Today the Aura Blockchain Consortium announced the addition of Mercedes Benz to its association of luxury brands. It joins other founding members LVMH, Prada Group, Richemont brand Cartier and Diesel owner OTB.
While Aura’s initial emphasis was on using blockchain for the provenance and authenticity of luxury goods, it has since evolved to include tracking ESG credentials for luxury items. More recently, it has been working on non-fungible token (NFT) functionality. The consortium says that the metaverse is part of its long-term strategy.
That’s no surprise, given a recent report by Morgan Stanley estimated that by 2030 the metaverse and NFTs are a €50 billion ($53bn) revenue opportunity for the luxury sector and a very high margin one that could lift profits by a quarter.
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