Luxury Fashion Giant Louis Vuitton To Release New NFT Collection
The luxury fashion brand Louis Vuitton is putting PFP-inspired NFT awards into its standalone mobile app game Louis: The Game, as part of its ongoing experimentation with non-fungible tokens.
The game first aired in August of 2021. Players join an environment where they may design their Vivienne, a brand-inspired avatar, and collect postcards describing the company’s 200-year history. The software has been upgraded with new goals and NFT rewards, according to Vogue Business.
Players who acquire a particular amount of free NFTs throughout the game will be entered into an NFT raffle, which will run until August 4 (Louis Vuitton’s birthday, as mentioned on one of the game’s postcards). One of ten new NFTs featuring Vivienne in a variety of styles is up for grabs. Similar to a PFP, these NFTs will be transferable across several platforms.
The NFTs were designed in collaboration with Beeple’s firm Wenew Labs, which also worked with sister company Possible, and were minted using Louis Vuitton’s Ethereum wallet.
The great possibility
Luxury and fashion brands are increasingly experimenting with NFTs and blockchain games in order to win Gen Z buyers, who have an estimated spending power of $143 billion.
For the first-ever metaverse fashion week, hundreds of businesses – from luxury labels like Dolce & Gabbana to fast fashion outlets like Forever 21 – took over Decentraland’s virtual streets and runways last month. The metaverse, often known as the next phase of the internet, has an estimated $800 billion in economic potential, according to Bloomberg Intelligence.
Digital fashion is swiftly becoming one of the most promising growth opportunities in the fashion industry, according to industry insiders.
In an interview with The Block, Charles Hambro, CEO and co-founder of Geeiq, said, “When we look at virtual worlds, what we’re actually looking at is the future of social networking.” Geeiq helps companies find and improve metaverse and gaming cooperation.
Many fashion brands approach Geeiq, according to Hambro, with the objective of really interacting with consumers and meeting them where they are. Other companies look for ways to avoid falling behind in what some of the world’s most prominent luxury brands are currently doing.
Despite the buzz around the nebulously defined “metaverse,” Piper Sandler’s research shows that just about half of the 7,100 young people interviewed in the United States are interested in the concept. According to statistics obtained by The Block from market research firm Piper Sandler, although 26 percent of teens own a VR headgear, just 5 percent use it on a daily basis.
Despite this, experiments have shown positive results. According to the company, more than 2 million people have downloaded Louis: The Game, which is free and requires no additional equipment. According to Nike President and CEO John Donahoe during the company’s March 2022 earnings call, roughly 7 million people had visited Nike’s Roblox store.
According to Robert Triefus, Executive Vice President and Chief Marketing Officer of Gucci, who spoke with McKinsey, Gucci, an early user of NFT fashion, had 19 million visitors on Roblox.
Louis Vuitton’s parent company LVMH’s own chief executive Bernard Arnault said in a January earnings call that he was cautious about a potential metaverse “bubble,” pointing to the burst of the dot com bubble in the early 2000s.
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