Why Bulgari’s metaverse strategy is a contradiction
In some ways, his calculation rings true. Many of marketers’ favorite virtual platforms, such as Roblox and Fortnite, are owned by companies, and because they don’t use technologies like NFTs that allow users to become owners, they have the final say on every element of their ecosystems. Even decentralized worlds like The Sandbox are not yet linked to other worlds that allow users to transfer their assets.
On the other hand, brands and platforms can support the vision of interoperability without yet being interoperable. Web3 technology is still in its early stages of development. What is impossible today may not be possible in a year or two.
Paloni not only agreed with this idea, but also said that was why Bulgari built its own metaverse space.
“Interoperability is a long road [away]so now the best thing we can do is set the tone for our community, start speaking the language and learn how to work in a digitized world,” he said.
The “Bulgariverse”, built with the experience of technology studios and using Epic Games’ Unreal Engine 5 platform, will feature icons and visual codes that recall the Italian roots of the brand. It first premiered in June, but while no official release date has been announced, Paloni said fans can expect more news by the first quarter of 2023.
The LVMH-owned brand previously ditched NFTs around its products, although blockchain technology is not integrated into the “Bulgariverse”. By removing these kinds of Web3 tools, including crypto and wallets, Bulgari hopes to reduce hassle for consumers and instead focus on providing them with a frictionless experience.
“In the future, there could be a mix between NFTs and the ‘Bulgariverse,'” Paloni said. “But for now, we’ve kept those two worlds separate, because all we do are steps.”