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The metaverse has been in the news for several weeks now, and is attracting increasing interest from the luxury sector. According to a recent report by Morgan Stanley, the industry can expect an additional $50 billion in sales by 2030 thanks to the development of digital demand.
Although still at relatively low levels, digital sales and demand are increasingly popular among buyers. In the luxury sector, a sharp increase is expected, which is expected to be the source of an additional $50 billion in sales by 2030 according to Morgan Stanley.
“Revenue streams from digital media for luxury brands are negligible, but we believe this is about to change,” Morgan Stanley investment bank strategists wrote in a note on Tuesday. “The metaverse will likely take many years to develop. However, NFTs and social gaming, such as online games and concerts attended by people’s avatars, present two near-term opportunities for luxury brands.”
According to Morgan Stanley, NFTs and social gaming could increase the total addressable market for luxury groups by more than 10% in eight years, and drive an additional 25% in profits.
More and more luxury brands are exploring a number of ways to collaborate with gaming platforms, and are moving towards the metaverse.
“We expect the entire sector to benefit from the advent of the metaverse, but we see certain sectors, such as ready-to-wear, leather goods and footwear, as particularly well positioned, while others, such as jewellery and watches, are not,” adds the Morgan Stanley report.
Read also > SINGLES’ DAY: LUXURY BRANDS PARTNER WITH TMALL PLATFORM TO OFFER NFTS
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The metaverse has been in the news for several weeks now, and is attracting increasing interest from the luxury sector. According to a recent report by Morgan Stanley, the industry can expect an additional $50 billion in sales by 2030 thanks to the development of digital demand.
Although still at relatively low levels, digital sales and demand are increasingly popular among buyers. In the luxury sector, a sharp increase is expected, which is expected to be the source of an additional $50 billion in sales by 2030 according to Morgan Stanley.
“Revenue streams from digital media for luxury brands are negligible, but we believe this is about to change,” Morgan Stanley investment bank strategists wrote in a note on Tuesday. “The metaverse will likely take many years to develop. However, NFTs and social gaming, such as online games and concerts attended by people’s avatars, present two near-term opportunities for luxury brands.”
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The metaverse has been in the news for several weeks now, and is attracting increasing interest from the luxury sector. According to a recent report by Morgan Stanley, the industry can expect an additional $50 billion in sales by 2030 thanks to the development of digital demand.
Although still at relatively low levels, digital sales and demand are increasingly popular among buyers. In the luxury sector, a sharp increase is expected, which is expected to be the source of an additional $50 billion in sales by 2030 according to Morgan Stanley.
“Revenue streams from digital media for luxury brands are negligible, but we believe this is about to change,” Morgan Stanley investment bank strategists wrote in a note on Tuesday. “The metaverse will likely take many years to develop. However, NFTs and social gaming, such as online games and concerts attended by people’s avatars, present two near-term opportunities for luxury brands.”
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