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Luxury watch brands are questioning whether the burgeoning marketplace for virtual goods created by the rise of NFTs and the early stages of the metaverse presents a real opportunity or a real headache.
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A team dedicated to web3 projects will be creating NFTs for Highsnobiety and helping brands execute their own projects by providing creative and technical assistance.
Even if the luxury brand wins its case against the creator of the virtual interpretations of its famed bag, the NFTs can’t be erased, at least not in any conventional sense.
The LVMH chairman said, “It’s not our objective to sell virtual sneakers for 10 euros,” contrasting with rival Gucci’s bullish approach.
Robin Swithinbank is a contributing writer at The Business of Fashion. Swithinbank is a London based journalist, editor, and speaker who specialises in luxury watches.
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