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Future of luxury

Blockchain

NFTs and luxury: What you need to consider for your brand

10 September 2021 • by Stéphane J. G. Girod in Future of luxury

The recent explosive growth of the NFT (Non-fungible token) industry has piqued the interest of many luxury players who are making their foray into the world. ...

NFTs can further many of the sector’s closest-held values, but brands first need to consider the habits of their demographic, says a panel of experts facilitated by IMD Professor of Strategy and Organizational Innovation, Stéphane JG Girod and moderated by Michael Solomon, Forbes Life editor.

The virtual economy is nothing new, but NFTs have suddenly come to touch most sectors of luxury lifestyle. This year, Forbes turned its cover into an NFT, while Gucci, Porsche and Givenchy sold NFTs, and the artworld experienced an eruption of them. 

The industry was valued at 2.5 billion dollars in the first half of 2021, a significant increase on 2020’s estimated net worth of 13.7 million dollars. 

“A confluence of different recent factors has expedited the emergence of this space,” said John Egan, CEO of L’Atelier BNP Paribas.  

“One is COVID, another is the emergence of the crypto world into the mainstream in the last 10 years, and the third is [that] many young people under 40 […] are looking for an economy within which they can prosper.” 

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