Luxury Goods Giant LVMH Is Keeping A Close Eye On The Metaverse.
The “metaverse” and how LVMH is thinking about its gaming approach were briefly discussed in LVMH’s most recent earnings call. While the space is fascinating and promising, according to LVMH CFO Jean Jacques Guiony, it is still in its early phases.
LVMH, the luxury goods giant that owns Christian Dior, Marc Jacobs, Tiffany & Co., and Louis Vuitton, is “very carefully” examining the metaverse and blockchain gaming, according to Jean Jacques Guiony, LVMH’s Chief Financial Officer, during the company’s most recent earnings call.
Several LVMH companies have already begun experimenting with crypto, NFTs, and gaming.
Louis Vuitton has its own standalone mobile game in which players may win NFTs. During the business’s April 12 earnings call, the company stated that a partnership between crypto-asset company Ledger and Hubolt has received “high demand.”
Alexandre Arnault, a Tiffany’s executive, just converted his CryptoPunk NFT into jewelry. According to OpenSea statistics, the business also purchased an NFT valued 115 ETH ($380,000) in March.
The company’s chief executive Bernard Arnault (father of Tiffany’s CEO Alexandre) expressed some worry during the company’s January results call, despite the enthusiasm from individual businesses.
“We have to be wary of bubbles,”
Guiony said during last week’s earnings call that it’s difficult to say what the metaverse means for the company just yet because “the whole thing is interesting, promising,” but it’s still in its early stages. He added:
“I think I would make a fool of myself if I tell you exactly what we have in mind and that [the metaverse] is very clear and that we know exactly what we will be doing in the future,”
He stated that there are numerous efforts that could potentially lead to corporate developments but it can be certain that the company will be a part of whatever happens. But, for the time being, the luxury products company has no idea what will happen in the long run.
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