Luxury brands such as Gucci, Tiffany, Bulgari, and Jacob & Co. are not stopping in the face of the cryptocurrency market’s long bearish trend, launching luxury-related NFTs as well as crypto projects. 

Luxury brands and the launch of luxury-related NFTs

This summer alone, some luxury brands have launched their own luxury-related NFTs. In the jewelry sector, for example, both Bulgari and Tiffany did not stop before the long crypto winter and launched their luxury NFTs. 

Tiffany has entered the world of Non-Fungible Tokens by launching its 250 NFTiffs collection, digital passes, minable only by holders of CryptoPunks that will allow the holder to obtain a custom pendant and the respective NFT. 

Basically, for each NFTiff purchased, Tiffany designers create a custom pendant, based on the buyer’s CryptoPunk, rendered in 18-karat gold and with at least 30 precious stones and/or diamonds. The cost of each NFT was set by the luxury brand at 30 ETH, about $51.000. 

Bulgari also made its first NFT jewel “Beyond Wonder,” defined as a creation that transcends the boundaries of materiality and includes the Ruby Metamorphosis and Emerald Glory necklaces, reinforcing the link between High Jewelry and High Technology. 

The digital twins are digital artworks inspired by the necklaces and stored on the Aura blockchain and Polygon blockchain, minted by Luxochain, and accessible through a digital experience created by Temera. 

Luxury brands and cryptocurrency projects: Gucci and Jacob & Co.

Not only that, in August, other luxury brands such as Gucci and Jacob & Co. launched their own crypto projects. 

And in fact, Gucci has added ApeCoin (APE) to its list of cryptocurrencies accepted as a means of payment, thanks to the use of the BitPay payment gateway. 

ApeCoin (APE) will thus be able to be used in selected U.S. Gucci stores where other cryptocurrencies are already accepted. 

Not only that, another crypto project by a U.S. luxury brand is Jacob & Co., which has launched the limited-edition Bitcoin watch. It is a physical collection of only 25 pieces that echoes the Bitcoin ecosystem

Here is the video presentation: 

JUST IN: Luxury watchmaker Jacob & Co launches limited edition #Bitcoin watch pic.twitter.com/4mryymqe5c

— Bitcoin Magazine (@BitcoinMagazine) August 31, 2022

“Luxury watchmaker Jacob & Co launches limited edition Bitcoin watch.”

The luxury watch called Astronomy Solar Bitcoin incorporated 444 components on two rotating platforms for a unique display, and according to Jacob & Co., all of these symbols tell the story of the advent of the first cryptocurrency, from abstraction to reality, from anomalous phenomenon to pillar of the financial system.

The Metaverse has received great attention in recent months after Meta (formerly Facebook) announced that it would focus on this technology and experience in the coming years. 

By using an avatar within these virtual worlds, it is possible to move around and interact with other users making innovative experiences, an example we have seen on the web with long-standing metaverses such as the famous Second Life. 

Currently, more than 350 million people are using and having experiences in the metaverse: it is estimated that by 2030 the market value may reach $13 trillion (source: Citigroup)

It is no coincidence that brands and large companies have begun to imagine how they can introduce their presence within these virtual spaces to take advantage of all the opportunities.

A few examples?

In the summer of 2021, Coca-Cola launched its first NFTs representing the brand’s most iconic objects, and then held an event in the Decentraland metaverse, where the goal was to spot the large can of Coca-Cola placed inside. 

Singer Snoop Dogg, on the other hand, created as many as 10,000 NFTs representing his avatar, which can be used in The Sandbox metaverse. We can call it an innovative virtual merchandising campaign. 

Fashion brands

The metaverse provides an excellent opportunity for fashion retail to build alternatives to classic in-store or e-commerce shopping. 

In addition, there is also a chance to do brand awareness by going to intercept a young target using a language familiar to them. 

To date, fashion is the sector that is taking advantage of this trend the most, thanks in part to the interest that has been created around NFTs: it is possible to create unique collections that can then gain value over time and be resold, as well as displayed on social media or even used in the metaverse by having one’s avatar wear them. 

But which fashion brands are currently using these technologies? Let’s look at some examples. 

Burberry

Burberry launched an NFT collection of 750 pieces within the Blankos Block Party video game that sold out in a few hours. 

Within this Metaverse, it is possible to play different games and socialize with other users in a dedicated space.

The new NFT collection will include other Burberry pieces, including boomboxes, TB sliders, horseshoe necklaces, and a “Shellphone,” a shell-inspired cell phone accessory that players can add to their virtual portfolio of online accessories. 

Dolce & Gabbana

During the first Metaverse Fashion Week, held in the Decentraland metaverse this past March, Dolce & Gabbana presented a collection consisting of twenty looks wearable in virtual reality and created exclusively to celebrate innovation brought by the event. 

The first NFT collection called Genesis was released in the fall of 2021 and immediately proved to be a success: nine digital couture pieces inspired by Venetian history and traditions were created, and sales reached 2,000 ETH, which currently corresponds to about $2 million. 

Louis Vuitton

On the occasion of the 200th anniversary since the birth of founder Louis Vuitton, celebrated in August 2021, the video game Louis: The Game was launched and was an opportunity to approach the NFT world. 

The video game, which follows the adventures of Vivienne, the company’s mascot, has at its core 30 NFTs that players can collect along the way. Ten of them were created by the famous digital artist Beeple.

Amarossa

Amarossa, an Italian shoe brand, announced a few days ago the launch of a limited-edition Capsule Collection – 100 total numbered pieces with the collection’s exclusive serial number on the sole – in which each “physical” model also has its virtual counterpart, in the form of NFTs that can be used in the Decentraland metaverse.

This is a project carried out in collaboration with FiloBlu S.p.A, which was created not only with the aim of innovation, but also to extend the concept of sustainability to an expanding market such as the Metaverse. 

At the time of the purchase, the buyer will simply have to enter their digital wallet and then receive, about a week later, their collectible Metaverse shoes in NFT format.

Beyond the undoubted intrinsic value of these eco-friendly shoes, the real added value of the Amarossa proposal is precisely the possibility of using it in the metaverse. 

To date, in fact, there is no brand that associates a physical purchase with a virtual one. At least not for free, as we have seen. 

Each virtual shoe will give the opportunity to walk through the streets of the world of Decentraland showing off the Made in Italy Amarossa style, interacting and socializing with other users and taking part in the city’s economy.

These examples we have listed show how established companies in the fashion field are moving rapidly of the field of metaverse with main focus on those that work by exploiting blockchain and thus giving the possibility to create NFTs whose uniqueness and originality is guaranteed by the very underlying technology.

There will be more and more possibilities, and the combination of metaverse and the world of gaming will lead brands to seek more and more space within these virtual spaces, which will serve as a digital window for future users.

Animoca Brands, a gaming software and venture capital company, says it remains optimistic about the future of the Web3 world, which encompasses metaverse, NFTs and crypto. This was stated by co-founder Yat Siu in his mid-year statement. 

Animoca Brands: Yat Siu is optimistic about the future of Web3, metaverse, NFTs and crypto

According to reports, Yat Siu, co-founder and executive chairman of Animoca Brands, released his mid-year statement, remaining optimistic about the advancement of Web3, metaverse, NFTs and crypto, despite market concerns that have arisen since the beginning of the year. 

“Despite current market concerns, we remain undeterred and positive about the future… The current market conditions will not kill Web3, the open metaverse, NFTs, or cryptocurrencies. There will be bumps on the road, cyclical variations, and the occasional black swan event, but the map to the future is legible by anyone who takes a broader and longer view”.

Broadly speaking, Animoca Brands is deeply involved in the technology sector and Web3 in particular, with a portfolio of over 340 investments and several subsidiaries and projects, including The Sandbox, GAMEE, REVV Motorsport, TOWER and many others. 

Due to this presence, the vision of its co-founder remains positive and optimistic, based on solid financial results. 

Animoca Brands’ journey from early 2022 to today

Continuing with his speech, Siu points out that in the first four months of 2022 they generated an impressive $573 million in revenue, $352 million in cash and $659 million in other digital assets. 

Not only that, Animoca Brands’ reserves of portfolio investments and digital assets were valued at around $5.7 billion in total. 

Staggering numbers that add up to interesting partnerships developed during this first half of the year, such as with Yuga Labs, OneFootball, Planet Hollywood, Cube Entertainment and Untamed Planet.

Siu also goes on to describe the NFT sector, which is showing lively and steady growth, reaching out to major companies such as the partnership of The Sandbox and HSBC. 

Regarding gaming, Siu points out that Web3 games represent only a small fraction of the 3.2 billion people who play games or the 5 billion people who are online. 

Finally, describing the philosophy of Animoca Brands, Siu affirms their long-term vision, investing in open, innovative and favourable Web3 projects for the emergence of the open metaverse. 

MetaHollywood: the Hollywood-themed NFT metaverse and marketplace

Another stunt by Animoca Brands this year was the launch of the MetaHollywood joint venture, the new Hollywood-themed NFT metaverse and marketplace. 

Basically, together with Planet Hollywood Group, the idea was to create a Web3 metaverse that brings back the Hollywood experience, dedicated to film lovers, studios and creators. 

At the same time, the metaverse also includes an NFT marketplace of digital collectables of moments, events and clips reminiscent of movie star scenes.