French luxury powerhouse Louis Vuitton is generating waves in Web3, and returning to the NFT scene. On June 6, 2023, the brand announced the launch of a collection of ‘phygital’ NFTs. The collection named ‘Treasure Trunks’ grants owners access to experiences, exclusive member-only products, and a community of fellow holders. These exclusive tokens come with a staggering price tag of €39,000 (equivalent to around $41,600) a piece, with only several hundred trunks available.
According to a statement from Louis Vuitton, the trunks…
“will act as portals into the world of Louis Vuitton, revealing new, limited products and experiences through immersive drops which will be progressively launched at regular intervals throughout the year.”
Image courtesy: Louis Vuitton
Louis Vuitton’s latest NFT launch is part of their upcoming project titled “Via”, the Latin word for “road”. This project embodies LV’s mission to establish an elite pathway toward exclusive products that remain inaccessible to the general public. This strategic move reflects a growing trend observed in branded NFT projects, where exclusive and high-value NFTs serve as coveted access keys to highly sought-after physical and digital offerings.
Although the extravagant price tag of these NFTs may be out of reach for many, Louis Vuitton’s objective is to offer a pathway to exclusive products. This includes an esteemed community for fortunate owners and immersive experiences. This strategic approach aligns with other luxury brands in the Web3 sphere, as they acknowledge the potential to open exception offerings that would otherwise remain beyond reach.
This is not the brand’s first NFT experiment. LV previously launched ‘Louis the Game’ in August 2021, a free-to-play mobile gaming experience. This NFT project was designed to educate players on the brand’s 200-year history. Those who played the game could win one of 30 unique and exclusive digital postcards.
The recent launch perfectly aligns with Louis Vuitton’s current NFT perspective. During the peak of the NFT hype in January 2022, Bernard Arnault, the CEO of LVMH, subtly suggested that incorporating these technologies into the company’s brands might be best achieved through high-value products. In an earnings call at the time, Arnault stated:
“We have to see what will be the applications of the 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 objective to sell virtual sneakers at €10. We are not interested in that.”
On June 8, customers (based in the U.S., Canada, UK, France, Japan, and Australia) who are keen to obtain one of the trunks can begin the registration process via a waiting list on a dedicated website. During registration, individuals will be prompted to provide their personal information including wallet ID, name, and country. Additionally at this stage, customers will be required to connect their crypto wallets, allowing Louis Vuitton to verify their holders.
By June 14, selected registrants will be invited to explore Via’s world through a private webpage. Then, on June 16, these individuals will be invited to purchase a Via Treasure Trunk. The transaction can be completed using cryptocurrency or fiat currency, through a dedicated platform. In addition to the exclusive digital NFT trunk, lucky holders will receive a meticulously made-to-order physical replica of their trunk.
What are your thoughts on this move from Louis Vuitton? Would you invest in an NFT from a luxury fashion house?
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