Louis Vuitton doubles down on NFT efforts despite falling interest in the sector

Louis Vuitton doubles down on NFT efforts despite falling interest in the sector

IN SUMMARY

  • Louis Vuitton has revealed its plans to launch a new NFT collection for its community.
  • The fashion industry is looking to capitalize on the growing interest in the metaverse through a multitude of innovative developments.
  • Forever21, Dolce & Gabbana and Gucci participated in the fashion week held at Decentraland.

Leading international fashion brand Louis Vuitton is launching new non-fungible token rewards tied to its mobile app game, Louis: The Game. Players who earn a certain number of free NFTs in the game will qualify for a prize draw.

The giveaway will run through August 8 and gamers will have a chance to win one of ten new Vivienne NFTs that will be portable across multiple platforms.

Louis Vuitton among the first fashion brands to implement NFT
The Louis Vuitton game launched in August 2021 . It revolves around an avatar named Vivienne, who runs around collecting postcards with information about Louis Vuitton within the game.

Beyond the NFT rewards, the brand has also added new quests as part of the game update.

Beeple startup Wenew Labs collaborated on the NFTs, and the tokens were minted from Louis Vuitton’s Ethereum wallet. For those who don’t know, Beeple is the digital artist who sold the most expensive NFT in history for $69 million in March 2021.

Fashion takes center stage in the metaverse
Louis Vuitton’s foray into NFT is not surprising given that several fashion and luxury brands are already taking advantage of these technologies. Like LV, Burberry also released an NFT character for its multiplayer online game, Blankos Block Party.

The character named Sharky B is decked out in monochrome Burberry TB and debuted last August. Burberry chief marketing officer Rob Manley said:

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

With NFT and other Web3 technologies, these brands are looking to appeal to a younger audience. Last month, the metaverse fashion week took place in Decentraland . It featured various brands such as Forever21, Dolce & Gabbana and Gucci.

Although these concepts have potential, their hype seems to exceed current public interest. A recent study by Piper Sandler revealed that only half of the 7,100 teens surveyed in the US are interested in the metaverse . Additionally, 26% own a virtual reality headset needed to access the metaverse.

But these numbers don’t seem to discourage many of these big-name brands. Louis: The Game has had more than two million downloads and more than seven million people have used Nike’s Roblox store.

Samuel Edwards
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