Two years after its first NFT outing, luxury fashion house Louis Vuitton is once again drawing attention to 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 co-holders.
Priced at €39,000 (over $41,000) each, production of these one-of-a-kind tokens – and their physical duplicate counterparts – will be limited to several hundred units. 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 well out of reach for the average consumer, the company hopes the collection opens a path to products and experiences that might not otherwise be available – a move we’ve seen with other luxury brands in Web3.
Phygital luxury
Louis Vuitton suitcases are iconic for their historical significance and craftsmanship, embodying the luxury and status that set them apart in the marketplace. Each collectible is a Soulbound NFT, meaning it cannot be sold or given to anyone else.
According to the press release, the brand will be releasing additional utilities to holders “at regular intervals” throughout the year. In addition, Treasure Trunk owners will have the option to purchase digital keys that will give them access to future physical Louis Vuitton NFT collections.
#LouisVuittonVIA Treasure Chests
TL;DR:– digital + physical trunk, £39,000 each
– soul bound collectible
– periodic custom keys available for VIA holders
– keys are not soul bound and 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 (located in the US, Canada, France, UK, Germany, Japan and Australia) will be invited to register via a waiting list on a website to be announced. After providing personal details and linking their crypto wallet, selected registrants will be invited on June 14 to explore the world of Via through a private web page.
Then on June 16, they will be given the option to purchase their physically backed NFT, using either cryptocurrency or fiat currency, on a dedicated platform.
The announcement marks a new era following the brand’s previous NFT foray, Louis the game, a free 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 get one of 30 unique digital postcards.
This latest bold move by Louis Vuitton underscores the brand’s conviction in the NFT market, which represents a distinctive blend of the physical and digital worlds. As the fashion industry navigates Web3’s landscape, Louis Vuitton’s approach serves as an intriguing case study for balancing tradition and innovation.