Louis Vuitton unveils new luxury phygital NFT

Luxury brand Louis Vuitton is venturing into the world of Web3 once more with its latest offering, the phygital VIA Treasure Trunks NFT.

Priced at €39,000 (over $41,000) each, these NFTs will serve as access passes to exclusive products, experiences and a community of fellow holders. The limited collection will only be available to a select few, with just several hundred trunks up for grabs.

Bernard Arnault, LVMH chief executive, had previously hinted interest in utilizing high-value items in applying NFT technology to the company’s offerings, saying, “It can undoubtedly have a positive impact — if it is well done — on the activity of the brands, but it is not our objective to sell virtual sneakers at €10.”

Interested customers in select countries can register for the waiting list starting June 8. Registrants will be required to connect their crypto wallets for verification purposes.

On June 14, selected participants will gain access to a private webpage to learn more about the Via project, followed by an invitation on June 16 to purchase their Treasure Trunks using either cryptocurrency or fiat currency. Holders will also receive a physical replica of their trunk, customized to their specifications.

Louis Vuitton has implemented measures to safeguard access to Via. Holders are prohibited from selling or gifting their trunks, positioning them as “soul-bound collectibles” to promote loyalty and discourage flipping.

However, future items acquired within the ecosystem through specialized “keys” can be sold. Holders will also be able to purchase bespoke keys that unlock access to additional products.

Megan Kaspar

2023-06-07 19:35

#LouisVuittonVIA Treasure Trunks TL;DR: – digital + physical trunk, £39k each – soulbound collectible – periodical bespoke purchasable keys available to VIA holders – keys are not soulbound & unlock physical products – IRL events only accessible to VIA holders https://t.co/cEXuNF7jK9

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All in on Web3 experience

Dubbed “Via,” meaning road in Latin, the project aims to provide an elite pathway to coveted items and experiences. This aligns with a growing trend in branded NFT projects, where high-value and hard-to-obtain NFTs serve as gateways to other physical and digital offerings.

Louis Vuitton’s Via project claims to extend beyond mere access, incorporating traceability through the Aura blockchain and event-focused NFTs to foster and reward communities of NFT holders.

The company’s approach retains some elements of traditional Web1 practices, such as correspondence through email addresses and limitations on flipping NFTs. The strategy is characterized as “Web2.5” by Nelly Mensah, LVMH’s VP of digital innovation and emerging solutions.

The Via structure mirrors successful NFT projects like the Bored Ape Yacht Club and Rtfkt, now owned by Nike, where community members gain exclusive access to future releases.

Louis Vuitton’s foray into NFTs diverges from the more prolific and diverse approach of competitor Gucci while echoing Tiffany’s strategy under the LVMH umbrella. Prada also adopts a similar cadence with its monthly Timecapsule NFT drops.

The brand’s collaboration with Pharrell Williams as men’s creative director further indicates its growing interest in NFTs.

Louis Vuitton

2023-06-07 19:35

Introducing Louis The Game. Join Vivienne in collecting 200 birthday candles as she retraces #LouisVuitton’s story over two centuries and try to find one of the 30 precious NFTs. Discover the new game in honor of #LOUIS200 at https://t.co/5vpMF3AQDy https://t.co/tpAM5rZhjR

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Louis Vuitton’s previous Web3 ventures

The introduction of the Treasure Trunks marks a departure from Louis Vuitton’s previous Web3 venture, Louis: The Game, a free-to-play experience launched to educate players about the brand’s history.

Louis: The Game was officially launched on August 4, 2021, coinciding with Louis Vuitton’s founder’s birthday, and is available for download on both iOS and Android app stores.

The protagonist of the game is Vivienne, the beloved wooden doll and mascot of the Louis Vuitton brand, adorned with the iconic flower motif from the house’s monogram.

Players accompany Vivienne on a captivating journey through the rich history of Louis Vuitton, completing various quests along the way, as reported by Kurier.

The Web3 aspect of the game incorporates 30 embedded NFTs that players can find spread throughout the game, designed by artist Beeple. Every NFT is a collectible that can be found only through playing the game and are not sellable.

This release follows the success of the house’s previous gaming venture, the Endless Runner game, which was introduced in 2019. The earlier game was created in collaboration with Virgil Abloh’s FW19 runway collection and featured nostalgic 16-bit style gameplay.