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LVMH, the world’s greatest luxury corporation, is not in a rush to enter the metaverse, according to Bernard Arnault. “It is not our intention to offer virtual footwear for ten euros.”
The chairman of LVMH is examining the possibilities and “watching advances in this field, as well as being interested in prospective uses of NFT,” according to foreign media. “We’re currently in the real world, selling genuine items”. “We’ll have to wait and see what uses the metaverse and these NFTs will have.”
Bernard Arnault, the chairman of the French luxury firm LVMH, recently expressed his thoughts on the metaverse. During an annual investor presentation, Arnault made it clear that the company is not in a rush to sell virtual fashion.
According to Business of Fashion, Arnault is investigating the possibilities and “monitoring developments in this space, as well as its potential applications of NFT”. Arnault stated, “Right now we’re in the real world and selling real products. It’s certainly exciting, interesting, and fun, but we need to see what the applications of the metaverse and these NFTs will be.”
Surely, he believes that entering the metaverse might have a “good impact on our brands,”. However, he also believes that if it is not “done well,” it could have disastrous consequences for the organization. Indeed, it could be a reference Gucci latest move, with the release of its NFT sneakers in March. Which eventually sold out online for around $12 USD.
According to Arnault, “We don’t want to sell virtual sneakers for ten euros. That’s not our forte. However, there may be more pertinent applications.”
The chairman appears to be adamant about not rushing into the NFT space. Furthermore, it appears that LVMH will tread carefully before fully embracing the metaverse.