Columnists

Metaverse and Web 3.0: Why & How Jewelers Should Get Involved

ColumnistsMay 10, 2022

Metaverse and Web 3.0: Why & How Jewelers Should Get Involved

Duvall O’Steen and Jen Cullen Williams explore what the metaverse could mean for luxury in their latest Creative Connecting column.

2022_Metaverse.png
In their latest Creative Connecting column, Duvall O’Steen and Jen Cullen Williams, independent communications strategists and senior consultants for the Luxury Brand Group, delve into what the metaverse could mean for luxury products like jewelry. They can be reached at DuvallOsteenNYC@gmail.com or Jen@JenCullenWilliams.com.
The metaverse is making headlines these days, particularly for luxury brands and high-end goods like art, fashion, and yes, jewelry.

Metaverse Fashion Week (MVFW) debuted in March and although the event had mixed reviews, fashion brands are already taking learnings from the first MVFW and planning for the second iteration, slated for next year. 

According to MarketWatch, “analysts at Morgan Stanley say there’s scope for luxury goods makers to sell virtually as they do physically—and say the market could be as large as $57 billion by 2030.”

The big questions for jewelers are why and how they should dip their (virtual) toes in.
 
Background: Defining Metaverse, Blockchain & NFTs
The metaverse, simply defined, is a network of 3D virtual worlds that focus on social interaction, connection, and user experiences facilitated by the use of virtual and augmented reality (AR) headsets.

Users create avatars to enjoy immersive content and experiences in a “mirror world” that is powered by blockchain technology.

At present, the most popular metaverse platforms include HyperVerse, Decentraland (which hosted Metaverse Fashion Week), The Sandbox, and Roblox—and more are on the horizon. Tech giants and other investors are competing against each other in hopes of developing the metaverse platform that will dominate this new digital landscape.

Blockchain is a shared, unchangeable digital ledger that records transactions and tracking of assets in Web 3.0—the catchall term used to describe the next stage of the internet driven by cryptocurrency and blockchain, also known as Web3—and the metaverse.

Developed initially for tracking cryptocurrencies, blockchain also enables individual users to own assets in their preferred metaverse universe. Users can purchase, sell, or upgrade their avatar’s virtual assets in virtual space. Unlike a video game, though, the process never ends. Users can continue to enjoy their experiences however and whenever they choose.

One such asset that users can own is an NFT, or non-fungible token. 

NFTs are virtual or digital assets such as art, virtual fashion, trading cards, media, and items with links to real-world assets.

Blockchain records and tracks NFT ownership, and users can trade their NFTs as they wish, making them both investments and/or collectibles, just like fine art or Pokémon cards.

Why Jewelers Should Get Involved
Given the speed with which consumers typically engage and respond to new interactive digital experiences (think how quickly consumers adapted from Facebook to Instagram and now to TikTok), the metaverse is poised to grow quickly.

It already has become a playground and shopping mall for high-end Gen Z consumers.

According to statistics published last month by Influencer Marketing, there are expected to be more than 1.1 billion mobile AR users globally by the end of this year, making this a prime and still relatively untapped market for luxury brands and retail jewelers.

In a recent article for Jing Daily, Daniel Langer, CEO of luxury brand strategy firm Équité and executive professor of luxury strategy at Pepperdine University, said: “Immersive brand interactions, accessible from any place worldwide, will significantly alter luxury. 

“Instead of building flagship boutiques on Rue Royale in Paris or Fifth Avenue in New York City, new flagships will be in the metaverse—and they will offer personalized experiences that go far beyond what is possible today.”

Jewelry is a category that seems highly relevant in the metaverse.

Syama Meagher, CEO and chief retail strategist of Scaling Retail, suggests retail jewelers start thinking about the metaverse now. 

“Jewelry is the perfect category for the metaverse. It is collectible by nature, perfect for collaborations, and carries more brand loyalty than clothing. We have to ask ourselves, how do our brands create meaning in a virtual world where people are congregating and socializing?”  

Jewelry as adornment has always been an integral part of socializing. 

As the metaverse is all about social connection, it makes sense that consumers would want to have access to jewelry there too.  

Forward-thinking jewelry brands like Kendra Scott and L’Dezen by Payal Shah have already launched NFTs as opening forays into the 3D digital world. Both opted to have a real world, tangible asset tied to the NFT. 

Scott partnered with a female artist to develop artwork in support of female empowerment. Anyone who purchases the NFT (artwork) also receives her female empowerment charm in the real world. 

Shah, on the other hand, offered to allow collectors to redeem their NFT for physical ownership of the NFT (earrings).

The desirability and tradability of NFTs is critical and a benefit for jewelers, according to Meagher.  

“A strong upside for jewelry brands creating products in this space is the royalty component associated with resale. Imagine that only 100 digital earrings were produced, creating scarcity, and after someone wore them a few times and wanted to resell them, they could, and the brand would earn a royalty every single time this happened.” 

 Related stories will be right here … 

How Jewelers Can Get Involved
Jewelry has always been a highly personal purchase; therefore, offering personalized brand experiences in the metaverse with jewelry should be both fun and successful.

Immersive brand experiences that are highly exclusive will be key.

For example, consider personalized experiences for your customers to create and strengthen brand loyalty. Perhaps your digital flagship could offer short-term digital jewels curated for the specific avatar/customer preferences—earrings or cocktail rings that can be swapped out or updated every few months or for special occasions.

Without real-world limitations of security/storage/rarity, jewelers can consider branching into other categories as well, such as jewelry belts, diamond shoestrings, bejeweled buttons and hats.

In the metaverse anything is possible, and jewelry could be a unique way for avatars to stand out and increase their social interactions. 

NFTs tied to reward perks would also be interesting.

For example, perhaps an NFT of a pair of earrings increases in value (diamond studs grow in carat weight) with every friend referral or with every new jewelry purchase.

Similar to a Starbucks reward card or Neiman Marcus InCircle points, customers can opt in to promotions that give them more rewards each time they purchase another NFT or attend an event or resell their NFT (with your store earning royalties each time the NFT is resold).

Jewelers can also create special events that bring the luxury experience to life. It is easier to create “worlds” without real-world limitations.

As an example, popular jewelry brand Messika recently hosted a partnership with celebrity Kate Moss in the Drest fashion styling game in the metaverse. 

Over a period of two weeks in March, visitors were able to dress or style Moss’ guest avatar with their preferred pieces from her Messika collaboration, as well as with clothing from other designer labels. 

Gary Vaynerchuck, chairman of VaynerX, a media and communications holding company, and active CEO of VaynerMedia, predicts the digital universes of the Web 3.0 will be the new playground for content creators. 

Hollywood and other artist communities will be creating pieces of art and videos or films you can only view in the metaverse. 

Collaborations with content creators are a bit more feasible for jewelers without security and location limitations. 

Jewelers could, for example, sponsor or participate in product placement in Hollywood films whose story is jewelry-related, like a classic jewelry heist film. 

If your digital jewels are featured in the film, you could invite your best metaverse customers to the exclusive, private movie premiere.

Also, consider some cross-promotional fun, like adding avatar spa experiences before the red-carpet glamour moments and/or lending jewelry to wear to the premiere, similar to celebrity jewelry loans IRL.

Meagher, of Scaling Retail, advises learning and exploring prior to making too many plans.  

“There are many vehicles to get into this new digital world, and it is important not to rush, especially for budget-constrained brands. I believe NFTs and metaverse applications will be at the forefront of building customer loyalty, and revenue streams for the foreseeable future. Can we afford not to be thinking about this?”
Measuring Success in the Metaverse
Measuring success in the metaverse might look a bit different than in the real world; however, content creators are earning substantial incomes with sales and royalties of popular NFTs already.

Again, Meagher adds perspective.

“There is no ‘one size fits all’ strategy in the metaverse, and consequently, success gets measured differently by each activation. NFT launches will be measured by how many NFTs get sold, and how engaged the communities are that purchase the NFTs. If you are hosting an event on Decentraland or Sandbox, one of the two primary spaces to build right now, then we would look at attendance and engagement at the event.

“Consumer success is rooted in the ease of purchasing, and the invitation to join exclusive brand experiences.”

The Takeaways
We know the thought of this can be daunting and overwhelming, but as you think about your one, three, and five-year business and marketing plans, this is the time to start learning more and exploring what Web 3.0 could mean for your future customers and your business. 

If you are headed to Las Vegas for the annual Jewelry Market Week in June, the JCK Show will feature an opening keynote by Swan Sit, former global head of digital marketing at Nike, Estée Lauder, and Revlon called “Web3 Is Coming—Navigating the Past, Present, and Future of Retail.” 

Sit will lend insights on innovative platforms and technologies like the metaverse. 

Her keynote is open to all registered badge holders and will take place on Friday, June 10 at 8:30 am at The Venetian. 

Duvall O'Steenis an independent communications strategist and senior consultant for the Luxury Brand Group.
Jen Cullen Williamsis an independent communications strategist and senior consultant for the Luxury Brand Group.

The Latest

Bonhams New Bond Street London flagship
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives Replaced

London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

De Beers Diamond View Zoom machine with monitor
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument Demo

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

Two brooches stolen in the October 2025 heist at the Louvre Museum in Paris
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

BTYB10.25_Header.jpg
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know Now

As the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.

Wyld Box Jewelry Ray of Light Large Drop Earrings
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ Earrings

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

Weekly QuizOct 16, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Tiffany & Co. Bird on a Rock pendant
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, Kering

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

Cullinan Diamond Mine plant
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital

The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (2) (1).jpg
Brought to you by
Protect Your Customers and Your Business

You deserve to know what you are selling–to protect your customers as well as your business and your reputation.

Million Dollar Hip Hop Watches by Leon Schäfers, Jeanette Lang, Tobias Kargoll
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch History

The book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.

Alexis Vourvoulis
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & Watches

Alexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.

Taylor Swift engagement ring Greenwich St
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds Edition

The superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.

Rahaminov Diamonds Emerald-Cut Diamond Bracelet
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the Holidays

Retailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.

Fancy vivid purplish pink diamond
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva Auction

The nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Tiffany & Co. Bird on a Rock by Tiffany High Jewelry Lariat
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New Perch

Chief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.

Jewelers for Children Halloween contest
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume Challenge

Five dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.

Hillsborough show
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New Owner

Recently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.

Bicolor pink and colorless diamond
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink Diamond

The stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.

Pomellato Rodeo Drive Flagship Exterior
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive Flagship

Hollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.

Grown Brilliance NYC Flagship Exterior
Lab-GrownOct 21, 2025
Grown Brilliance Opens First Flagship

The New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.

Douriean Fletcher Messenger Collection
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MAD

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.

Sothebys the glowing rose pink diamond
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink Diamond

Making its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.

2025_Gemfields logo.jpg
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby Mine

They were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.

Empress Eugénie’s pearl and diamond tiara
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre

It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.

Lauren Gayda
SourcingOct 20, 2025
Pristine Gems Names New Director of European Sales

Gemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.

Charles London, Mayer and Fran Udell, Mark and Candy Udell
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100

In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.

The Edit – A Gallery of Italian Jewelry Masterpieces Graphic
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYC

The new showcase dedicated to Italian jewelry design is set for Oct. 29-30.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy