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Jing Meta


WITH THE METAVERSE’S BRANDING DILEMMA, HOW IS WEB3 REDEFINING LUXURY STANDARDS
IN RETAIL?

 * Bethanie Ryder
 * May 19, 2023

The rise of Web3 technology is impacting luxury’s approach to consumers. Jing
Daily explores how this shift is influencing luxury’s playbook and redefining
the industry. Photo: Asprey Studio

The proliferation of digital products and services like virtual Gucci bags sold
via Roblox and token-gated members clubs, begs the question: what really defines
true luxury in the metaverse today?

Though luxury had experimented with the metaverse for a number of years, the
virtual world’s rise to mainstream acceptance occurred in 2021, largely due to
the impact of COVID-19 and a shift to digitalization.

It’s estimated that metaverse luxury goods segment revenue could reach as much
as $50 billion by 2030, according to Morgan Stanley. 

What qualifies as luxury in the offline terrain encompasses a number of key
factors, including exclusivity, authenticity and the creation of hedonic value
through customer experiences. With more businesses adopting Web3, luxury brands
are having to look for new ways to deliver all-frills digital experiences and
diversify their offerings. 

How can brands replicate their offline luxury standard experience in the online
world? Photo: Gucci x Roblox

Pulling off a community coup

Community is the bedrock of Web3. The rise of consumer communities in the
virtual realm is forcing luxury brands to restrategize their retail models to
favor incentivization and rewards systems, and defend their values, such as
excellence. 

As in the offline world, in the digital space luxury spenders seek access to
exclusive products and services that differentiate them from the mainstream
crowd. 

To be sure, obtaining items from a brand’s collection at its flagship boutique
is not possible in Web3 (unless in avatar form). In a report published by Boston
Consulting Group last year, 67 percent of survey respondents thought luxury
brands’ digital experiences do not meet the standards of the labels’ in-store
experiences. 

The challenge of replicating offline luxury’s level of quality in the metaverse
means brands have begun exploring alternative ways to deliver the
luxury-standard experience and drive client engagement. 

High-profile brands exploring Web3 acknowledge that consumers of luxury will
refuse to settle for mediocrity. 

For example, luxury jeweler Asprey’s Web3 arm, Asprey Studio, developed its
token-gated “Asprey Club” community back in 2022 following its non-fungible
token (NFT) collaboration with automotive label Bugatti, which tapped the auto
manufacturer’s rich cultural heritage. Community membership provides access to
high-profile offline events, with each member gifted an Asprey gold signet ring
as an esteemed ‘badge of honor.’ 

Asprey’s latest tie-up with Bugatti aims to elevate the Web3 luxury standard
experience. Photo: Asprey

“We chose the ring to make our audience feel like part of the club. This isn’t
just for flippers, it’s for people who love collecting,” Ali Walker, Chief
Creative Officer at Asprey Studio tells Jing Daily. 

The devil is in the details – every aspect of a luxury-standard activation in
Web3 should be considered. In Asprey Studio’s case, this comprised selecting the
cream of the crypto crop for maximum security and assurance among its
community. 

The partnership’s latest project was composed of 111 objet eggs, each made with
1,500 pavé diamonds and carbon fiber. Minted on the Bitcoin blockchain, the eggs
were made available earlier this month for between $20,000 to $50,000. 

“Bitcoin is one of the most secure and decentralized blockchain networks, and it
really is a very premium blockchain. It is suitable for small, very high-end
luxury and art drops, which is why we chose it,” Walker says.

Token gated communities and private members clubs are one way luxury is
maintaining its exclusivity in Web3. Photo: Hennessy

Maintaining desirability

The metaverse has a branding problem; and luxury is taking note. In a bid to
foster digital relationships with consumers and move away from the collective
distaste of NFTs and crypto, the sector is eschewing off-putting terminology. 

Maintaining desirability in Web3 also requires scarcity. Demand outweighing
supply boosts the ‘almost-unattainable’ allure of a brand and its cultural
status. 

One success story is Dolce & Gabbana’s highly coveted Collezione Genesi NFT
collection in 2021. Consisting of only nine, one-of-a-kind pieces, the series
fetched a history-making $6 million at auction. 

Collectors of luxury items have consistently been enticed by extreme rarity and
scarcity, which explains why Dolce & Gabbana achieved such success with its
inaugural metaverse offering. 

But the bar for creating in Web3 is lower than in the offline world due to
better accessibility and democratization across the ecosystem, in turn leading
to an overabundance of digital assets and services. To excel in Web3’s luxury
segment, brands must embrace rarity, which is key to superiority.  

Luxury is also deploying customization and personalization in Web3 to enhance
the appeal of digital products and services. 

One of the advantages of generative AI technology is that it can help businesses
“customize products for individual consumers at scale (for example, eyeglasses
based on facial topography)” according to McKinsey’s Generative AI: Unlocking
the future of fashion report, switching the shopping experience from an analog
process to a memorable interaction.

Dolce & Gabbana’s nine-piece Collezione Genesi NFT collection fetched $6 million
at auction in 2021. Photo: Dolce & Gabbana

Crystal clear

Knowledge is wealth, and transparency is the new name of the game. According to
Boston Consulting Group, six out of 10 of consumers say that they consider
sustainability when making purchasing decisions, with 80 percent believing that
luxury fashion houses should commit to product life-cycle management beyond the
production and sales’ processes.

Both online and offline luxury are now strongly aligned with traceability, with
consumers perceiving extensive product knowledge as a luxury itself. 

“Today’s consumers want to know that their purchases have been responsibly
sourced and increasingly expect evidence of this, rather than just verbal
assurances,” Jason McIntosh, chief product officer at De Beers Group’s B2B
blockchain solution platform Tracr told Jing Daily earlier this year.

With a generation of consumers growing more conscious of where and how their
products are made, luxury brands should present information in the digital realm
that extends beyond the ‘made in …’ credentials. 

To do so, they are turning to the blockchain as a means of delivering product
provenance, ownership details for resales, and production information. 

“On-chain product passports offer a new perspective on products, incorporating
data, and digital elements. This paves the way for truly ‘phygital’ high-utility
experiences, where consumers gain access to a wealth of new information about a
product,” Carol Hilsum, Senior Director of Open Innovation and New Venture at
Farfetch says. “This evolution in product thinking and the integration of a
digital DNA layer has the potential to enhance longevity and value in the
physical realm.”



Recommended ReadingLoro Piana Partners With Aura Blockchain Consortium To
Present Its Origin Story In Web3By Bethanie Ryder




A case in point is super luxury label Loro Piana and diamond company De Beers,
which are both leading the way in presenting in-depth information to their
clienteles through blockchain technology. 

The former joined the Aura Blockchain Consortium in March this year, and pledged
to issue digital certificates alongside purchases of all new garments from its
The Gift of Kings collection, while De Beers’ Tracr program harnesses a
combination of blockchain technology, artificial intelligence, and advanced
privacy to track the journey of each diamond across the value chain. 

Both businesses provide extensive information on how their products are
distributed and made, in turn bolstering the emotional value and reputation of
their brands. 

As luxury breaks free from conventional practices to keep up with shifting
consumer attitudes, it’s revolutionizing its own industry in the process. With
the next generation of luxury products and services being rolled out across the
virtual terrain, Web3 will play a key role in the segment’s evolution and
permanently disrupt the concept of what constitutes true luxury today.



CATEGORIES

Jing Meta

TAGS

asprey, bugatti, de beers, dolce & gabbana, gucci, hennessy, Jing Meta, Loro
Piana, Luxury, luxury metaverse, luxury retail, luxury web3, metaverse, NFT,
Web3


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