According to a recent report by Vogue Business, Louis Vuitton, the renowned luxury brand, is making a significant move into the NFT space with the launch of its “Treasure Trunks” collection. These NFTs, priced at €39,000 each, will provide owners with exclusive access to future products, experiences, and a community of fellow holders.
The ‘Treasure Trunks’ collection is part of a new initiative named “Via,” a Latin term meaning ‘road,’ symbolizing the exclusive pathway these NFTs offer to products and experiences otherwise inaccessible. This approach aligns with the current trend in branded NFT projects, where high-value and hard-to-acquire NFTs serve as keys to unlock additional physical and digital offerings.
Vogue Business says this move marks a significant shift from Louis Vuitton’s previous NFT venture, ‘Louis the Game,’ a free-to-play experience to educate players about the brand’s history. The new launch aligns more closely with the brand’s outlook on NFTs, as expressed by LVMH CEO Bernard Arnault, who suggested that high-value items might best apply these technologies for the company’s brands.
Customers from the US, Canada, France, UK, Germany, Japan, and Australia can express their interest in acquiring a ‘Treasure Trunk’ by registering on a dedicated website starting from June 8. They will be asked to connect their cryptocurrency wallets, which allows Louis Vuitton to identify the potential holders, and provide personal information such as wallet ID, name, and country.
On June 14, selected registrants will be invited to explore the world of ‘Via’ through a private webpage. Two days later, on June 16, they will be given the opportunity to purchase their ‘Via Treasure Trunk’ using either cryptocurrency or traditional currency on a dedicated platform. Subsequently, holders will be sent a custom-made physical counterpart of their digital trunk. It’s worth noting that Louis Vuitton trunks, first introduced over 160 years ago, can command prices in the tens of thousands of dollars.
Louis Vuitton has implemented measures to protect the exclusivity of ‘Via’. For instance, holders are not allowed to sell or gift their ‘Treasure Trunks’ to others, a policy that sets it apart from many high-value NFT communities. The brand refers to this as a “soul-bound collectible”, a relatively new concept designed to foster loyalty and discourage quick reselling. Additionally, ‘Treasure Trunks’ cannot be returned, although customers in EU countries are allowed to change their minds within 14 days of placing an order.
Periodically, holders will have the chance to purchase unique “keys” that unlock access to additional products, with the first key set to be available in mid-June. These keys will only be revealed to those who have purchased the corresponding trunk. While the original trunks cannot be resold, any future items acquired within the ecosystem via the keys can be. Some of these new products will be personalized for each trunk owner, and they will come with a record of ownership and proof of authenticity.
This strategy, which Louis Vuitton’s VP of Digital Innovation and Emerging Solutions, Nelly Mensah, refers to as ‘Web2.5’, is designed to appeal to traditional luxury clients. It combines elements of the Web3 world with more traditional approaches, such as correspondence through waiting list email addresses and limiting the ability for holders to flip their original NFTs.
Featured Image Credit: Photo by “Jannis Lucas” via Unsplash
