More than 160 years ago, Louis Vuitton presented its first luggage collection, which has since become a company icon. The announcement that it will soon start selling NFT trunks for $42,000 marks another milestone for the company. Treasure Trunks is a “phygital” collection that will connect shoppers to each other and to future items and experiences.
There are only a few hundred available, so early adopters will need to act fast when the new line debuts later this month.
If you wish to purchase a vault, you will need to join the waitlist by connecting your cryptocurrency wallets before June 8. Shortly after, they will be asked to make the final purchase, in which case they will also receive a bespoke trunk duplicate. However, it seems that Louis Vuitton wants to limit access. The brand calls these trunks “soulbound collectibles” that cannot be returned, resold or given away in any way, in an effort to build consumer loyalty. After purchasing the vault, users can then purchase a set of unique “keys” to access more stuff, each with its own certificate of authenticity.
However, August 2021 saw the introduction of Louis the Game, so this isn’t the company’s first foray into the NFT market. Participants in the free experience received 30 digital postcards as a thank you for learning about the brand’s story. LVMH CEO Bernard Arnault had speculated that the company might use NFT technology in some upcoming high-end products. We have to wait and see what the metaverse and NFTs can do, he remarked. We do not intend to sell $10 worth of virtual sneakers, but we recognize that this has the potential to have a significant effect on brand business if executed correctly. It’s not something we’re looking for.
The launch of NFT is part of the Via (Latin for “road”) brand’s broader strategy, which “aims to act as an elite pathway to products and experiences unavailable to others,” as Vogue puts it. It’s also probably no coincidence that after the death of Virgil Abloh, the former menswear creative director of Louis Vuitton, in 2021, the company hired Pharrell Williams, an early adopter of NFT, to fill the position.