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Luxury Goods Giant LVMH Is Eyeing The Metaverse ‘Very Carefully’

Metaverse

cryptoknowmics.com 21 April 2022 02:45, UTC
  
Reading time: ~2 m

LVMH, the luxury goods behemoth that owns Christian Dior, Marc Jacobs, Tiffany & Co., and Louis Vuitton, is "very carefully" studying 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. As The Block previously reported, 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 "great demand." Alexandre Arnault, Tiffany's executive, just put his CryptoPunk NFT into jewelry. According to OpenSea statistics, the business also purchased an NFT valued at 115 ETH ($380,000) in March.

 “The evolution of fine art collecting is here and the future is bright with NFTs,” Tiffany's tweeted in March.

https://twitter.com/TiffanyAndCo/status/1507705724041940994 LVMH's chief executive Bernard Arnault (father of Tiffany's CEO Alexandre) expressed some anxiety during the company's January results call, despite the enthusiasm from individual businesses.

 “We have to be wary of bubbles,” Arnault said at the time.

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 exciting, promising," but it's still in its early stages.

 “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 said. “There are many initiatives that could possibly lead to business developments […] rest assured that whatever happens, we will be a part of it. But for the time being, whatever happens is unknown to us.”

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