Two years after its first NFT foray, Luxury fashion house Louis Vuitton is again turning heads in the world of Web3. 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 fellow holders.
Priced at €39,000 (over $41,000) a piece, the production of these unique tokens — and their physical twin counterparts —will be limited to several hundred pieces. According to Vogue Business, this venture is part of the brand’s new “Via” initiative — derived from the Latin word for “road.”
While this price tag will likely be far out of reach for the average consumer, the company hopes that the collection offers a pathway toward products and experiences that may not be available otherwise — a move we’ve seen from other luxury brands in Web3.
Phygital luxury
Louis Vuitton trunks are iconic due to their historical significance and craftsmanship, embodying luxury and status that set them apart in the market. 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 utility to holders “at regular intervals” throughout the year. Further, Treasure Trunk owners will have the opportunity to purchase digital keys that grant them access to future phygital Louis Vuitton NFT collections.
#LouisVuittonVIA Treasure Trunks
TL;DR:– digital + physical trunk, £39k each
– soulbound collectible
– periodical bespoke purchasable keys available to VIA holders
– keys are not soulbound & unlock physical products
– IRL events only accessible to VIA holders pic.twitter.com/cEXuNF7jK9— Megan Kaspar (@Megan_Kaspar) June 6, 2023
On June 8, those interested in Treasure Trunks (based in the U.S., Canada, France, U.K., Germany, Japan, and Australia) are invited to register via a waiting list on a to-be-announced website. After providing personal details and linking their crypto wallets, selected registrants will be invited on June 14 to explore the world of Via through a private webpage.
Subsequently, on June 16, they will have the opportunity 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 the Game, a free mobile gaming experience launched in August 2021, designed to enlighten players on 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, representing 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.
