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Jean Jacques Guiony, Chief Financial Officer at HLVMH, a luxury goods brand that supervises brands such as Louis Vuitton, Christian Dior, Tiffany & Co., and Marc Jacobs, in the recent earnings calls of the company, has said that it is giving the metaverse and blockchain careful thought.
LVMH is the abbreviation of LVMH Moët Hennessy Louis Vuitton. It specializes in luxury goods with its headquarters in Paris.
Meanwhile, many brands that come under LVMH have already begun their exploration of NFTs, gaming, and crypto.
Louis Vuitton, a famous international brand, has launched its own mobile game where players can earn NFTs. In the earnings calls meeting held on April 12, the company also disclosed a high demand is also seen regarding the collaboration between Hubolt and Ledger, which manufactures hardware wallets.
Meanwhile, Alexandre Arnault, an executive at Tiffany, has also made jewelry out of his CryptoPunk NFT. In addition, the company has also bought an NFT worth 115 ETH or approximately $380,000 in March, as per the data from OpenSea.
In March only, Tiffany Tweeted: “The evolution of fine art collecting is here, and the future is bright with NFTs,”
On the other hand, the chief executive at LVMH and father of Tiffany’s executive Alexandre, Bernard Arnault expressed his concerns during the January earnings call of the company, even though individual brands seem quite pumped up about it. Arnault cautioned at the earnings call that the company needs to be “wary of bubbles.”
Guiony said that it’s difficult to say anything about the company’s stance during last week’s earnings call, as LVMH’s CFO believes the field looks “promising and interesting,” but it is in the nascent stage.
Guy says that it would be like making a fool of himself if he truthfully revealed his thoughts regarding it. He further says that the metaverse is “very clear and that we know exactly what we will be doing in the future.”
Moreover, he says that several initiatives can result in business development, but they are going to be part of that is for sure. However, it is even unknown to them what’s going to happen as of now.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
