Luxury goods companies don’t generate much digital revenue now, but that could change soon, according to a research note from Morgan Stanley that was published last week.
- Metaverse gaming and non-fungible tokens could represent a revenue opportunity of $56 billion for the luxury market by 2030, Morgan Stanley said.
- ”NFTs and social gaming present two near-term opportunities for luxury brands, allowing them to monetize their vast IP (intellectual property) built over decades,” the report says. Dolce & Gabbana’s sale of nine NFTs for $5.7 million last month shows the huge potential for “virtual and hybrid luxury goods,” and the bank estimates that the total NFT market will grow to around $300 billion by 2030.