"LV is a house of culture, and web 3 is part of this culture. It helps nurture and make the link between our historical savoir-faire and new digital assets. Digital is the new aesthetic, and we've embraced it. It's a new material, a new craftsmanship. We're talking about digital craftsmanship." Agnes Vissoud, Digital Innovation Director, Louis Vuitton

A Unique Fusion of Fashion and Digital Collectibles by Pharrell Williams

In a bold move that blends traditional craftsmanship with digital innovation, Louis Vuitton has unveiled a €7,900 leather varsity jacket designed by Pharrell Williams, marking the latest addition to its Via NFT project. It features suede buckskin, iridescent snaps, and an embroidered logo, while being the first ready-to-wear item from the runway to be transformed into an NFT.

Exclusive Access for Via NFT Holders

The jacket, which debuted on the Autumn/Winter 2024 men’s runway, is available exclusively to 200 holders of Louis Vuitton’s Via NFTs. These holders can purchase the jacket through a token-gated website, with physical deliveries expected by December 2024. This initiative underscores Louis Vuitton’s strategy of combining high-priced, limited-edition collectibles with tokenised assets.

The Via NFT Project: A Premium Experience

Launched in June 2023, the Via project offers a unique approach to digital collectibles. The project initially introduced phygital treasure trunks for €39,000, linked to non-transferable NFTs. The few hundred Via NFT holders, selected through a meticulous application process, gain access to exclusive pieces from the brand. While these NFTs are soulbound, subsequent NFT purchases linked to these exclusive items can be sold on the open market.

A Legacy of Exclusive Releases

This varsity jacket is the third runway product offered to Via holders. The first, an orange monogram Speedy 40 bag (seen below), was showcased during Williams’s debut show for approximately €8,500. Following this, a €6,000 digital mini trunk designed by women’s creative director Nicolas Ghesquière for the SS24 runway was released in November 2023.

A High-Touch, Private Rollout

The exact number of Via Treasure Trunk NFT owners remains undisclosed, with estimates from OpenSea suggesting under 150 owners. Louis Vuitton’s highly curated approach involved inviting interested parties to connect their crypto wallets for approval before manually airdropping the NFTs. This method contrasts with the typically open and transparent nature of NFT drops, aligning more closely with luxury brand practices.

Strategic Engagement with Web3 Influencers

To bolster the project, Louis Vuitton gifted Via NFTs to notable Web3 personalities, including Rug Radio founder Farokh Sarmad, Deadfellaz founder Betty, and Web3 fashion investor Megan Kaspar. Other prominent holders include DJ Steve Aoki and Ledger CXO Ian Rogers. Additionally, Louis Vuitton launched a Discord server to foster community engagement, although activity has quieted in recent months.

Continued Interest in Fashion NFTs

Despite fluctuating interest in NFTs, the fashion industry continues to explore this space. Recent high-value sales include a phygital baseball cap by Taskin Goec for 1 ETH and several pieces by designers Stephy Fung and Nextberries during the NFT Paris conference. Artist Claire Silver’s generative AI digital fashion collection sold out in January, grossing approximately $1.17 million.

Future Prospects for Luxury NFTs

While the broader Web3 community’s influence has waned, Louis Vuitton’s strategy of targeting ultra-high-net-worth customers through exclusive, technology-enhanced offerings appears promising. By leveraging its established luxury audience, the brand aims to provide unique value beyond the conventional fashion market, potentially setting a new standard for luxury in the digital age.

Agnes Vissoud, Global Digital Innovation Director at LVMH continued with the following:

When we first launched it, we made a promise: VIA is a new type of customer experience, with benefits that will unfold over the long term. Our vision is clear: with this program, we are committed to delivering surprise and emotion, but above all the best of what a client can expect from a brand relationship in FIVE WAYS:

1. Reward: Physical & digital key for each drop
2. Recognition: VIA events
3. Connection: VIA community around shared passion for innovation and luxury
4. Empowerment: Future developments under way
5. Ownership: VIA collection is gaining value overtime

You can watch Agnes talk more about the Via programme at Louis Vuitton during her main stage talk at NFT Paris 2024 below.