Louis Vuitton, the iconic French luxury fashion house, has announced that it will release 42,000 physical-backed non-fungible tokens (NFTs) on its own blockchain platform. The NFTs will be based on its signature handbags, shoes, and accessories, and will be sold exclusively through its online store and selected physical locations.
NFTs are unique digital tokens that represent ownership of a digital or physical asset, such as art, music, or collectibles. They are created and stored on a blockchain, a distributed ledger that records transactions and ensures their security and immutability. NFTs have gained popularity in recent years as a new way of creating and trading digital art and culture.
Louis Vuitton’s NFTs to Bring Something New to the Market
Louis Vuitton’s NFTs will be different from most NFTs in the market, as they will be backed by physical items that can be redeemed by the token holders. Each NFT will have a unique serial number and a QR code that can be scanned to verify its authenticity and provenance. The NFT holders will also be able to access exclusive content and services from Louis Vuitton, such as behind-the-scenes videos, personalized recommendations, and invitations to special events.
The NFTs will be minted on Louis Vuitton’s own blockchain platform, called LV Chain, which was developed in collaboration with ConsenSys, a leading blockchain software company. LV Chain is based on Ethereum, the most widely used blockchain for NFTs, but has been customized to meet Louis Vuitton’s specific needs and standards. LV Chain will also support interoperability with other blockchains and platforms, such as OpenSea, the largest NFT marketplace.
Louis Vuitton’s NFT launch is part of its broader strategy to embrace digital innovation and connect with its customers in new ways. The company has been experimenting with blockchain technology since 2019 when it launched AURA, a platform that tracks and certifies the origin and history of its products. Louis Vuitton has also been exploring augmented reality (AR) and virtual reality (VR) applications to enhance its online and offline shopping experiences.
The VIA Treasure Trunk is a new digital collectible from Louis Vuitton that will be available for registration on June 8 to a limited number of customers in seven countries: Australia, Canada, France, Germany, Japan, the U.S., and the U.K. The price of each NFT is €39,000, or about $42,000. The owners of the VIA Treasure Trunk will receive a physical replica of their digital trunk, which will also give them access to exclusive Louis Vuitton products and events throughout the year.