Hermès, the luxury house previously retired from the NFT and metaverse market, may be considering a change in direction. According to reports from Reuters, Hermès CEO Axel Dumas described the company’s attitude towards the metaverse sector as “curious and interested” during the recent General Shareholders’ Meeting. While the fashion house currently views virtual worlds as a communication tool rather than a priority, it is willing to “learn and monitor” the space. Despite this, Hermès remains focused on its artisanal model, production capabilities, and distribution network.
The metaverse poses a significant challenge for Hermès, as 78% of its e-commerce customers are new to the brand. While the company is committed to expanding its digital presence, it continues to prioritize its traditional business model.
This discussion about the metaverse comes on the heels of Hermès filing a complaint against Mason Rothschild, an American digital artist who created and sold NFTs featuring iterations of the popular Birkin bag. According to Hermès, the total sales of these “MetaBirkins” NFTs exceeded $1.1 million, with prices ranging from $15,200 to $45,100. Hermès alleges that these NFTs are counterfeit products and have caused damage to its brand image.
It is important to note that Hermès has not yet released its own NFTs, as confirmed by the luxury brand when it filed the complaint against Mason Rothschild.
For those interested in exploring the intersection of luxury, NFTs, and the metaverse, ULTIMZ Journal is hosting a webinar on Thursday, May 5, 2022. The webinar is open to the public and will delve into these topics. More information about the speakers and registration can be found on the dedicated page.
Useful links:
1. ULTIMZ Journal Webinar: [link](insert URL here)
2. Hermès Official Website: [link](insert URL here)
