If you still don’t understand NFTs and what, exactly, luxury brands are doing with them, Ian Rogers has an easy explanation for you — it’s all about connection.
, with the current cohort of 15- to 20-year-olds growing up playing immersive games — the precursor to Web3 — who will have an entirely different definition of value not focused on old-school craftsmanship.
LVMH has been pursuing such a “careful” strategy, said Le Moal. It’s not just NFTs for LVMH — the group considers the metaverse “a global framework” that includes augmented reality, virtual reality, blockchain tech, crypto and virtual products. The trio agreed that ultimately brands’ tasks are twofold. First, brands need to create products that allow NFT holders to show off their digital assets to other enthusiasts, which drives up their value, because ultimately it’s all about selling the idea of belonging to a tribe and crafting your personality through acquisition.
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