-fungible tokens (NFT), with each iconic-trunk-turned-digital collectible carrying a tag of nearly $42,000.
According to Vogue Business, the fashion giant has prepared a collection of phygital “Treasure Trunks”. These NFTs will also serve as access cards to future products, experiences and the community of holders.
There will be “several hundred” cases available, and each piece costs €39,000 ($41,685). Their owners will not be able to sell them or give them to anyone else. They cannot be returned either.
To get a trunk, customers from the US, Canada, France, UK, Germany, Japan and Australia can put their names on a waiting list on June 8.
They need to connect to the crypto wallets and provide some personal details. Both crypto and fiat can be used to purchase a trunk.
On June 14, the company will invite selected customers to first learn about the ‘Via’ project, and then purchase a trunk two days later. The physical luggage compartment will also be delivered to the NFT holders.
This particular launch is part of Via, a project created by the company to incorporate new technologies, such as blockchain and NFTs.
Via (which means ‘way’ in Latin) is a new chapter in the company’s existence, the report noted, and one of the things the house focuses on is traceability. For example, it uses Aura blockchain for its LV Diamonds collection.
That said, Louis Vuitton is no stranger to NFTs. It launched its free-to-play ‘Louis the Game’ in 2021. The aim was to give players a way to learn about the company’s history and potentially win one of 30 available postcards.
Last January, LVMH CEO Bernard Arnault suggested that the company had more plans for NFTs and the metaverse. He said during an earnings call that,
“We have to see what will be the uses of metaverse and NFTs. It can undoubtedly have a positive impact – if it is well done – on the activity of the brands, but it is not our goal to sell virtual sneakers at €10. We not interested in it.”
It is also interesting to note that Louis Vuitton made its move during a time of general calm in the NFT realm.
There are new fads out there, and while it is very likely that NFTs will be back in the spotlight eventually, it seems that many are currently focused on other technology categories, especially artificial intelligence (AI).
However, Louis Vuitton seems to have NFTs included in its plans at least for this year. Via Treasure Trunks holders will have a chance to periodically purchase keys that give them access to more products, starting in mid-June.
New products will come with a record of ownership and proof of authenticity, and some of the products will be customized for each trunk owner. Owners are allowed to sell the products they unlock with keys.
You can read more about the fashion industry’s collaboration with the metaverse/NFT realm below.
– Luxury brand Gucci partners with Bored Ape Creator Yuga Labs for Metaverse Project – Crypto Adoption on the Rise?
– TAG Heuer to allow users to display NFTs on their smartwatches
– How fashion and NFTs found themselves in a beneficial partnership
– How to make an NFT?