Louis Vuitton, the famous luxurious fashion brand, announced on Tuesday plans to release a new series of non-fungible tokens (NFTs) dubbed “Treasure Trunks.” The fashion company stated that each NFT would be traded at $41712, equivalent to €39,000.
The Louis Vuitton team anticipates that the NFT would enable members to purchase exclusive fashion products and services.
Louis Vuitton Releases New NFTs
In an interview with Vogue Business, the Louis Vuitton group stated that the Treasure Trunk would comprise a few hundred NFTs. The fashion company added that each Treasure Trunk would be accompanied by a physical Louis Vuitton brands, which would go for ten thousand dollars in the market.
The Louis Vuitton team plans to launch limited products within a stipulated time in 2023. The team behind the new NFT plans to integrate soulbond features into the digital collectibles. A soulbond NFT can neither be purchased nor sold at the individual level.
The soulbound element was integrated to prevent third parties from accessing the Louis Vuitton Treasure Trunk. The trunk would only be accessed by the holder of the digital collectible.
Remarkably the owner of the digital collectible would be given access to customizable products and receive updates on new products.
Features on the New NFT
As of June 8, the owner of Louis Vuitton digital collectibles residing from the US, UK, Canada, France, and Australia would be allowed to register to the Treasure Trunk. Also, consumers from Japan and Germany would proceed with the registration on the Louis Vuitton waitlist.
After registration, Louis Vuitton team will select eligible applicants to proceed with the next stage. At the preliminary stage, the fashion company will allow the selected holder to buy a Treasure Trunk with their crypto and fiat currency through an official site.
It was reported that the selected registrants would purchase the NFT at $42000 from June 16.
Irrespective of this, the selected customers would gain access to exclusive Louis Vuitton products through the Via platform. Via is a Latin word that means a road developed to support the company’s traceability effort.
Significance of Blockchain Technology in the Fashion Sector
According to the fashion company, the Via platform is the first project launched in the Louis Vuitton series. Over the past, the French fashion company has invested heavily in blockchain technology.
In 2019 Bernard Arnault, the chief executive of LVMH, launched an innovative digital tracking tool centered on the Aura blockchain network. Afterward, the fashion company collaborated with best-performing fashion retailers such as Cartier and Prada to develop the Aura blockchain network.
During the official launch of the Aura blockchain, the developers aimed to track counterfeit products that affected the growth of the fashion sector.
In 2022 Louis Vuitton invested in developing NFT games, pop-ups, and other programs to reach a larger audience. The fashion company offered NFT rewards to high-profile customers to boost their experiences.