Louis Vuitton has joined the ranks of digital collectables, launching a luxury NFT based on its iconic travel trunk, an archive design created over 160 years go.
Deep-pocketed travelers and collectors can acquire the NFT for 34,000 pounds, 39,000 euros or 42,000 dollars. Purchasers of the phygital product will receive both the NFT and a bespoke physical trunk, as well as a host of other digital perks.
Shoppers in markets including the USA, UK, Canada, France, Japan, Australia, and Germany can register their interest on their official country websites until June 14, after which a select group of individuals will be granted access to a private website, with an exclusive invitation to purchase one of the NFTs becoming available on June 16.
In order to counter fakes and avoid market saturation, Louis Vuitton will seek to apply a 'Soul-Bound' status to the Treasure Trunk NFTs, a status which effectively prohibits holders from engaging in gifting or trading activities within the secondary market. Only several hundred trunks will be made available, according to Vogue Business.
By implementing this approach, the company can retain a certain level of authority and extend its commitment to after-care service, a value proposition often absent in the decentralized model, says Metaverse experts NFT Plazas.
Despite these restrictions, owning a segment of the collection entitles holders to acquire keys that unlock future products, which can be traded freely on the secondary market. This strategic shift by Louis Vuitton not only reshapes its NFT landscape but also opens an exclusive gateway to its luxury products and services, catering to a privileged clientele seeking unparalleled experiences.