Summer diaries and review of a crypto winter mixed with an explosion of luxury and web3 news, deciphering current trends around luxury platform models, the future of e-retail or even energy sobriety in the age of Web3.
On September 15, more than 2,300 people followed the back-to-school live of Karen Jouve and Eric Briones, accompanied by their guests Patrizio Miceli (Al Dente), Alexandre Bloch (Al Dente X The New Face), Jean Révis and David Bourguignon (MAD), Frédéric Cavazza (SYSK) and Sylvain Delteil (Perfect Corp).
Between crypto winter and love on the beach: Luxury 3.0 does it right.
“In the midst of winter I discovered in me an invincible summer”. This quote from Albert Camus summarizes the current market situation well. Despite a crypto market at half-mast that has been unscrewing for several months, Luxury and Web3 projects have never been more numerous to come out. Something to put the news in perspective.
On the one hand, many indicators are red, the price of flagship cryptocurrencies such as Bitcoin or Ethereum has wavered, many experts, including the CEO of the Coinbase exchange, are warning investors and asking them to prepare for a tropical winter that will last 12 to 18 months. At the same time, some failures are starting to happen at Meta, which is in decline, or even some giants who for a while believed in the emergence of a new role of Chief Metaverse Officer, but slow the pace.
And yet, given Dune’s latest report, behind the giant Nike, it’s essentially the luxury homes that win the award for the best NFT collections that have generated the most revenue. Dolce Gabbanaearned over $25 million in NFT sales, a true NFT success story. As regards Guccibetween its notable collaborations with SuperPlastic and 10KTF or the marketing of digital artworks, the house is said to have earned $11.56 million in revenue from its NFT business, including $10 million in direct sales and $1.56 million in resale revenues .
Among the main trends observed with luxury homes this summer, we note the standard gradually created by NFT Moments, made particularly popular by POAPs: from Estée Lauder to Kenzo, the large luxury homes are using them to create new ways of engage with their community, engage their customers and create a first level of loyalty through the Web3.
Finally, this summer will also have seen the occasion for sensational collections such as Tiffany & Co., who are completely rethinking the art of Gifting through the Web3 by offering Bored Ape Yacht Club holders 250 branded pendants, as if to make a sign to enter to come the community. Alexandre Arnault struck hard again.
What to remember from the Journal du Luxe 3.0 of September 15.
Many topics were on the agenda during this back-to-school event. All speakers could thus contribute to building a collective reflection on the state of the market and the prospects for the development of luxury 3.0.
One of the most important themes to remember:
- The long-term effects of the crypto crisis. When we talk about crypto winter, we are of course talking about a period of sharp decline in the cryptocurrency market, generally followed by fear for the least seasoned investors. However, another way to look at the situation is also to seize the opportunities, such as building really solid projects during the bear market to grow and develop better during the recovery. Many brands, especially in the luxury sector, have understood this and are now committed to building real business around Web3, gradually forgetting the purely speculative aspect.
- Meta’s law of series. It is still difficult today to reach a consensus on Meta’s methods and vision. Where some speak of an ambitious Metavers, others shout bullshit. And for good reason: did we wait to talk about a metaverse to get unrealistic avatars and centralize something that must be decentralized by definition? Some of the worst shots produced by Meta have sparked heated debate among Web3 specialists.
- The transition from a closed “Fashion House” model to an open “Luxury Platform” model. If luxury homes haven’t been able to seize the opportunity of the previous wave of digital transformation, it’s Web3’s turn. What Jean Révis and David Bourguignon, from the MAD consultancy, emphasizeit is the importance that luxury brands should attach to the value they generate thanks to the new tools that are NFTs or the Metaverse, as well as the essential protection of the customer, brand and the environment to be part of a sustainable and profitable approach. In this context, all the experts present during this live agreed to say that with Web3, luxury homes have the opportunity to enter a new era and fully understand the added value of these new ecosystems, in particular through true open and decentralized luxury build platforms. The example of consortia in luxury or collaborative collections prove it. “Alone we go faster, together we go further”. The challenge is also and above all to become independent from traditional platforms such as GAFAM to finally regain control of the customer experience and databases.
- Digital crafting and its impact on recruitment. There is a real recruitment challenge today around the rare profiles that make Luxury 3.0. And not all luxury homes necessarily have an interest in internalizing everything. 3D designer, crypto artist, Voxel Edit developer… skills are highly sought after, especially to adapt to the state of the market. In this jungle of skills and good vision, some players stand out, such as the AlDente agency and The New Face, who have been supporting the new changes in luxury for years, especially in the digital sector and more recently by becoming one of the partners of The sandpit. During the live show, Patricio Miceli and Alexandre Bloch thus emphasized the importance of building a Metaluxury experience at the service of new generations and immersing themselves in the codes that will make the luxury of tomorrow.
- Energy sobriety and the challenges for Web3. “The next big thing encounters the need for a more responsible digital” emphasizes Frédéric Cavazza, who warns about the essential issue of reducing the carbon footprint and energy frugality in the service of greener projects that respect the environment. At this point there are many areas for progress and it is true that luxury homes need to integrate “by design” into their internal and external processes.
See you at the Global Beauty and Fashion Tech Forum on September 22.
Perfect Corp., partner of the last four editions of the Journal du Luxe 3.0, is organizing a forum dedicated to beauty and fashion tech on September 22 from 9:00 am to 12:30 pm, surrounded by the best experts. Among the guests around Alice Chang, CEO of Perfect Corp and Sylvain Delteil, VP Business Development Europe, will be personalities from Fabernovel, Pierre Fabre, Coty, Dior, Baker and Eric Briones, Managing Director of the Journal luxury .
The ability to decipher the challenges of beauty and fashion technology by sifting through the trends and challenges at work to build technology at the service of luxury and beauty. Meet here to register and not miss any of the debates!
Until then, the 90-minute replay of JDL 3.0 back to school can be seen (re)hered here.