Source: Business of Fashion
The chief executive of Paris-based luxury production house LVMH, Bernard Arnault recently gave his own perception of the metaverse. In his annual presentation to investors, Arnault made it very clear that the company is in no hurry to break into the world of metaverses.
According to Business of Fashion, Arnault is considering possibilities and “monitoring sales developments with virtual fashion, and is interested in potential applications of NFTs.” Arnault said, “Right now, we’re in the real world selling real products. Obviously, it’s charming, it’s interesting, it’s fun. But we’ll have to see what this metaverse and NFT implementation will be. He went on to add that while it’s entirely possible to enter the metaverse, it’s worth thinking about the “positive impact on our brand” he understands that if it’s not “done well” it can lead to bad things to hit his business.
Arnault said, “It’s not our goal to sell virtual sneakers for 10 euros. We don’t like that. But there may be more relevant applications.” Arnault seems pretty firm on his stance about not rushing into the NFT space. It looks like LVMH will take the path of precaution before fully entering the metaverse.