A cryptocurrency token that is more expensive than bitcoin has appeared on the web

The famous accessory brand Louis Vuitton has presented its iconic Treasure Tank bag, created 160 years ago, in the form of an NFT collection. Vogue Business writes about it.

Each NFT costs about € 39,000, and several hundred pieces are available for purchase. Treasure Tank owners will have exclusive access to the brand’s future products and events, as well as become part of the Louis Vuitton community. Along with the new collection, the fashion house has launched the Via program, which will offer NFT holders access to unique products.

«Our goal is not to sell virtual sneakers for € 10,» said Bernard Arnault, CEO of LVMH Group.

To become the owner of an NFT bag, customers from the US, Canada, France, the UK, Germany, Japan, and Australia should register on a waiting list on a special website. After connecting the crypto wallet and filling in personal data, customers will be able to familiarize themselves with the Via program and purchase Treasure Tank NFT on a special website.

Later, owners will receive a physical copy of the bag made to order. Such bags from Louis Vuitton have been luxury items for over 160 years, and their price can reach tens of thousands of dollars.

The company also provides limited access to the Via project, prohibiting the sale or transfer of bags to other people. Owners can purchase special «keys» that give access to additional products and interactions with NFT. Thus, Louis Vuitton is going to prevent resale.

Luxury brands are increasingly considering NFTs as a part of their long-term strategy and investing in this technology despite the decline in demand for non-fungible tokens from users. According to the Vogue Business Index, the brands that have already joined the NFT race include Gucci, Dolce & Gabbana, Tiffany & Co, Moncler, and Burberry. Interestingly, as of December 2021, 17% of brands were already working with NFT. In 2022, their number increased even more.