3 years, 1 month ago
Metaverse: a $50 billion revenue opportunity for luxury - MS
Live MintDigital demand for fashion and luxury brands is expected to grow from current low levels and result in extra sales for the industry that could reach $50 billion by 2030, according to Morgan Stanley. "The Metaverse will likely take many years to develop; however, NFTs and social gaming present two nearer-term opportunities for luxury brands," it said. According to Morgan Stanley, NFTs and social gaming could expand luxury group's total addressable market by more than 10% in eight years time and boost industry earnings before interest and tax by around 25%. It also said Italian brand Dolce & Gabbana's recent sale of nine NFTs for $5.7 million, albeit small, highlights the virtual and hybrid luxury goods' huge potential over the coming years.
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