Luxury Staples Embrace NFTs

Despite the continued crypto winter, NFTs are still bringing some heat for high end products. Non fungible tokens have become increasingly popular with many luxury brands, and remain a powerful draw for some consumers. High-end retailers Gucci and Tiffany are the latest to jump into the fray with new NFT offerings. Kering SA’s Gucci says it will accept ApeCoin as legal tender in select US stores. LVMH’s Tiffany & Co also announced it’s launching what it calls N-F-Tiffs: collectible vouchers that can be redeemed by owners of CryptoPunk NFTs for a custom jewelry piece.   The demand for NFTs has slumped in recent months, so why are these brands so bullish on crypto?  Bloomberg journalists Emily Nicolle and Taz Akhtar join Crypto Senior editor Anna Irrera on this episode to discuss why luxury brands have embraced NFTs.See omnystudio.com/listener for privacy information.