Louis Vuitton Goes Digital: Iconic Trunk Now a Web3 Collectibles

2023-06-28, 09:36

[TL; DR]

Louis Vuitton has launched its Via Treasure Trunk collection.

Via Treasure Trunks give their holders access to Louis Vuitton’s digital assets and services.

People cannot transfer or sell the Soulbound tokens (SBTs) that Louis Vuitton offers its customers.

Introduction

Web 3 continues to expand with many firms from various industries joining the fray. The gaming, fashion, air travel and accommodation sectors keep on increasing their presence on the blockchain. Louis Vuitton, the popular French Luxury House, has introduced new digital products to engage its customers and promote its brand. In this piece, we explore Louis Vuitton’s recent NFT collection.

Fashion Industry spearheads the Phygital revolution

Recent developments in the fashion industry shows that several major firms in the sector are part of the phygital revolution as they strive to enhance their customer engagement efforts. Definitely, web3 luxury brands can make use of NFT fashions to connect with their global customers and promote their offerings.

The phygital revolution means that these brands can provide both the digital and physical versions of their trending products. The growing connection between the physical world and the digital universe has enticed major companies to invest in innovation and development in order to come up with new products and services that transform the lives of their customers and generate more income.

As we have noted, Louis Vuitton is one such company that has come up with a new twist to the web3 eco. For example, it has designed, developed and launched the soulbound tokens (SBTs) which enable their holders to unlock Maison, Louis Vuitton’s design house’s unique creations.

Basically, Louis Vuitton is a metaverse fashion brand that is moving ahead with phygital products following its launch of VIA Treasure Trunk, an NFT of its renowned LV trunk. This NFT gives its holders open access to various limited-edition products and services like unique immersive experiences.

Louis Vuitton’s LV Soft Trunk - Stockx

Recently, Louis Vuitton Web3 announced the release of an ultra-limited NFT collection worth €39,000, around $41,600 each. This exclusive NFT collection, a few hundreds of them, will be sold soulbound, meaning that their holders will not be able to transfer them to other people. Although the owners will not be able to sell them to other people, these NFTs give them the right to mint other digital items which they can trade.

Explore the Metawear Fashion collection

Why does the Treasure Trunks have much value?

These NFTs are based on the popular and treasured LV Trunk, a signature trunk-style luggage, which has been part of its brand reputation since 1858 when it was launched on the market. Its unique stackable structure and square shape distinguishes it from rounded-top luggage that were prent during the 1800s and early 1900s. Also, the LV trunk is a product of mastery craftsmanship exhibited by its iconic LV monogram pattern and great attention to unique details.

Endowed with both functionality and luxury, the LV Trunk is a stylish and safe way of transporting personal belongings. Therefore, both the real LV Trunk and the Treasure Trunks represent the brand’s heritage as well as the firm’s commitment to providing timeless luxury.

Benefits of the Treasure Trunk

The Treasure Trunk is a significant insignia of web3 in fashion that enables its holders to get physical replicas of the digital Treasure Trunks. They also confer rights to their holders to access its brand’s limited products which it will release throughout the year at regular intervals.

Again, this collection which is a component of Via, Louis Vuitton’s project, aims to connect its customers with its latest product offerings and unique immersive experience. The NFT fashion holders will get digital keys that will enable them to get exposure to Louis Vuitton’s VIP offerings. In fact, the keys give their holders exclusive access to Louis Vuitton’s digital collectibles portal.

Likewise, Treasure Trunks like any other non-fungible tokens provides the general benefits of NFTs. Ownership of digital assets like Treasure Trunks gives the same feeling that one derives from possessing physical goods. This is because the blockchain offers immutable, transparent and publicly accessible proof of ownership of both digital and physical assets. That is why the web3 luxury brands are adopting the “phygital” evolution- the combination of digital and physical realms.

How to acquire Louis Vuitton’s Via Treasure Trunk?

Louis Vuitton’s customers started accessing the treasure Trunk NFTs on 8 June 2023. However, this metaverse fashion NFT is only accessible to people who live in the United Kingdom, Germany, the United States, Canada, France, Australia and Japan.

First off, the customers should open their accounts on the Louis Vuitton website. Markedly, the first group of customers who registered at the platform and were on the waitlist were invited to a private preview page of VIA on 14 June. As a result, the selected invitees purchased their Treasure Trunk on 16 June.

Currently, it is not clear when the company will release the next lot of the NFTs. Since there has been an increase in web3 adoption during the past few years Louis Vuitton allows its customers to pay for the digital collectibles using cryptocurrencies.

Luxury brands adopts Web3

The fashion industry is adapting to web3 since it creates great opportunities for them. Many luxury brands are using the blockchain technology to create NFTs of their best apparels, hoodies, hats and bags among others. Some of them are establishing virtual offices and stores in the metaverse. Gucci, Prada, Nike and Dolce & Gabbana are a few examples of luxury brands that are already using web3 to promote their products and position their brands.

Conclusion

The advancement of web3 technology has resulted in the interconnectedness of the digital universe and the physical world. As a result, some assets that exist in the physical world have digital replicas. Louis Vuitton has tokenized its LV trunk enabling its customers to acquire both the physical one and its digital version. Louis Vuitton’s soulbound token gives its holders exclusive right to access its digital portal where they can acquire more virtual assets.

Author: Mashell C., Gate.io Researcher

*This article represents only the views of the researcher and does not constitute any investment suggestions.

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