Luxury fashion bets on metaverse: Morgan Stanley predicts 50 billion euro market by 2030
According to Morgan Stanley, by 2030, video games and NFTs could account for 10% of the luxury goods market, translating to a value of 50 billion euros and enhancing the sector's profit pool by 25%. The fashion industry is leveraging Web 3.0 to engage with a younger audience, with over 2.7 billion gamers worldwide. By 2025, Gen Z and Millennials are expected to lead the market. In December 2020, Balenciaga replaced a physical collection with the video game 'Afterworld' and teamed up with Fortnite in September 2021. Moncler introduced in-game outerwear in November 2021, while Marni launched 'WearWeAre' on April 14, 2022. Louis Vuitton refreshed 'Louis: The Game' in August 2021, and Gucci collaborated with Wenew Labs. The inaugural Metaverse Fashion Week took place from March 24-27, 2022.
Key facts
- Morgan Stanley estimates luxury NFT and gaming market could reach 50 billion euros by 2030
- Balenciaga launched 'Afterworld: The Age of Tomorrow' in December 2020
- Balenciaga collaborated with Fortnite in September 2021
- Marni launched 'WearWeAre' digital experience on April 14, 2022
- Louis Vuitton updated 'Louis: The Game' with NFTs by Beeple's Wenew Labs
- First Metaverse Fashion Week held March 24-27, 2022
- Tiffany & Co. purchased an NFT artwork for $380,000 in March 2022
- LVMH leads Aura Blockchain Consortium with Richemont and Prada
Entities
Artists
- Beeple (Mike Winkelmann)
- Francesco Risso
- François-Henri Pinault
- Bernard Arnault
- Alexandre Arnault
- Stefano Rosso
- Renzo Rosso
Institutions
- Morgan Stanley
- Balenciaga
- Fortnite
- Moncler
- Marni
- OTB
- Louis Vuitton
- LVMH
- Wenew Labs
- Gucci
- Kering
- Tiffany & Co.
- Aura Blockchain Consortium
- Richemont
- Prada
- Jil Sander
- Maison Margiela
- Diesel
- Brave Virtual Xperience
- Future Corp
- AnamXR
- Decentraland
- Auroboros
- Estée Lauder
- Dolce & Gabbana
- Tommy Hilfiger
- Etro
- Imitation of Christ
- Cryptopunks
- Vault
Locations
- Milan
- Italy