Louis Vuitton to release $42k physical-backed NFTs.
The French luxury fashion house, Louis Vuitton, is preparing to launch a new collection of non-fungible tokens (NFTs) called Via Treasure Trunks, which will be linked to physical products and exclusive experiences available only to members.
The new collection, consisting of several hundred digital trunks, will be available for registration on June 8th to consumers in the United States, Canada, France, the United Kingdom, Germany, Japan, and Australia. Selected customers will then be able to purchase the NFTs on June 16th for €39,000, or approximately $42,000. As part of the token’s utility roadmap, token holders will receive a physical replica of their digital Treasure Trunk, which will also give them access to upcoming Louis Vuitton products and immersive events. According to a press release, the brand plans to release limited products and experiences “at regular intervals” throughout the year.
The collection is part of Louis Vuitton’s larger project called “Via,” which comes from the Latin word for “road.” Treasure Trunk owners will be able to purchase digital keys that will grant them access to future Louis Vuitton physical-linked NFT collections. According to Vogue Business, the collectibles are being sold as “soulbound tokens,” meaning they are non-transferable once purchased. NFT holders will not be able to sell their Treasure Trunks, but they will be able to sell individual items they mint in the future.
Louis Vuitton has been expanding its involvement in blockchain projects for several years. In March 2019, its owner, LVMH, announced plans to introduce its Aura blockchain for provenance tracking of luxury goods. In April 2021, it teamed up with fellow luxury retailers Cartier and Prada to create the Aura Blockchain Consortium to combat counterfeit products.
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In August 2021, the design house released “Louis The Game,” a free-to-play gamified experience that offered players the opportunity to win 30 NFTs in honor of its 200th anniversary.
