WHAT'S THE STORY?
It's estimated the metaverse and NFTs - non fungible tokens - could make up 10 per cent of the luxury market by 2030, offering an extra $50 billion dollars in revenue.
But many big brands originally thought the online market was incompatible with a truly high-end experience, and the second-hand luxury market was led by start-ups who took advantage of their hesitation.
So, will luxury be lured by the metaverse? To find out, The Agenda's Stephen Cole speaks to Marjorie Hernandez
MEET THE EXPERT
Marjorie Hernandez is co-founder of The Dematerialised, a Web3 digital fashion marketplace, where consumers and creators can buy, sell and experience authenticated virtual goods.
An architect and designer by training, Marjorie has spent most of her professional career creating ideas and concepts in design and technology.
She is also the founder of Lukso, an Ethereum-based block-chain for the design and fashion industry.
WHAT DOES MAJORIE HERNANDEZ SAY?
Asked why luxury brands are excited by the Metaverse, Marjorie tells Stephen Cole it's because they recognize its potential:
"In terms of business building, it's the biggest opportunity the fashion industry has ever seen. When fashion scales, we know the impact it has on the environment. So for the first time, the industry has the ability of entering that beautiful exponential growth that we know from the technologies, while being less impactful to the environment.
"And being able to explore opportunities to a next level, have their brand exist in many, many manifestations is, I think, such an attractive proposition. So I think that's why fashion brands, traditional fashion brands have understood the beauty and the potential of their Office of the Metaverse."
Marjorie says she also expects new digital-only luxury brands to be born from the Metaverse:
"I think we're going to see a massive influx of creators all over the world because we have lowered the barrier of entry. In the past, in order to participate in the fashion system, you have to go to the right fashion schools, somehow have the right network…And now all of the sudden we're telling people that if you have an internet connection and a graphic and the ability to [create] assets, you are your own factory. You can go to market immediately.
"I think the traditional players should be a little bit worried about what's coming."
ALSO ON THE AGENDA:
- Luca Solca of Sanford C. Bernstein explains how the very meaning of luxury itself is evolving.
- Diana Verde Nieto Co-founder of Positive Luxury explains the benefits of sustainable business, and why it’s crucial to remaining relevant.
- Adam Sebba, Chief Executive of Luxury travel company, The Luminaire discusses rising demand for high-end luxury tourism.