The metaverse isn’t a big deal for LVMH right now
LVMH Chief Executive Bernard Arnault says the metaverse could become a business opportunity for the luxury giant, but “we have to be wary of bubbles”.
“At this stage, we are very much in the real world, selling real products,” he said during the company’s latest earning call. “We are not interested in selling virtual sneakers for 10 euros. We’re not into that.”
He added: “At the beginning of the internet, there were all sorts of things popping up and then the bubble burst. There may be relevant applications, but we have to see what universes might actually be profitable.”
At the same time, however, the metaverse is “thought provoking”.
“It will be interesting to see how it generates profit,” Arnault said. “NFTs are generating profits, and I’m sure this will have a positive effect if things are done properly.”
boohoo
Rise at Seven recently created and launched a non-fungible token (NFT) collection for online fashion retailer boohoo’s boohooMAN brand.
“We're used to starting trends, and this is no different. For the first time, an affordable fashion brand is launching an unforgettable line of NFTs, and who could get the virtual ball rolling better than boohooMAN?” the pureplay said in an online post.
“We're bringing our freshest threads from reality to NFT, to create a range of boohooMAN fits to hang on your virtual rail.”
“We've got a whole collection on offer, including t-shirts, outerwear, tracksuits and hoodies, meaning you can turn your digital wallet into a digital wardrobe in no time. Each item is brand new and completely unique, so once it's gone, it's gone.”
It added: “Create a metaverse worthy streetwear fit, or just keep them as a collection: once they're yours, the sky's the limit. It's not enough to look cool in real life anymore - time to take your style into the virtual realm.”
