Louis Vuitton renews its interest in NFTs, taking a unique approach by gifting exclusive and expensive NFTs worth $41,000 each to a select few. Discover the luxury fashion brand’s latest venture into Web3 and high-end NFTs.
Luxury fashion firm Louis Vuitton is now again expressing interest in NFTs, this time with a different approach, two years after its original entrance into Web3. The renowned designer is gifting a select few with its treasure trove of expensive NFTs, each costing $41,000, rather than catering to a large user base.
Not a Goal of Louis Vuitton
Since August 2021, when Louis Vuitton released its Web3 game, it has been idle. However, the fashion house has chosen to launch its private member-only phygital NFT experience, Via Treasure Trunks, in 2023, when the NFT market is expected to become considerably calmer and more organized.
This new line is a sharp departure from the usual offerings of the fashion designer, coinciding with the luxury-focused viewpoint that LVMH CEO Bernard Arnault has previously alluded to.
Arnault expressed his viewpoint on Louis Vuitton’s Web3 strategy in 2022, saying:
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 new NFTs cost a whopping $41,000, which reflects the CEO’s vision. Even if they could be out of the price range of the typical customer, Louis Vuitton provides a distinctive and special experience.
What Makes Louis Vuitton’s NFTs Unique?
A waiting list for those interested in joining Louis Vuitton’s new Via Treasure Trunks line, which features a constrained number of digital trunks, will open on June 8. Only consumers in the US, Canada, France, the UK, Germany, Japan, and Australia will have access to the NFTs.
Louis Vuitton will send out invitations to a restricted group of buyers on June 16 so they can acquire their Via Treasure Trunk with either crypto or fiat money. After making a purchase, customers will receive a physical counterpart of their Via Treasure Trunk NFTs built to order as well as additional perks including exclusive access to limited-edition goods, special events, and keys all year long.
The Via Treasure Trunks collection features Soulbound NFTs, ensuring that every collectible cannot be sold or traded. EU consumers enjoy a 14-day window to change their minds after placing an order, while users outside the EU are not eligible for NFT returns.
On the other hand:
- Trunks from Louis Vuitton can cost up to $100,000.
- Despite problems with the NFTs’ purchase by users, Nike made $1 million in NFT sales.
- In 2022, Nike earned $185 million from NFT sales, surpassing the combined revenue of Gucci, Tiffany, and Adidas.
- The luxury jewelry company Tiffany, now a part of Louis Vuitton, worked with Yuga Labs’ NFT project CryptoPunk to produce necklaces backed by NFT.
Since Louis Vuitton is at the forefront of the premium fashion market, their interest in the NFT space may help luxury firms adopt Web3.