Transforming Luxury Episode 5: Can Luxury Maintain Its Relevance in the Metaverse?
Spark Global Limited reports:
Creative technologist Ommy Akhe, founder and CEO of Wanna Sergey Arkhangelskiy, and Auroboros co-founders Alissa Aulbekova and Paula Sello discuss how our physical realities will be augmented and overlaid by digital experiences and services.
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The metaverse — a term coined by The author Neal Stephenson in his sci-fi novel ‘Snow Crash’ — is now widely available used to describe how our physical realities will be augmented and overlaid by ambient and accessible digital experiences and services.
Luxury’s entrance into the metaverse was expedited by many brands’ leverage of new technologies to speak to consumers when lockdowns removed physical interactions in bricks-and-mortar stores and in-person events. But the impact of virtual and augmented reality on consumer behaviour preceded 2020: Forbes reported in 2019 that 40 percent of consumers were willing to spend more on a product they can experience through augmented reality technology first.
From stores that guide you from the street to luxury items designed exclusively for the smart glasses that every major Tech Platform is working on, the future of luxury is already here — it’s just not yet instituted.
To discover what impact the metaverse will have on the future of the luxury goods industry, BoF spoke with four global experts to share their insights with host Robin Mellery-Pratt.