LVMH CEO Bernard Arnault says ‘we have to be wary of bubbles' with the metaverse [CNBC]
Roblox Corporation Class A (RBLX)
Company Research
Source: CNBC
Arnault conceded that the metaverse is “thought-provoking” and could well have a future for certain brands. But he was watching to see how it generates a profit. “NFTs are generating profits and I'm sure this will have a positive effect if things are done properly,” he said. LVMH Chief Executive Bernard Arnault said Thursday that the metaverse could become a business opportunity for the luxury giant, but “we have to be wary of bubbles” and “we have to sound a note of caution.” As the luxury industry takes center stage in the growth hopes of the metaverse — with a virtual Gucci bag selling for $4,500 on Roblox — brands like Nike , Balenciaga and Burberry are making plans to turn their real-world status into digital profits. Nike recently acquired digital-sneaker brand RTFKT , which sold 600 pairs of virtual shoes for $3.1 million, while Burberry collaborated with Mythical Games to launch nonfungible tokens For now, LVMH is focused on the real rather than the virtual, Arnault sai
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