LVMH chairman Arnault warns: ‘We must be wary of Metaverse bubbles’

“We’re not interested in selling virtual sneakers for 10 euros,” Bernard Arnault , chairman and chairman of French luxury giant LVMH Group , said on a conference call releasing its 2021 results.

He also used the bubble at the beginning of the Internet as a warning to be wary of the Metaverse, saying: “At that time, all kinds of things suddenly popped up from all directions and then shattered quickly. There were several companies like Facebooks, but Only one survived.” He added: “We have to be wary of bubbles” and “we have to warn”.

LVMH chairman Arnault warns: 'We must be wary of Metaverse bubbles'

One of the hottest buzzwords of 2021 is the “Metaverse,” an umbrella term for a series of immersive online interfaces under development, often with cryptocurrencies and blockchain at the heart of it.

But Bernard Arnault also admitted that he is watching developments in this area and is interested in the potential applications of NFTs. “There may be related applications in this area, but we have to see which ‘universes’ are really profitable,” he said. “It’s going to be interesting to see how it generates value.” NFTs are generating profits and I believe if it develops well, it will have a positive impact.”

The LVMH group, which controls top luxury brands like Louis Vuitton, Dior and Tiffany, is in no hurry to sell virtual fashion.

Bernard Arnault said: “As fascinating as this (Metaverse) is, at this stage we are selling real products in the real world.”

LVMH chairman Arnault warns: 'We must be wary of Metaverse bubbles'

Bernard Arnault’s attitude is in stark contrast to many of his luxury counterparts.

Kering-owned Gucci (Gucci) and Balenciaga (Balenciaga) have experimented with the water Metaverse several times, selling virtual sneakers for $12 on the Wanna app, in games like Roblox and The Sims. Launched item packs; in January this year, it cooperated with American designer Chaowan and animation entertainment company Superplastic to launch the CryptoJanky NFT joint series. (For details, please refer to ” Luxe.Co “: Gucci and American designer Chaowan Superplastic officially released the first joint NFT series )

Balenciaga launched virtual item packs in the Fortnite game.

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