Louis Vuitton partners with Japanese artist Yayoi Kusama for an NFT collection
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Louis Vuitton has partnered with Japanese Yayoi Kusama to release a non-fungible token (NFT) collection. The fashion brand plans to give its customers access to 10,000 digital assets through this partnership.
Louis Vuitton partners with Yayoi Kusama for an NFT collection
The luxury fashion brand has already shown interest in the buzzing Web3 world. Louis Vuitton completed the release of its first NFT game last year. The company is now exploring the NFT world for its 200th anniversary. By releasing this NFT collection, Louis Vuitton will allow customers to trade digital assets for physical ones.
The release of this NFT collection comes at a time when the popularity of these digital assets is high. The fashion brand is releasing the collection to boost customer engagement and explore a new revenue stream. The company will receive a 7% royalty from the customers who trade the collection on OpenSea.
Louis Vuitton will join the list of luxury brands that have shown interest in NFTs over the past year. Given the values other similar luxury collections have traded at on NFT marketplaces, it is estimated that each Louis Vuitton NFT created by Yayoi Kusama will be worth around 4 ETH.
Yayoi Kusama is one of the most renowned artists in the NFT sector. She has created a name for herself because of her Infinity Rooms and polka-dotted pumpkin, which has become the artist’s signature. Kusama also has a notable influence on social media, where she has become a major household name.
Kusama will expand her customer base as she works with one of the largest fashion brands globally. The growing popularity of NFTs and the strength of the Louis Vuitton and Kusama brands will create a new path in the digital world as it will support more luxury brands in supporting innovation and adapting to the changes in the digital world.
Fashion brands embrace the NFT world
Fashion brands have become supportive of the NFT world. Gucci, another luxury brand, has also embraced NFTs. Last year, the luxury brand partnered with Superplastic to release ultra-limited NFTs. Tiffany also dived into the NFT world last year despite the slump in the prices of digital assets during the year.
Nike is also set to emerge as one of the largest players in the NFT world. The sportswear brand acquired RTFKT last year in a move aimed at helping the company venture deeper into the NFT world. Nike also released RTFKT sneaker NFTs known as Cryptokicks IRL through this partnership.
In November last year, Nike released the .Swoosh Web3 platform. This platform aimed to be a place where virtual apparel and other NFT products could be traded. The platform was promoted as the central location where Nike will support its digital plans. Nike will also use .Swoosh as a hub where it will release virtual apparel such as sneakers and t-shirts for avatars to use within Web3 games.
