The ongoing year, up until now, has proven to be profitable for the non-fungible tokens (NFTs) sector. Hopping onboard the NFT frenzy, Louis Vuitton has decided to offer its loyalists a virtual treat. The French high-end luxury brand will transform its iconic travel trunk in the form of a digital collectible. With this, the brand will establish its presence in the NFT space, following the ongoing advertisement trend of making products go ‘phygital’ — physical as well as digital.
“Designed for those who seek to travel through new dreams and new realities,” the NFT has been priced rather outlandishly at €39,000 (roughly Rs. 34 lakh).
Called the VIA Treasure Trunk, this permanent and non-transferable NFT will grant its holders an exclusive access to the brand’s design house, Maison. Holders will also be able to get glimpses of LV’s never-seen-before designs.
For now, LV has not disclosed exactly how many of these signature trunk NFTs it plans to launch. At least a “few hundred” of them are planned, a CoinTelegraph report said on Tuesday, May 6.
People interested in purchasing this NFT will need to register with a legitimate crypto wallet and join the wait list starting June 8.
LV will later invite select people from the waitlist to visit an exclusive preview page for this NFT on June 14.
This is not the first time, however, that LV has forayed into the Web3 space.
Previously, the brand had joined forces with Prada and Cartier on the aura Blockchain solution, created by luxury brands to refresh the customer experience.
The brand has also released a metaverse game for players to look for 30 hidden NFTs as a tribute to its founder.
Amid the ongoing Web3 expansion, several brands are selling NFTs of their signature products, matching them with the original product.
High-end luxury brands including Nike, Gucci, Dolce & Gabbana bagged a total of $260 million (roughly Rs. 2,074 crore) with the sales of their NFT pieces in 2022, Dune Analytics had reported last year.
A new research report also claimed that the utility of NFTs in the Web3 world is the top reason why tech-savvy investors are turning their attention towards buying digital collectibles. The second most major reason why NFTs appeal to the buyers is the element of long-term profits that they hold.
NFT sales reportedly rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).