The metaverse represents a growing opportunity to embrace in the coming decade. How luxury brands build their presence and interact in the digital space today may determine their future success in the years to come and therefore they should start engaging and get experience with it, says Mario Ortelli, Managing Partner at Ortelli&Co and Luxury Society Columnist.
A new chapter for luxury has started. One where digital assets most likely co-exist in harmony with their physical counterparts, where the price of a Non-Fungible Token (NFT) can command thousands of dollars more than that of a physical luxury good, and where interactions on the metaverse are beginning to enter the mainstream.
Over the past year, we have seen brands make forays into the world of digital; designing virtual clothing, entering into gaming, art, collaborating on NFTs with other creative industries. But it’s now time for the brands to take a structural approach to the metaverse, as the boundaries between the real and digital world are blurring.
And while this change may seem quite radical in terms of the luxury world, let us not forget that over the past 40 years, the luxury industry has undergone many radical changes and it has grown from strength to strength becoming a global and social phenomenon that has increasingly embedded itself with culture, music, and society.
Read More at https://luxurysociety.com/en/articles/2022/01/opinion-metaverse-new-wave-growth-luxury-brands-should-jump-and-start-building
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