Renowned luxury fashion brand Louis Vuitton has continued to actively explore the realm of NFTs through the launch of its phygital (physical plus digital) collection called ‘Treasure Trunk’.
Ownership of the digital asset will grant users exclusive access to future products and services, alongside access to a community of holders alike. Each Treasure Trunk will sell for €39,000 and will only be available in limited quantities.
The NFT launch is a part of a new project, ‘Via’ aimed at leveraging digital collectibles to retain exclusive access to future products and aligns with Louis Vuitton’s commitment to innovation and offering unique experiences to its clientele.
NFTs offer an ideal solution for achieving these objectives, with a pathway to establish proof of ownership and authenticity for both digital and physical items. Companies like Louis Vuitton have astutely recognised the immense potential and impact of these emerging technologies within the fashion industry, leading them to explore diverse avenues for integrating NFTs into their business models.
Louis Vuitton’s foray into NFTs and crypto
Louis Vuitton is no stranger to the world of cryptocurrencies and blockchain technology. Its advent to the industry dates as far back as 2019 when its parent company LVMH announced plans to launch a blockchain to help prove the authenticity of high-end products. The project named ‘Aura’ was expected to go live later in that year before becoming accessible to the other 60 luxury brands that make up the conglomerate.
A source involved in the project spoke to Coindesk, quoted as saying:
“To begin with, AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”
Louis Vuitton’s venture into the crypto sphere goes further beyond the realm of NFTs. In celebration of its 200th anniversary, the esteemed fashion brand unveiled a captivating video game titled ‘Louis The Game’. Within this immersive gaming experience, players have the opportunity to embark on thrilling hunts for NFTs, which have been collaboratively designed, in part, by the renowned artist Beeple. When collected, these NFTs granted the owners exclusive access to events and private parties.
NFTs in the fashion industry
The decentralised nature of blockchain and its potential for secure and transparent transactions has caught the eye of other leading brands in the fashion industry like Adidas, Balenciaga, Nike, Gucci, Dolce & Gabbana to name a few. In 2022, major fashion brands amassed over $137 million in NFT sales while Dolce and Gabbana broke the record for the most expensive suit ever when it sold its digital glass suit.
In April this year, another leading brand, Ralph Lauren made an exciting venture into the world of cryptocurrency by partnering with Poolsuite. Their collaboration involves accepting cryptocurrencies at Ralph Lauren’s new store in Miami’s Design District and gifting NFTs to Poolsuite users.
Poolsuite, recognised for its digital community and online radio platform, has been actively engaged in the NFT space since 2021. Through this partnership, Poolsuite NFT holders have received exclusive Ralph Lauren tokens, granting them access to register for an exclusive private party.
Furthermore, those who own Poolsuite’s Grand Leisure collection can enhance their avatars with digitally inspired Ralph Lauren appearances.