A glimpse into LV: how luxury brands entered the Metaverse

“I can’t afford expensive LV goods, but I can still lick the wool of LV free games,” said a user who had experienced the game so jokingly.

On August 4, 2021, LV launched the NFT game “Louis: The Game” on the 200th anniversary of the birth of the founder Louis Vuitton, which is a video game that can collect NFT. The theme commemorates it as a celebration project, which has gained a huge amount of attention. It once ranked first in the IOS free game list. The game mainly uses the works of the famous NFT artist Beeple as the printing of fashion brands, as well as some videos. To promote LV’s corporate culture.

A glimpse into LV: how luxury brands entered the Metaverse

(The picture comes from in-game screenshots)

Why are luxury brands called “luxury”? Why is the price so expensive? Is it really like the rich people in some movies that “people are stupid and have a lot of money”? The answer is clearly not. Every aspect of luxury goods pays more attention to product details, excellent workmanship, as well as high-end cultural value and marketing taste, which actually improves the quality of personal life, so it is called “luxury goods”.

At present, the development of the Metaverse has not been perfected, and there are still many defects, so as a high-end brand, is Louis Vuitton’s entry into the Metaverse a self-inflicted identity? Or have other plans?

Are luxury brands suitable for making NFTs?

NFTs can be used as art, games, music, sports, news, etc., but are luxury brands suitable for making NFTs?

Jamie Burke, founder and CEO of Outlier Ventures, which invests in blockchain and Metaverse businesses, once said: “NFTs are great for luxury because NFTs are provenance transparent, durable, non-rotten, and It can also be better represented in the native metaspace.”

Since these characteristics of NFT are more suitable for the development direction of the inherent attributes of luxury brands, there are already related luxury brands that have taken the lead in entering the Metaverse to actively deploy. For example, Robert Triefus, executive vice president of GUCCI brand and customer engagement, declared: “In the virtual world of Roblox games, a total of 19 million tourists visited ‘Gucci Garden’ (GUCCI GARDEN).” And according to a related Metaverse report: “The first to enter the Metaverse Brands can seize 50% of the market share.” So it is necessary for LV to enter the Metaverse as a luxury brand.

After luxury goods are made into NFT, the economic value is high . In 2021, the NFT work “Every Day: The First 5,000 Days” created by Beeple, an artist in the digital art world, hit a record high of $69 million. The artist Beeple is the author of the related works used in the game “Louis: The Game”, and since NFT operates in the blockchain and has a unique personal right of ownership, it can be seen that NFT can be used as a tangible and more expensive commodity a form of authentication. In addition, from Lin Junjie’s entry into the Metaverse to “buy land”, to Justin Bieber’s delivery of “The Boring Ape”, and the Olympic mascot “Bing Dun Dun” can be purchased with NFT, etc., NFT has realized the realization of virtual items. Capitalization is in line with the economic positioning of luxury brands entering the Metaverse.

A glimpse into LV: how luxury brands entered the Metaverse

(The picture comes from in-game screenshots)

Why does this game work for me?

When users enter “Louis: The Game”, they use the classic LV doll ViVienne as the protagonist of the game. The game consists of 6 virtual worlds. Players can find candles and collect related items in these 6 spaces to experience the experience. The adventures of the life of founder Louis Vuitton.

A glimpse into LV: how luxury brands entered the Metaverse

(The picture comes from in-game screenshots)

One of the highlights of “Louis: The Game” is the NFT series collectibles raffle. The game uses the latest blockchain technology and contains 30 NFT art collectibles, 10 of which are created by the aforementioned artist Beeple. It can be obtained by participating in activities such as collecting candles to lottery. However, the NFT items obtained by users in the game can only be collected and cannot be sold, so after the economic value is dispersed, what use can the NFT items obtained by players be used? What is its use value?

identity value

Celebrities like Jay Chou and JJ Lin buy and support NFT products, not because “people are stupid and have more money”, but because the NFT products you own can save your personal certificate in blockchain technology, and at the same time you have its unique attribution Right, so this is a manifestation of your personal identity, just like famous brand watches, famous brand bags, luxury houses, etc., and owning valuable NFT goods is a sign of entering the rich community, which can promote exchanges with the same class value.

Aesthetic Value

As mentioned earlier, NFT works have the value of art collections. Because digital works are exquisite and beautiful, they are loved by users. Moreover, high-quality works of NFT are still relatively scarce at present, and rare is precious, so owning NFT works of art is like Collecting a famous painting naturally has its beauty.

A glimpse into LV: how luxury brands entered the Metaverse

(The picture comes from in-game screenshots)

Collection value

Users have the unique right of ownership of NFT works, which lies in their original value , just like a famous painting is mass-produced under industrial printing, those copies naturally lose the charm of the original work, such as the German sociologist Adorno proposed “cultural In general, the products on the assembly line have no charm, but the NFT works are the original products you own. For example, although you can copy and use the avatar like Curry, the copyright of Curry’s avatar belongs only to him. It can be seen that , NFT works have collection value.

Why can games better spread LV’s corporate culture?

The origin of the game “Louis: The Game” is based on the story of the founder Louis Vuitton’s experience of leaving his hometown to start a business. It is a spectacular adventure. Louis Vuitton left his hometown in France’s Jura region at the age of 14 and spent two years walking to Paris. Therefore, when players experience the game and feel the exciting adventures of Louis at that time, they will recognize Louis himself, and thus have a sense of identity with LV’s corporate culture.

A glimpse into LV: how luxury brands entered the Metaverse

(The picture comes from in-game screenshots)

According to the “2021 Global Game Market Report” released by Newzoo, the global game market will exceed 200 billion US dollars in 2024, and the total number of players will reach 3.3 billion, which shows that the game has a huge market size and user group . If LV wants to better spread the internal culture of its own company, it is an indispensable step to acquire core user groups, and because the economy and culture complement each other, games have a pivotal strategic position as a medium for transmitting information.

Digital collections are another “ship ticket” for cultural exchanges, and as an artistic “wind vane”, they can bring more humanistic recognition. This is because NFT, as a form of digital collections, can be used as a new carrier for cultural dissemination and communication. Its technical composition is cold, but its inherent humanistic feelings are warm. Players have activities related to collecting items in the game experience. There are a total of 200 postcards of these items. Each star card corresponds to a story behind the brand culture. Players will subtly accept the corporate culture of LV during the experience activities, thereby expanding the LV enterprise. influence.

tail

There is a saying: “Bright people change with time”, as the Internet traffic dividend gradually peaks, the cost of acquiring customers becomes higher. Therefore, as a luxury brand, Louis Vuitton’s active entry into the Metaverse is not necessarily a self-deprecating identity, but a talent that conforms to the trend of the times. It’s what the wise do.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-glimpse-into-lv-how-luxury-brands-entered-the-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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