Why Are Luxury Brands So Bullish on NFTs?

A Tiffany & Co. store on Fifth Avenue in New York, U.S., on Tuesday, March 30, 2021. Not long ago, major fashion brands were willing to pay ballooning rents just to have a store on Manhattan's Fifth Avenue but now the world-famous shopping strip has transformed into a battleground between landlords and tenants seeking a way out of pricey leases. Photographer: Amir Hamja/Bloomberg , Bloomberg

Victoria Vergolina, Bloomberg News

Aug 29, 2022

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(Bloomberg) -- Nonfungible tokens have become increasingly popular with many luxury brands and remain a powerful draw for some consumers despite the continued crypto winter. High-end retailers Gucci and Tiffany are the latest to jump into the fray with new NFT offerings.

Kering SA’s Gucci says it will accept ApeCoin as a form of payment in select US stores. LVMH’s Tiffany & Co. also announced it’s launching what it calls N-F-Tiffs: collectible passes that can be redeemed by owners of CryptoPunk NFTs for a custom jewelry piece.  

The demand for NFTs has slumped in recent months, so why are these brands so bullish on crypto? Bloomberg journalists Emily Nicolle and Taz Akhtar join Crypto Senior editor Anna Irrera to discuss why luxury brands have embraced NFTs.

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