It was only a matter of time before Louis Vuitton joined the craze and started minting its own NFTs, and the company is about to take another major step into the metaverse with a completely new collection.
This month, the legendary fashion house announced that it was releasing new NFTs in connection with its app, “Louis: The Game.” The game first debuted back in August, and it has served as the platform from which Louis Vuitton has been distributing NFTs. But what is this newer collection all about?
Louis: The Game
Once again, the newest NFT collection revolves entirely around Louis: The Game. Previously, players were rewarded with NFTs that represent historical postcards.
The interesting thing about this approach is that the NFTs were not actually sold or auctioned. Instead, they were awarded to players on a completely random basis. This is notable because Louis Vuitton doesn’t seem to be profiting off its involvement in the NFT world, and the game itself is free to download on iOS or Android.
The New NFTs
The newest Louis Vuitton NFTs are connected with new “quests” added to the game, which enable players to qualify for just ten NFTs. Obviously, the chances of winning these NFTs are quite slim, but that hasn’t stopped people from trying.
In fact, Louis: The Game has become incredibly popular, with 2 million downloads. The gameplay is all about the history behind Louis Vuitton, which means that this is essentially just one giant advertising scheme.
This explains the brand’s disinterest in actually making money from NFTs, as they see it as more of a way to attract younger generations to the fashion brand.
The Fashion Industry is Relying on Gaming to Market NFTs
Louis Vuitton isn’t the only fashion brand using the gaming industry to market its NFTs, as many other brands are joining this trend. Observers say that this represents a safer, more cautious approach to the NFT world, allowing fashion houses to rely on the expertise of the gaming industry to reach younger generations and take advantage of the popularity of NFTs.
Louis Vuitton Founder is Wary of NFTs
Of course, not all fashion brands are taking such a cautious approach to NFTs. Others, such as Kering (the conglomerate that owns Gucci and several other big names) are diving in headfirst. Kering’s leader is Francois-Henri Pinault, one of the world’s richest people, and he has expressed excitement about the metaverse. Gucci’s CEO is on board, releasing a number of NFTs over the years.
On the other hand, Louis Vuitton’s Chief Executive Bernard Arnault described the metaverse as a “bubble,” suggesting that he is wary of whether NFTs are truly a worthwhile long-term investment. This might explain why Louis Vuitton is content with “gamifying” off NFTs rather than profiting from them directly.