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Submission: On October 25 via automatic, source links-suspicious — Scanned from DE
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Skip to main content Open Navigation Menu Menu Story Saved To revisit this article, visit My Profile, then View saved stories Close Alert * Talent Membership Story Saved To revisit this article, select My Account, then View saved stories Close Alert Sign In Search Search * Technology * Sustainability * Companies * Fashion * Retail * Beauty * Data * Events * Advanced Open Navigation Menu Menu Story Saved To revisit this article, visit My Profile, then View saved stories Close Alert Membership Story Saved To revisit this article, select My Account, then View saved stories Close Alert Sign In To continue reading, create a free account. Enjoy one standard article a month, a membership discount, regular editorial newsletters and breaking news alerts. See our membership benefits CREATE ACCOUNT Already have an account? Sign In MAKE BETTER BUSINESS DECISIONS Sign up to our newsletter for a truly global perspective on the fashion industry Sign Up Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. You can unsubscribe at any time. Please see our privacy policy for more information. Close Technology NFT STUNTS ARE OUT: HOW THE CRYPTO BEAR MARKET IS RESETTING FASHION’S WEB3 STRATEGY After a year of record crypto highs, NFT booms and metaverse development, the crypto market took a downward turn. Fashion and luxury brands are responding. By Savannah Fortis June 28, 2022 * Facebook * X * Pinterest * LinkedIn Getty Images * Facebook * X * Pinterest * LinkedIn To receive the Vogue Business newsletter, sign up here. Fashion has gone all in on Web3, but a crypto downturn is dampening the industry’s excitement, curbing stunt-like NFTs, pausing Web3 hiring and forcing a rethink on metaverse strategies. The price of Bitcoin, the most highly traded cryptocurrency, reached an all-time high of $68,000 in November 2021. Since then, the market has slumped, with Bitcoin losing nearly three-quarters of its value, hovering around $21,000 today. Most Popular * Beauty The Vogue Business Beauty Index: The Ordinary, Charlotte Tilbury and Kiehl’s top the leaderboard By Vogue Business Data & Insights Team * Beauty The Ordinary beats Charlotte Tilbury and Kiehl’s to gain top position By Vogue Business Data & Insights Team * Companies Exuberant luxury growth is over. What’s next? By Laure Guilbault * Most Popular * Beauty The Vogue Business Beauty Index: The Ordinary, Charlotte Tilbury and Kiehl’s top the leaderboard By Vogue Business Data & Insights Team * Beauty The Ordinary beats Charlotte Tilbury and Kiehl’s to gain top position By Vogue Business Data & Insights Team * Companies Exuberant luxury growth is over. What’s next? By Laure Guilbault * Most Popular * Beauty The Vogue Business Beauty Index: The Ordinary, Charlotte Tilbury and Kiehl’s top the leaderboard By Vogue Business Data & Insights Team * Beauty The Ordinary beats Charlotte Tilbury and Kiehl’s to gain top position By Vogue Business Data & Insights Team * Companies Exuberant luxury growth is over. What’s next? By Laure Guilbault * Most Popular * Beauty The Vogue Business Beauty Index: The Ordinary, Charlotte Tilbury and Kiehl’s top the leaderboard By Vogue Business Data & Insights Team * Beauty The Ordinary beats Charlotte Tilbury and Kiehl’s to gain top position By Vogue Business Data & Insights Team * Companies Exuberant luxury growth is over. What’s next? By Laure Guilbault * latestmetaversecryptocryptocurrencyNFTs MAKE BETTER BUSINESS DECISIONS Sign up to our newsletter for a truly global perspective on the fashion industry Sign Up Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. You can unsubscribe at any time. Please see our privacy policy for more information. Close Vogue Business Recommends Technology Web3 is still elusive. Web2.5 may be a safer option By Maliha Shoaib Technology The year of normalisation: 2023’s top fashion-tech predictions By Maghan McDowell Technology What the crypto crash means for fashion’s Web3 projects By Maghan McDowell Technology The fashion exec's guide to Web3 By Maghan McDowell * LinkedIn * X * Facebook * Instagram * Pinterest * WeChat * About Us * Contact * Membership * Commercial * Newsletter * Terms of Service * Privacy Policy * Manage Preferences © 2023 Condé Nast VOGUE We and our partners store and/or access information on a device, such as unique IDs in cookies to process personal data. You may accept or manage your choices by clicking below or at any time in the privacy policy page. These choices will be signaled to our partners and will not affect browsing data.More information WE AND OUR PARTNERS PROCESS DATA TO PROVIDE: Use precise geolocation data. Actively scan device characteristics for identification. Store and/or access information on a device. Personalised ads and content, ad and content measurement, audience insights and product development. List of Partners (vendors) I Accept Show Purposes