Louis Vuitton, a high-end luxury brand, is venturing into the realm of non-fungible tokens (NFTs) in an unprecedented manner by introducing its “Treasure Trunks.” These NFTs, priced at $41,000 apiece, will be exclusive admission tickets to forthcoming products, experiences, and a distinctive community of owners. This debut of exclusive digital assets signifies the brand’s increasing fascination with the NFT domain.
The ‘Via’ Project
Louis Vuitton’s “Treasure Trunks” are a component of their latest initiative called “Via,” a project that draws inspiration from the Latin word for road, symbolizing an exclusive pathway to otherwise unattainable products and experiences. Via strives to establish a fresh direction in the realm of branded NFT ventures by providing NFT holders with access to distinctive digital and physical encounters and products.
This groundbreaking offering represents a departure from Louis Vuitton’s earlier exploration of NFTs through “Louis the Game,” a complimentary gaming experience introduced in August 2021. The game provided players with an opportunity to obtain digital postcards inspired by the brand’s heritage.
Louis Vuitton’s recent approach to NFTs is consistent with the vision articulated by LVMH Chief Executive Bernard Arnault in January of the preceding year during the surge of enthusiasm surrounding the metaverse and NFTs. At that time, he had alluded to the possibility of incorporating these emerging technologies into the brand through high-value items, suggesting a strategic alignment with the company’s current NFT endeavors.
Securing Treasure Trunks
Starting from June 8th, interested customers residing in specific regions can register on a dedicated website to obtain one of the exclusive trunks. During the registration process, they will be required to connect their cryptocurrency wallets and provide necessary personal information.
After registration, chosen participants will receive an invitation to explore further details about Via. Finally, on June 16th, they can purchase their desired Via Treasure Trunk using cryptocurrency or traditional fiat currency.
Diverging from conventional high-value NFTs, the Treasure Trunks offered by Louis Vuitton are designed as “soul-bound collectibles,” meaning they cannot be transferred or sold to another person. Additionally, the NFT holders will have the option to acquire exclusive “keys” that grant access to additional products. While the original trunks themselves cannot be resold, the future items obtained through the keys within the ecosystem can be sold by the holders.
Luxury NFT Projects
Louis Vuitton initially entered the metaverse through Louis the Game, a mobile game launched in August 2021 as part of the brand’s Louis 200 anniversary festivities. However, it wasn’t until the VIA Treasure Trunks program in June 2023 that Louis Vuitton delved further into the metaverse. When asked by Highsnobiety about the timing of this NFT launch, a representative from Louis Vuitton chose not to provide any comment.
In contrast, competitors such as Gucci embraced web3 integration and took advantage of the metaverse trend by offering unique NFT artwork. Furthermore, Gucci solidified its commitment to the metaverse by entering into a “multi-year partnership” with Yuga Labs, the parent company of Bored Ape Yacht Club, on March 27, 2023.
Luxury brands engaging in NFT projects are not entirely groundbreaking either. Ledger, a web3 technology company, collaborated with Fendi and AMBUSH to create crypto wallets, while Prada continues to release exclusive NFTs on a regular basis.
The concept of major fashion houses venturing into the NFT market is a fresh and captivating notion. It adds a sense of exclusivity and high value to digital collectibles, similar to luxury goods. This overlap between NFTs and the world’s wealthiest consumers aligns with those who are already investing substantial amounts in the art market, further piquing interest in this emerging space.
Despite experiencing a notable decline from its peak in 2021, the NFT market remains alive and active. However, even if the demand for virtual collectibles were to diminish, luxury products possess an inherent resilience as they are impervious to economic downturns and maintain consistent desirability.