According to LVMH, “Web3 Ideology” is hurting adoption,” LVMH: “Web3 Ideology” Is Hurting Adoption – Paris Blockchain Week,”
- According to LVMH, the decentralisation mindset prevents Web 3.0 from being widely used.
- The panel is in favour of Web 2.5, a less strident version of Web 3.0.
- Web 3.0 technology and outmoded user behaviours are combined in Web 2.5.
As firms compete for a piece of the meta-pie, the transition of luxury brands into Web 3.0 is accelerating. Luxury companies that are at the top of Web 2.0 have seen both failures and successes.
Yves Saint Laurent (YSL), Porsche 911, and Louis Vuitton are a few of the premium companies that have entered the Web 3.0 market. Their degrees of acceptance by the general public and success, nevertheless, differ.
On March 21, 2023, Mot Hennessy Louis Vuitton (LVMH) officials spoke at the Paris Blockchain Week. The panel by the luxury international corporation said that user adoption is being slowed down by “Web 3.0 philosophy,” which is centred on decentralisation.
Nelly Mensah, VP of Digital Transformation and Emerging Solutions, asserts that LVMH prefers to support “Web 2.5.”
Web 3.0 vs. Web 2.5: LVMH
“Web 3 is about philosophy,” the primary banner above the LVMH panel stated. Web 3.0 is based on ideas that want to make the internet more user-controlled, safe, and decentralised.
Web 3.0 also intends to create a more decentralised and distributed web architecture to liberate itself from centralization. Instead of a centralised governing body, this design gives users power.
Web 2.5 has been compared to Web 3.0 as being gentler and “less ideological,” according to Mensah. Hence, Web 2.5 is the interface where Web 3.0’s new technology and conventional user behaviour meet.
The set of ideas underlying the Web 3.0 movement is decentralisation. Mensah specifically used the adage “not your keys, not your money” as an illustration. According to the VP, these ideas make it harder for customers to obtain Web3 goods.
Mensah claims that this slows down the mainstream’s acceptance, endangering the relevance of Web 3.0 technologies.
It would be damaging to Web 3.0 technologies’ ultimate purpose if they were not widely adopted. Mensah predicts that Web 3.0 technology will become more important, while the general objective of decentralised systems will become less important.
Web 2.5.1 in Use
LVMH is the owner of well-known luxury brands including Louis Vuitton, Dior, and Fendi.
Aura is a blockchain-powered platform that was created by LVMH in 2021 in collaboration with the blockchain platform ConsenSys. With the help of Aura, clients will have a safe and transparent means to trace the authenticity and country of origin of their high-end purchases, from the raw ingredients to the final items.
In order to solve problems like fake goods and supply chain transparency, which are significant concerns for luxury buyers, LVMH plans to use blockchain technology.
Customers have access to a digital certificate of authenticity via Aura that offers information on the product’s production methodology, components, and environmental effect. Moreover, the website enables users to resale their high-end products in a reliable and safe manner, creating a new secondary market for luxury goods.
The Aura platform serves as an example of how high-end companies like LVMH make use of Web 3.0 technology and Web 2.5 user behaviours.
On the other hand
- Web 3.0 and Web 2.5 both retain the grandeur of premium companies.
- According to the LVMH panel, not everyone belongs in the affluent world.
- Web 4.0 is already the next stage in the internet’s evolution.
Why It’s Important
The success of premium products in the Web 3.0 market is evidence that this trend is still being followed globally. The widespread use of Web 3.0 technology is accelerating as more brands transition to the more advanced web.
Further information about Louis Vuitton’s Web 3.0 success may be found here:
Louis Vuitton’s NFT Game, ‘Louis: The Game’, Hits Landmark 2 Million Downloads
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