LVMH CEO: We don’t sell virtual sneakers but real ones with an NFT

LVMH uses the NFT only as certificates of authenticityaccording to Bernard Arnault. Several brands from group experiment today this technology.

At the last general meeting of LVMHthe group’s CEO responded to a question about non-fungible tokens and digital sneakers. Specifically, the question was about the interest of the world leader in luxury to take hold of this new technology.

We do not sell virtual sneakers, we sell, in NFT, real sneakers, with its NFT,” said Bernard Arnault.

“That is to say, like with some bottles of wine, you can buy the bottle of wine in the form of a NFT. The house keeps it for you, the time you want, and the day you want to sell the bottle or to taste it, you transform the NFT, virtual, of the real bottle of which you are the owner. This is the scheme”, added the boss of the group whose market capitalization has just passed the 500 billion dollar mark.

LVMH is interested in the blockchain and NFTs for several years. The luxury industry giant has notably created the Aura Blockchain consortium whose platform based on Ethereum issues digital certificates backed by real products in the form of tokens.

In 2021, the group’s flagship, Louis Vuittonwas taking its first steps in the Web3 with a game based on non-fungible tokens called Louis The Game.

Last summer, TAG Heuer has begun offering smartwatch owners the ability to connect a wallet so they can display an NFT on their watch face.

More recently, Rimowaanother brand of the group, has partnered with the startup RTFKT to create a digital version of a carry-on suitcase in NFT format and dedicated to metaverse travelers.

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