Louis Vuitton will issue hundreds of non-transferable NFTs at €39,000 each

Louis Vuitton will issue hundreds of non-transferable NFTs at €39,000 each

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Author: Robert Strickland (crypto-journalist)
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French fashion brand Louis Vuitton has revealed the launch of VIA Treasure Trunk, a digital replica of its iconic product, a trunk, as NFTs, Cointelegraph reports.

There will be “only a few hundred” NFTs for sale, with each Treasure Trunk costing €39,000. Registration on the waitlist will start on June 8, and selected participants will get a sneak peek of the tokens on June 14. They will be available for purchase from June 16, including with cryptocurrencies.

The Louis Vuitton trunk was created in the mid-19th century and has been a symbol of the brand ever since. The NFT called the VIA Treasure Trunk, is designed as a token that is linked to the identity of the owner (SBT).

Owner-bound tokens (SBTs) are unique non-financial tokens that cannot be transferred. Such NFTs are minted in a single copy and are permanently attached to a single blockchain address.

The company explained that the NFT Treasure Trunk will grant owners access to the VIA portal (the brand’s NFT store), which will act as a gateway for those who want to buy other Louis Vuitton digital items. Each collectible from the new releases will give buyers exclusive access to its physical counterpart, the company promises, without clarifying the nature of that access.

The SBT format prevents owners from transferring or selling Treasure Trunk tokens after buying them, “ensuring that only a select few will have access to the VIA portal,” Louis Vuitton said. Users will be able to sell future digital collectibles bought through VIA on other NFT marketplaces.

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