So far luxury jewelry brands have cautiously approached the Metaverse, although they realize the importance of utilizing the digital space. Brands like Bvllgari and the LVMH (OTC:LVMUY) owned Tag Heuer are looking to dip their toes into the Metaverse, and are trying to balance the classic appeal of the luxury brands with the new age of digital retail.
Tag Heuer has embraced Web3 and cryptocurrencies more than other luxury brands, although it still remains without a presence in the Metaverse. The watch brand has started to accept cryptocurrencies as payments including Bitcoin and Ethereum through its US website. It has also allowed NFT collectors to display their tokens on their watch faces on its Connected Calibre E4 Smartwatch.
The brands would join others like Burberry, Gucci, Balenciaga, Louis Vuitton, and SFLMaven (OTC:SFLM) in the luxury brand sector. All of these companies have already established Metaverse locations and are using first-mover advantages to gain tech-savvy customers. Other companies like Nike (NYSE:NKE), Under Armour (NYSE:UA), and even JPMorgan (NYSE:JPM) have all established their own Metaverse presence, in what many project is a multi-trillion dollar industry by the end of this decade.
SFLMaven might be the closest thing to a luxury jewelry competitor. The online retailer sells vintage and luxury jewelry pieces on its eBay store and has recently opened its own Metaverse space in Decentraland, the first luxury jewelry-NFT store in the world.
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