With a new NFT program releasing its own set of digital assets, the French fashion house will create a blockchain-savvy space around its products.
Blockchain tech-powered digital assets have further been integrated into the fashion industry. French fashion house Louis Vuitton has announced its plans to leverage blockchain and release their digital assets through a non-fungible token (NFT) program.
Called phygital ‘Treasure Trunks,’ the NFTs will be limited in number and priced at €39,000. The latest digital assets program by the French fashion house is part of a larger project called ‘Via,’ aimed at an exclusive product experience which would not be accessible to non-holders of the NFTs.
The industry noted how the French fashion house had taken such blockchain-related initiatives when the space was dealing with several regulatory challenges. The bullish attitude adopted by Louis Vuitton could likely provide positive sentiments to the blockchain industry.
The company also tried out NFTs in 2021 through a virtual game around its history called Louis the Game, where successful players were rewarded with digital postcards.
Bernard Arnault, the CEO of LVMH, had also spoken earlier on their marketing strategy using NFTs, where he claimed that high-value items were the most appropriate product fit for such new programs. “It can undoubtedly have a positive impact — if it is well done — on the activity of the brands, but it is not our objective to sell virtual sneakers at €10. We are not interested in that,” he said.
Interested participants in the French fashion house’s NFTs can apply through an open portal on June 8, where they will be asked to link their crypto wallets and personal details. Subsequently, selected people will be taken through due procedures and experiences.