Back to the list

Louis Vuitton Selling $41K NFTs That Can’t Be Resold

source-logo  blockworks.co 07 June 2023 00:56, UTC

French luxury fashion brand Louis Vuitton launched a limited edition NFT collection, with each piece in the “Treasure Trunk” collection priced at €39,000 ($41,693). The collection offers select customers an exclusive opportunity to unlock forthcoming products and experiences.

Louis Vuitton’s NFT launch, called “Via,” aims to offer an exclusive gateway to unique products and experiences unavailable to anyone else, according to a statement released on Tuesday.

In the world of branded NFT projects, it’s now a popular trend to make hard-to-get and pricey NFTs the ultimate keys to unlock a bunch of cool stuff and unique experiences, both in the real world and online.

Starting June 8, customers in the US, Canada, France, UK, Germany, Japan, and Australia can join a waitlist on a dedicated website to purchase the Louis Vuitton trunks through the Via project.

After connecting their crypto wallets and providing personal details, selected registrants will have the opportunity to explore Via on a private webpage from June 14. From June 16, they can purchase their Via Treasure Trunk using crypto or fiat currency. Participants will soon after receive a specially crafted physical replica of their trunk.

These trunks, available for over 160 years, can be quite pricey, costing tens of thousands of dollars.

Louis Vuitton has some strict rules in place to prohibit holders from selling or transferring the Via trunks. Holders can’t sell or give it to someone else, unlike many other exclusive communities.

They’re calling it a “soul-bound collectible” as it uses non-transferrable NFTs — often called soulbound tokens — to encourage loyalty and prevent quick reselling. Also, once you buy a Treasure Trunk, you can’t return it, except in EU countries where, by law, you can change your mind within 14 days of ordering.

Louis Vuitton’s latest NFT project is a big change from its previous one, called Louis The Game, which aimed to educate players about the brand’s history through interactive gameplay.

Last year, LVMH CEO Bernard Arnault suggested that using technologies like NFTs with high-value items could be beneficial for the brand. He said he recognized the positive impact of well-executed applications of the metaverse and NFTs, and indicated that the brand’s focus is on maintaining exclusivity and value in their NFT offerings.