Louis Vuitton Announces New NFT Collection Despite Muted Response

Louis Vuitton Announces New NFT Collection Despite Muted Response

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The fashion industry has been front and center in capitalizing on the growing interest in the metaverse through a host of innovative initiatives. Recently, Dolce & Gabbana, Forever21, and Gucci participated in the fashion week held on Decentraland. 

Not to be left behind, Louis Vuitton announced plans to release a new NFT collection despite fairly limited interest. 

Details Of The Collection 

The new collection by Louis Vuitton will be tied to the brand’s mobile app game, Louis: The Game. Players in the game who have collected a certain number of in-game NFTs will become eligible for a raffle. The raffle will continue until the 8th of August, with players eligible to win one of ten new Vivienne NFTs. These NFTs will be compatible with multiple platforms. 

Louis Vuitton launched Louis: The Game in August 2021. The game revolves primarily around an avatar, Vivienne, with players going around the game collecting postcards containing information about Louis Vuitton in the game. Apart from the new NFT rewards, Louis Vuitton has also added new quests as part of the upgrade. Louis Vuitton collaborated with Wenew Labs, with the new tokens minted from the Louis Vuitton NFT wallet. Beeple is the best-selling digital artist whose NFT sold for $69 million. 

Fashion Brands Betting Big On NFTs And The Metaverse 

Louis Vuitton is not the only fashion brand exploring NFTs and the metaverse, with several fashion and luxury brands already heavily invested in the technologies. Burberry has also released an NFT character, Sharky B, for its game, Blankos Block Party. Rob Manley, The Chief Marketing Officer of Burberry, stated, 

“Pushing boundaries through experimentation sits at the heart of what we do at Burberry, and we are continually looking to connect with our communities in the spaces they love.”

Is The Hype Real? 

Fashion and Luxury brands are looking to capitalize on NFTs, Web 3.0, and the metaverse, hoping to appeal to and bring a broader and younger audience to their brands. The metaverse fashion week, held in Decentraland, featured some of fashion’s biggest brands, including the likes of Dolce & Gabbana, Gucci, and Forever21. 

While these technologies and concepts have significant potential, there are signs that the hype is more than the actual interest. A study conducted by Piper Sandler revealed that only half of the individuals surveyed are interested in the metaverse. Additionally, only 21% actually own a VR headset required to access the metaverse. However, brands are not discouraged and could take heart from some numbers, with Louis: The Game having over 2 million downloads and over 7 million individuals that have used Nike’s Roblox store.  

Dolce & Gabbana’s NFT Collection 

Luxury fashion house Dolce & Gabbana had also announced its foray into NFTs, announcing an exclusive NFT collection with UNXD., a luxury digital marketplace on the Polygon Network. The collection, christened the Collezione Genesi or Genesis Collection marks the brand’s first steps into NFTs and their associated technologies. The luxury house had also announced plans to feature the collection at upcoming fashion shows and announced auction dates, selling its NFT collection for nearly $6 million.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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