Will Web3 revolutionize the luxury sector?
Following the Covid crisis, the luxury sector has adapted by seizing the opportunities of Web3. NFT, metavers, blockchain are all technologies that have broadened the horizons of the biggest houses. Having recently entered the era of meta-luxury, these companies are demonstrating an overflowing imagination to conquer new territories.
An Internet of the future conducive to scarcity
In March 2020, due to the health crisis, luxury brands are taking the digital turn, towards Web3. This immersive Internet, heir to gaming, offers interactivity mechanisms allowing companies to offer unique services, but also to engage a brand new relationship with their customers. Moreover, unlike Web1 (the traditional Internet) or Web2 (social networks and blogs), the third version promises a triumphant return of a particular quality: rarity. This element obviously seduces high fashion houses. NFTs (non-fungible tokens) are, in fact, authenticated digital assets that affirm the unique, or almost unique, character of objects marketed in the digital space. This rarity remains deeply embedded in the DNA of luxury, which thus enjoys a virtual universe rich in promise.
NFT and metavers: luxury version 3.0!
The metaverse, with its numerous possibilities, opens a new chapter in the history of the great brands. In fact, they are entering into new partnerships that completely break the codes of fashion, such as the collaborations between Balmain and MINT NFT, Gucci and Roblox or Balenciaga and Fortnite. We also know the Chinaverse of Prada, the Nikeland universe of the famous sports label or the virtual avatars of Burberry. All these companies have seized the opportunities offered by the Web3. This parallel world is disrupting established practices and forcing brands to reinvent themselves in order to win over new audiences. Dior, Valentino or Vuitton are the first to support progressive struggles (LGBTQIA+, climate, diversity). Thanks to this Internet of the future, brands can develop a vast distribution network.
A true social and digital revolution, the metaverse offers unique services and numerous possibilities for interaction with customers. Web3 technologies are therefore likely to change the luxury sector by forcing brands to adopt a new strategy to conquer a universe of varied opportunities.
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