It’s evident that the NFT market is determining its own status symbols in certain profile-picture NFTs and art. But Louis Vuitton is still Louis Vuitton. Balenciaga is still Balenciaga. And a Richard Mille is still a Richard Mille.
The metaverse will adopt the status symbols of the time. And it’s quickly becoming crypto-native, NFT brands being the clear front-runners. Existing luxury brands have the ability to capture the metaverse market as well. Easier said than done, of course. But they’re starting from a position of power.
Yet, that’s not stopping crypto-native creators from trying to become the Metaverse Jewelers of the Future.
For example, Generative Watches is creating a line of NFT watches inspired by iconic timepieces. Meta Watches is right on its tail, designing NFT watches for the digital age. Then there are Chains NFT whose bling has brought in more than 500 ETH. And who can forget about the WorldStar Hip-Hop Chain sold for 121 ETH back in April 2021 (created by none other than NFT QT)?
The way we express our status appears to not be changing too drastically. But the subjects of our status are.
In our latest video, we discuss who we believe will capture the metaverse market for luxury accessories. Will it be the luxury incumbents or new crypto-native brands?
It’s an interesting thought prompt to think about. As we transition toward the metaverse, will crypto-native brands outpace the luxury incumbents?
Whether we’re talking about jewelry, cars, handbags, or shoes, all of these will exist in some form or fashion in the metaverse. It’s really up to the innovation teams at luxury brands to decide whether or not it’s worthwhile to invest in a metaverse expansion.
The opportunity is here. It’s not all about being a first-mover, but rather a smart-mover. The ball is in your court, Rolex.
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