Louis Vuitton Announces $41,000 ‘Treasure Trunks’ NFTs
Two years after its first NFT attempt, Luxury Fashion House Louis Vuitton is once again turning heads in the Web3 world. On June 6, the brand announced a collection of ‘phygital’ Treasure Trunk NFTs that will give owners access to exclusive future products, experiences and a community of other owners.
Priced at €39,000 (over $41,000) a piece, production of these unique tokens – and their physical twins – will be limited to several hundred pieces. In accordance Vogue Businessthis venture is part of the brand’s new “Via” initiative – derived from the Latin word for “way.”
While that price tag is likely to be far out of reach for the average consumer, the company hopes the collection offers a path toward products and experiences that might not be available otherwise — a move we’ve seen from other luxury brands in Web3.
Phygital luxury
Louis Vuitton pants are iconic due to their historical significance and craftsmanship, embodying the luxury and status that sets them apart in the marketplace. Each collectible will be a Soulbound NFT, meaning it will not be able to be sold or given to another person.
According to the press release, the brand will release additional tools to holders “periodically” throughout the year. Furthermore, Treasure Trunk owners will have the option to purchase digital keys that will grant them access to future phygital Louis Vuitton NFT collections.
#LouisVuittonVIA Treasure Trunks
TL;DR:– digital + physical trunk, £39k each
– soul-bound collectible
– periodic customized purchasable keys available to VIA holders
– keys are not soul-bound and unlock physical products
– IRL events are only available to VIA holders pic.twitter.com/cEXuNF7jK9— Megan Kaspar (@Megan_Kaspar) 6 June 2023
On June 8, those interested in Treasure Trunks (based in the US, Canada, France, UK, Germany, Japan and Australia) are invited to sign up via a waiting list on a website to be announced. After providing personal information and linking to their crypto wallets, selected registrants will be invited on June 14 to explore the world of Via through a private website.
Then, on June 16, they will have the option to purchase their physical-backed NFT, using either cryptocurrency or fiat currency, on a dedicated platform.
The announcement marks a new era after the brand’s previous NFT foray, Louis game, a free-to-play mobile gaming experience launched in August 2021, designed to educate players about the company’s illustrious history. The game also rewarded successful players with a chance to acquire one of 30 unique digital postcards.
This latest bold step by Louis Vuitton underlines the brand’s conviction in the NFT market, and represents a distinctive blend of the physical and digital worlds. As the fashion industry navigates the landscape of Web3, Louis Vuitton’s approach serves as an intriguing case study in striking a balance between tradition and innovation.
