- Louis Vuitton is once again entering the NFT space.
- The new NFTs are out of reach for the average consumer.
- Louis Vuitton explains its heft price tag.
Two years after its initial foray into Web3, luxury fashion house Louis Vuitton is once again showing interest in NFTs, this time with a new strategy.
Instead of targeting a wide user base, the iconic designer is bestowing a select few with its treasure trove of luxury NFTs, each priced at $41,000. Here’s why.
Not Louis Vuitton’s Objective
Louis Vuitton has been dormant since it debuted its Web3 game in August 2021. However, with the NFT market becoming much calmer and streamlined in 2023, the fashion house has decided to launch its exclusive member-only phygital NFT experience, Via Treasure Trunks.
This new collection is a hard pivot from what fashion designer typically offers, aligning instead with the luxury-focused perspective LVMH CEO Bernard Arnault has previously hinted at.
In 2022, Arnault shared his perspective on Louis Vuitton’s Web3 strategy, stating:
“We have to see what will be the applications of the metaverse and NFTs. It can undoubtedly have a positive impact. It is not our objective to sell virtual sneakers at €10. We are not interested in that.”
The CEO’s vision is reflected in the hefty $41,000 price tag for the new NFTs. While they may be out of reach for the average consumer, Louis Vuitton promises a unique and exclusive experience.
What’s Special About Louis Vuitton’s NFTs?
Louis Vuitton’s new Via Treasure Trunks collection encompasses a limited number of digital trunks, with interested users able to join via a waiting list starting June 8. The NFTs will only be accessible to customers in the US, Canada, France, the UK, Germany, Japan, and Australia.
On June 16, Louis Vuitton will extend invitations to select customers, allowing them to purchase their Via Treasure Trunk using either crypto or fiat currencies. After the purchase, buyers will receive a made-to-order physical counterpart of their Via Treasure Trunk NFTs and other benefits, such as exclusive access to limited edition items, special events, and keys throughout the year.
It’s worth noting that each collectible from the Via Treasure Trunks collection is a Soulbound NFT, meaning it can not be sold or traded. Additionally, while users outside the EU cannot return their NFTs, EU users can change their minds within 14 days of ordering one.
On the Flipside
- Louis Vuitton trunks can cost as high as $100,000.
- Nike garnered $1 million in NFT sales despite users facing trouble purchasing the NFTs.
- Nike generated $185 million in revenue from NFT sales in 2022, more than Gucci, Tiffany, and Adidas combined.
- Yuga Labs’ NFT project CryptoPunk collaborated with luxury jeweler Tiffany, now under Louis Vuitton, to create NFT-backed necklaces.
Why This Matters
Louis Vuitton is at the forefront of the luxury fashion industry, and their interest in the NFT sector can propel Web3 adoption among luxury brands.
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