The latest notable stride in this direction is Louis Vuitton’s reimagining of its quintessential travel trunk as a nonfungible token (NFT), named the VIA Treasure Trunk.
Blockchain technology, characterized by its transparency and irrefutable evidence of ownership, has enabled the ownership of digital items to mirror the exclusivity and satisfaction experienced in the physical world.
It has given rise to ‘digital twins’—unique virtual counterparts to physical objects. High on aesthetic value, these objects are at the forefront of the phygital movement, from Metaverse designer boutiques to online art galleries.
Louis Vuitton embracing the phygital trend
Louis Vuitton, the French luxury powerhouse, is no newcomer to blockchain. The company has consistently embraced technology and innovation as tools for enhancing transparency and traceability across the luxury goods sector.
Louis Vuitton’s involvement with the Aura blockchain project marked a significant move towards this goal, most notably with its LV Diamonds collection.
Celebrating its 200th anniversary with an imaginative approach, Louis Vuitton launched a video game— ‘Louis The Game’. This allowed players to explore the brand’s Metaverse, with a treasure hunt for 30 hidden NFTs.
Now, Louis Vuitton takes the next step in its journey into the Web3 space, reimagining its famed piece of luggage, the Louis Vuitton trunk, as a digital collectible.
The VIA treasure trunk
The Louis Vuitton trunk, first introduced in the mid-19th century, has evolved in form and material for over 160 years. These trunks, crafted by skilled artisans near Paris, represent the epitome of luxury fashion.
The latest iteration of this long-standing collection is the VIA Treasure Trunk, crafted with a unique Web3 twist. This digital token introduces owners to unseen creations from Maison Louis Vuitton, the company’s design house.
Owners of the Treasure Trunk will gain exclusive access to VIA—Louis Vuitton’s portal for digital collectibles, offering a unique gateway for enthusiasts to acquire bespoke keys, unlocking previously unseen Louis Vuitton designs.
These collectibles, with each new launch, will provide buyers exclusive access to their physical equivalents, thus offering a new dimension to the phygital experience.
The Treasure Trunk carries a price tag of €39,000. Its availability is limited, with only a few hundred being made available for purchase. Prospective buyers can register on the waiting list from June 8, needing a crypto wallet to do so.
Select individuals from the waitlist will be invited for a private preview of VIA on June 14, with the opportunity to purchase their VIA Treasure Trunk on June 16.
Accepting cryptocurrencies as a payment method for digital collectibles marks another significant step in Louis Vuitton’s exploration of the Web3 domain.
The distinctive soulbound feature of the VIA Treasure Trunks forbids users from reselling or transferring them after purchase, ensuring exclusive access to the VIA portal. However, the option remains for users to sell future digital collectibles acquired through VIA on various NFT marketplaces.
Louis Vuitton’s foray into digital collectibles signals the evolution of Web3 into a global trend that offers dynamic interactions, even within the high-end sector.
It’s a clear statement that the luxury industry is open to the thrilling potentialities of the phygital realm.