LOUIS VUITTON NFT PROJECT
Louis Vuitton has unveiled its first NFT project
Which will digitally transform the luxury brand's iconic product, the LV trunk.
Coming in the form of phygital, the virtual tokens will grant owners access to future products, events and experiences, as well as confirm their status as members of one of luxury's virtual elites. Only a few hundred tokens will be produced.
Along with Fendi, Hublot, Rimowa and Givenchy, Louis Vuitton is the latest Maison in the LVMH group to join the metaverse. On June 14, Louis Vuitton will allow selected participants access to a private website before inviting them to purchase one of the NFTs on June 16.
The token has a high price tag of 39,000 euros (nearly $42,000), which limits the privilege to high-end consumers.
This is not the first time a high-end luxury brand has entered the metaverse with a sky-high price tag, such as Tiffany's $50,000 CryptoPunk pendant.
Despite the price, the collection sold out within hours.
Another important game-changer is Vuitton's choice to use tokens that are linked to their owner's soul. In essence, this means that the tokens are non-transferable and cannot be resold.
Vuitton's decision to implement such a permanent feature in its strategy implies that the manufacturer has invested time in reverse engineering the NFT market mechanism. It is a move that is likely to stimulate other ultra-fans of the brand to join this new private club, while driving away the communities of money-oriented collectors.
The brand also announced that, over time, it will release a series of keys that members can purchase to unlock additional limited-edition products.
As iconic luxury houses explore new ways to bring their rich and long-lived legacies to the Web3, Vuitton's entry into this space could reignite global interest in NFTs.
Comments