Paris — If you still don’t understand NFTs and what luxury brands are doing with NFTs, Ian Rogers will briefly explain. This is all about connections.
“Try it, exchange value with the artist and see how it feels,” he said, comparing digital assets to the price of luxury leather goods. “People who do it understand it and they feel it. They feel familiar with the brand. And that’s where this is. It’s very similar and emotional. “
“Luxury and NFT are the same thing, both about shortage, community and creativity,” he added.
This is “How Tech Is Transforming the Customer Journey” by Rogers, Chief Experience Officer of the Ledger, and Nicholas Woodynot, Executive Vice President of Gucci, Frankle Mall, IT and Technology Director of LVMH Moët Hennessy Ivyton. Panel at WWD’s Metaverse Symposium on 28th in Paris.
Formerly Chief Digital Officer at LVMH, Rogers is in the midst of a generational shift, and the current 15-20 year old cohort is growing by playing immersive games, the predecessor of Web3. It states. A completely different definition of value that does not focus on old-fashioned craftsmanship.
Twenty years from now, “Web3 natives” will emerge, as we currently use the term “digital natives.” It’s been a change over decades, but the technology to get there is fast, panelists agree, and brands need to lower their stakes now.
However, Rogers warned of the idea of jumping into the Metaverse, “If you build it, they will come” just because the Metaverse is the next big thing. It is important for brands to understand their customer base and build a small differentiated community around art and sports that attract consumers.
LVMH has pursued such a “cautious” strategy, Le Mole said. It’s not just LVMH NFTs. The group considers the metaverse, which includes augmented reality, virtual reality, blockchain technology, cryptography, and virtual products, as a “global framework.”
This is one of the main issues that has plagued the digital asset debate. When we say “Web3” or “Metaverse”, everyone seems to be talking about a lot of things.
The symposium was held just as the value of cryptocurrencies plummeted — Bitcoin lost more than 38% of its value in June alone. Panelists likened the currency to a “roller coaster.”
“But this is a vehicle we plan to continue for the next 10 years or so,” Rogers said.
However, working on encryption is an “absolutely important” long-term strategy, Le Moal added. He predicted that government regulators would soon intervene and established players would also join the game. “Two years later, we see it as a fight against ants.[baba], Facebook and those people. I think the story of the end customer and the brand will change a bit, “he said.
Oudinot added that the technology is advancing very rapidly, supported by top engineers and talents who choose Web3 startups rather than big companies like Google and Facebook’s parent company Meta. “
The trio finally agreed that there were two brand tasks. First, brands need to create products that allow NFT holders to showcase their digital assets to other enthusiasts. This increases the value of your brand. Ultimately, it’s all about marketing the idea of belonging to a tribe and creating personality through acquisitions. One way is to allow people to view Gucci NFT art as a profile picture on social media. Meanwhile, Lumor quoted the Bulgari Octo Finissimo watch, which displays verified digital art.
Second, brands need to connect NFTs to physical products or face-to-face events. “Everything is related to this concept of having real products and twins,” Le Moal added. “Ultimately, we believe that value comes from the connection between digital and physical.”
Both Oudinot and Rogers hosted a recent NFT.NYC conference in New York City. There, many brands also organized the IRL experience. Gucci hosted a private event for NFT holders.
“At the exact same meeting, I was able to hear a speech that it was the end of a physical product,” Udynot said. “But when we hold an event, they all knock on the door … I think it’s complementary and only creates more stickiness between the brand experience and the consumer.”
Brands can sell their most exclusive product rights through NFTs and later redeem their physical products. Rogers added that, in comparison to the collection of paintings: It is a 100% fluid global market, where things can change, no authenticity checks are required, and there is no risk of damage, and it will revolutionize on a large scale. “
