The ‘Treasure Trunks’ collection is focused on exclusivity, and it marks the first time the luxury brand will sell NFTs.
Web3 and phygital goods appear to be the new frontier of luxury fashion. On June 6, Louis Vuitton announced that it will launch an exclusive collection of Treasure Trunk NFTs, each priced at an eye-watering €39,000 ($41,000).
The collection is limited to several hundred pieces, and each token will be accompanied by its physical counterpart. Treasure Trunks are one of LV’s most historic designs, and they can easily cost tens of thousands of dollars.
According to Vogue Business, the launch is part of a new project called ‘Via’ (via being the Latin word for road). Via nods to LV’s aim to act as an “elite pathway towards products and experiences that are inaccessible to others”, the article states.
The collection marks an interesting shift in Web3 products away from democratised goods and services (i.e. via decentralised, community-owned networks) to tight-knit, exclusive offerings.
In a show of on-brand exclusivity, the NFTs will be soulbound, meaning they cannot be sold, traded or transferred to another person. This ensures that only the original owner will be able to use the token to access exclusive products, early releases, and bespoke experiences.
Trunk holders will however have the opportunity to periodically acquire non-soulbound “keys” that will unlock access to extra products. The first batch of these products will be released in mid-June and will be exclusively revealed to trunk owners who have purchased the corresponding key.
While the original trunk NFTs cannot be sold, holders will have the option to sell any future items they obtain within the system using these keys.
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To access a Treasure Trunks NFT, customers must register via a waiting list on June 8, where they will be invited to connect their crypto wallets (enabling LV to view their holders) and fill out personal details such as wallet ID, name and country. This will only be available to customers in the US, Canada, France, UK, Germany, Japan and Australia.
The fashion house will then invite “selected registrants” on June 14 to learn more about Via through a private webpage.
Is Treasure Trunks a ‘Web2.5’ drop?
While post-mint reveals and exclusive access to products are all commonplace in Web3, LV’s decision to restrict the ability for holders to sell their NFTs is an unconventional choice.
As Vogue Business describes, “Louis Vuitton has held on to a few more traditional “Web1” approaches, including correspondence through waiting list email addresses (which could obviate the anonymity that is characteristic of Web3)”.
Nelly Mensah, VP of digital innovation and emerging solutions at LVMH, refers to the brand’s strategy as “Web2.5”. This approach seeks to capture more “traditional” luxury clients who may feel alienated by Web3-based tech, and it enables closer customer service.
Exclusivity seems to be the driving force of Louis Vuitton’s phygital future.
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