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Louis Vuitton Makes a Splash in the NFT World with €39,000 'Treasure Trunks' | Blockster

source-logo  blockster.com 07 June 2023 11:10, UTC

Louis Vuitton, the iconic fashion brand synonymous with luxury, is diving deeper into the world of NFTs (non-fungible tokens). In a bold move, the brand has unveiled its latest collection of phygital "Treasure Trunks" that offer owners exclusive access to future products and experiences, along with an elite community of like-minded holders. However, these coveted pieces don't come cheap, with each trunk carrying a hefty price tag of €39,000. To maintain exclusivity, only a limited number of several hundred trunks will be made available.

This NFT launch is part of Louis Vuitton's new project, aptly named "Via," meaning "road" in Latin. The project aims to provide a privileged pathway for individuals to gain access to otherwise inaccessible products and experiences. This approach aligns with the prevailing trend in branded NFT projects, where rare and high-priced NFTs serve as keys to unlock a variety of physical and digital offerings.
Via marks a new chapter for Louis Vuitton, extending beyond mere luxury goods to incorporate traceability through the use of the Aura blockchain.
Additionally, the brand will introduce event-focused NFTs designed to cultivate and reward communities of NFT holders.

This strategic shift represents a departure from Louis Vuitton's previous foray into the NFT space with "Louis the Game." Introduced in August 2021, the game was a free-to-play experience aimed at educating players about the brand's history.

Successful players had the chance to win one of 30 digital postcards. The timing of this new NFT launch is particularly noteworthy, as the pace of branded NFT projects has slowed, and marketing efforts have become less pronounced. The tech hype cycle has shifted to other areas, such as generative artificial intelligence.

Industry insiders view this period as a reset, emphasizing the long-term value of building communities and providing new avenues to access exclusive products and experiences, rather than pursuing technology for technology's sake or chasing fleeting market values.

Louis Vuitton's latest move aligns with the brand's previously stated outlook on NFTs. In January of the previous year, amid the peak of metaverse and NFT hype, Bernard Arnault, CEO of LVMH (Louis Vuitton's parent company), hinted at the potential of high-value items in the context of applying these technologies to their brands.

He made it clear that the company's objective was not to sell virtual sneakers for €10 but to explore meaningful applications that could positively impact their brand activities.

Louis Vuitton NFT Purchasing Details

To acquire one of these exclusive trunks, interested customers based in select countries, including the US, Canada, France, UK, Germany, Japan, and Australia, can register on the official website starting from June 8th. Registrants will be required to connect their crypto wallets to enable Louis Vuitton to verify their holdership and provide personal details such as wallet ID, name, and country.

On June 14th, selected registrants will be invited to a private webpage to learn more about the Via world. Finally, on June 16th, an invitation will be extended to purchase the Via Treasure Trunk on a dedicated site, accepting either cryptocurrency or fiat currency.

In due course, trunk holders will receive a meticulously crafted physical twin of their digital acquisition.