The French luxury fashion label Louis Vuitton has introduced its first collection of non-fungible tokens (NFT). Each classic trunk that has been transformed into a digital collectible comes with a price tag of roughly $42,000.
The fashion powerhouse reportedly has a range of physical and digital “Treasure Trunks” in the works, as reported by Vogue Business.
Additionally, these NFTs will function as access permits to future products and experiences, as well as the community of holders.
There will be “several hundred” trunks available, and the price of each person’s item will be 39,000 euros (41,685 dollars). It will not be possible for their owners to sell them or give them to another person as a gift. They also cannot be returned for any reason.
Customers from the USA, Canada, France, the United Kingdom, Germany, Japan, and Australia can enter their names on a waiting list beginning June 8 in the event that they choose to purchase a trunk.
They will be required to link their cryptocurrency wallets as well as give some personal information. A trunk can be purchased with either fiat currency or cryptocurrency.
The company will send out invitations to a limited group of consumers on June 14 to attend a presentation about the ‘Via’ project, after which they wouldhave the opportunity to purchase a trunk. In addition to that, the actual trunk will be shipped out to the NFT holders.
This particular launch is a component of the company’s larger project known as Via, which was designed to incorporate cutting-edge technology such as blockchain and NFTs.
According to the source, Via, which derives its name from the Latin word for “road,” is a new chapter in history of the corporation, and one of the things that the house concentrates on is traceability. For instance, the LV Diamonds collection is run on the Aura blockchain by the company.
Having said that, Louis Vuitton is hardly an absolute novice when it comes to NFTs. In 2021, it introduced its ‘Louis the Game,’ which could be played for free. The objective was to give a means by which players could learn about the history of the company and have the opportunity to win one of the thirty postcards that were available.
In addition, Bernard Arnault, the chief executive officer of LVMH, mentioned in January of the previous year that the business had more ambitions for non-fungible tokens and the metaverse. During a conference call to discuss earnings, he stated that,
“It is necessary for us all to determine what the applications of the metaverse and NFTs will be. It is, without a doubts, something that has the potential to have a beneficial impacts on the activities of the companies, provided that it is carried out correctly; nonetheless, it is not our intention to offer virtual trainers for €10 each. That is not something that interests us in the least.
It is also interesting to note that Louis Vuitton made its move at a period of overall quiet in the NFT arena. This fact adds another layer of intrigue to the situation.
There are new fads appearing all the time, and despites the fact that it is quite probable that NFTs will regain their prominence at some point in the future, many people appear to be concentrating their attention on other areas of technology right now, particularly artificial intelligence (AI).
Nevertheless, it would appear that Louis Vuitton has NFTs included in its plans, at least for this year. Beginning in the middle of the month of June, holders of Via Treasure Trunks will be offered the opportunity to purchase keys that, when used, will grant them access to additional merchandise.
In addition, some of the new products will be personalized for each trunk owner, and they will come with a record of ownership as well as confirmation that they are legitimate. The products, which the owners unlock with keys, can then be sold by the owners.
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