THAT’S SO META
There’s much talk about the metaverse – and watch companies are getting involved, too
Have you tried explaining the metaverse to an elderly relative? A multi dimensional digital world is a big leap from looking up your grandchildren on Facebook And you can’t blame Grandma even the eggiest heads in Silicon Valley can’t agree on what the metaverse will actually be like But with uncertainty there is opportunity and watch companies don’t want to miss out
Soon we are going to be encouraged to spend increasing work and leisure time in a place that is going to feel a lot like a giant video game And freed from real world restrictions we’ll all soon be able to own a k watch and a million pound car right?
Not exactly Speaking to insiders one thing they agree on is the importance of maintaining brand value So if a watch costs in the real world you can’t just give it away in the metaverse because you devalue it And if you ask full price for a digital copy people will think you’re crazy This is a quandary for the industry What is a fair price for a copy of something that costs a lot of money to develop? One way is to give away digital versions but only to people who have bought the real thing
What about fakes? Once something has been produced digitally making a copy is easy But blockchain technology used in NFTs makes checking authenticity in the virtual world easier than the real world So you could theoretically get a fake Rolex and Ferrari but everyone will know they are fake And everything leaves a digital footprint so if you infringe copyright they can sniff you out
Forward thinking watch companies are getting metaverse ready by dabbling with NFTs and cryptocurrency as seen from Hublot Breitling and others Tag Heuer often on these pages due to its motoring links is emerging as a metaverse contender in no small part because of the appointment of a videogaming enthusiast as CEO
Frédéric Arnault is in his s and the son of Bernard Arnault boss of parent company LVMH and one of the richest dads in the world Doubters muttered about nepotism but young Arnault has impressed since taking over a couple of years ago Arnault senior might be elderly but he had the foresight to ask Frederic the right question Namely “So son what is this metaverse all about?”