- Luxury fashion brand Louis Vuitton has announced a ‘phygital’ NFT collection called Treasure Trunks
- NFTs in the collection are ‘soulbound’, meaning that holders can’t trade them
- Each collectible will retail for around $42,000 and give holders access to additional perks
Luxury fashion brand Louis Vuitton has announced an NFT collection known as Treasure Trunks. NFTs in the collection are ‘soulbound’, meaning that collectors can’t trade them, although the fashion house said that subsequent collectibles can change hands. Each collectible, which has both physical and digital elements, will retail for around $42,000 and will give holders access to more perks such as exclusive items.
Only the Deep-pocketed Need Apply
The collection is based on the fashion house’s luggage trunk and each NFT will be linked to a physical trunk, advancing the phygital movement that seeks to link virtual items with their physical counterparts. Louis Vuitton revealed that it plans to give the early birds the chance to express their interest through a waitlist that will be opened on June 8 to its customers in Japan, France, the U.K., Germany, Australia, Canada and the U.S, with purchases scheduled for June 16.
According to the fashion house, the collection is the first in a series dubbed VIA that targets its deep-pocketed clients. The collection comes four years after Louis Vuitton’s owner, LVMH, disclosed plans to use blockchain technology to track its luxury goods.
VIA will also act as the brand’s gateway to the NFT world, with NFTs on the series giving collectors the chance to acquire unique keys allowing them to see yet-to-be-released Louis Vuitton designs. According to the fashion brand, the Treasure Trunk collection will only feature “a few hundred” collectibles.
Louis Vuitton Joins Gucci in Web3 World
The collection comes two months after Gucci partnered with Bored Ape creator Yuga Labs for metaverse development. Louis Vuitton’s approach resembles that of Nike which also has sneakers that can only be purchased by first minting an Ethereum NFT.
With Louis Vuitton advancing its entry into web3, it’s yet to be seen whether other luxury brands like Chanel will also release a new NFT collection.