Louis Vuitton Enters NFT Space: Fashion Meets Blockchain for Authenticity and Exclusivity

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The renowned French luxury fashion house Louis Vuitton has revealed its maiden non-fungible token (NFT) collection. With each iconic-trunk-turned-digital-collectible fetching nearly $42,000, they have attracted significant attention. According to a Vogue Business report, the fashion powerhouse is set to release a collection of phygital “Treasure Trunks”, which will double as access passes for future products, experiences, and a community of NFT holders.

With “several hundred” trunks up for grabs, each bearer will find themselves unable to sell them or give them away as gifts. Furthermore, the NFTs are non-refundable. Interested customers from the US, Canada, France, the UK, Germany, Japan, and Australia can join a waiting list, which opened June 8th. By connecting their crypto wallets and offering personal details, they’ll be able to purchase a trunk using either crypto or fiat currencies.

On June 14th, selected customers will receive an invitation to learn more about the ‘Via’ project and have the opportunity to buy a trunk two days later. These physical trunks will then be shipped to the NFT holders. The ‘Via’ project, which represents a new chapter incorporating novel technologies like blockchain and NFTs, has been launched by Louis Vuitton to promote authenticity and traceability. The Aura blockchain, for instance, has been implemented within the LV Diamonds collection.

Louis Vuitton’s introduction into the NFT realm is not entirely new, as the company launched the free-to-play ‘Louis the Game’ in 2021 as an avenue for players to learn about the brand’s history. Moreover, LVMH’s Chief Executive Bernard Arnault hinted at further ventures into the metaverse and NFTs during an earnings call in January last year, emphasizing the importance of quality applications.

It is intriguing to observe that Louis Vuitton has made its move during a somewhat quiet period in the NFT landscape. While the NFT market will likely regain prominence eventually, current focus seems to have shifted towards other tech categories such as artificial intelligence (AI). Nevertheless, Louis Vuitton has incorporated NFTs into its plans for the year. Via Treasure Trunks holders will periodically have the chance to purchase keys, granting them access to additional products beginning in mid-June. These products will come with a record of ownership, proof of authenticity, and unique customizations for each trunk owner. Contrary to the trunks themselves, these products are eligible for resale.

The fashion industry’s collaboration with the metaverse/NFT realm continues to evolve, and with a major player like Louis Vuitton stepping in, the possibilities are endless.

Source: Cryptonews

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