Renowned fashion house Louis Vuitton and record producer Pharrell Williams delve deeper into Web3 fashion with their new varsity jacket linked to VIA NFT, as reported on Tuesday. Its latest design was released to the company's VIA NFT holders.
The Western-inspired varsity jacket, made of suede and with the brand's logo printed on the front, debuted on Louis Vuitton's Fall/Winter 2024 menswear runway in Paris last January.
Louis Vuitton releases the “Phygital” varsity jacket for VIA holders
Owners of the luxury company's Project VIA NFT who purchase the jacket (estimated at $8,450) will also earn its digital twin in the form of a collectible NFT, of which only 200 are available.
The piece's market launch plays with the concept of the new concept of “fixed” goods, when both digital and physical copies of a product are made and sold.
The physical varsity jacket is expected to ship to buyers in November or December of this year, while its digital copy will be available for purchase immediately.
Pharrell Williams embraces the world of the web3
Louis Vuitton's latest digital launch marks the French fashion house's continued efforts to capitalize on Web3 fashion, especially when it comes to exclusive NFT-based experiences.
In June 2023, the luxury brand unveiled its app-only VIA project last year, with customers able to purchase its first Web3 creation in the form of a $41,000 digitized version of its iconic LV trunk aptly named “The Treasure Trunk “.
According to a statement from Louis Vuitton at the time, the trunk was “designed for those who seek to journey through new dreams and new realities, and collect unique creations along the way.”
The project is the second NFT-related product Williams has released with the brand following its debut last June, featuring the company's orange monogrammed Speedy 40 bag, which sold for just over $9,000.
Louis Vuitton VIA. The first VIA trip is now available. Discover the Speedy 40 VIA @Pharrellrevisiting the Maison's iconic bag created in 1930. Find out more at https://t.co/FN7LgduFzK#LouisVuittonVIA #PharrellWilliams pic.twitter.com/X2i5G7w9xQ
— Louis Vuitton (@LouisVuitton) July 17, 2023
Additionally, Louis Vuitton women's creative director Nicolas Ghesquière released a $6,400 mini trunk for the brand late last year.
Web3 The growth of fashion
As the metaverse continues to expand, the Web3 fashion industry is expected to see a boom in business in the next decade. By 2031, it is expected to reach $4.8 billion and see a compound annual growth rate of over 26%.
Louis Vuitton has long been ahead of the curve on emerging technology in the fashion world, and recently launched a Discord server related to its upcoming endeavors.
The luxury brand's decision to continue leading the Web3 fashion universe could set the stage for what luxury style might look like in the future.