Luxury brands are increasingly searching for the world of non-fungible tokens (NFTs) to enhance their marketing and engage with customers in more innovative ways. NFTs are digital assets that use blockchain technology to verify ownership and authenticity, making them a natural fit for the luxury industry, where exclusivity and authenticity are highly valued. Luxury brands are exploring the use of NFTs to create limited edition virtual products, such as digital fashion items or artwork, that can only be owned by a select few. This creates a sense of exclusivity and scarcity that resonates with luxury consumers.
As metaverse and NFT (Non-Fungible Token) emerged as hot keywords throughout the industry last year, news of luxury brands entering the virtual world is reported almost once a week this year. Amid their attempts to see who carries out the most original project, the German luxury brand "Philip Plain" recently bought a huge virtual real estate worth 1.2 million euros (about 1.62 billion won) on the "Decentraland" metaverse.
Gucci, the brand that has been leading the virtual project, also bought the digital space of Hong Kong's video game platform "The Sandbox" under the plan to provide an "immersive experience." These are both metaverse gaming platforms, leading virtual real estate trading platforms that gained huge popularity over the past year by expanding their reach to their own token economy activities.

Until now, Louis Vuitton, Balenciaga, and Gucci have continued to invest in the virtual world by planting virtual stores, public relations centers, and digital characters through various video games and platforms. Major luxury Maison is following them and interest in the virtual world is increasing. In February, Prada sportswear line "Linea Rosa" launched a series of Virtual Outfits and Equipments (such as snowmobiles, pet bikes, skiwear) in the extreme video game "Riders Republic," and simultaneously held a "Prada Beyond the Line" multiplayer event.