After Sports And Gaming, FTX Eying $300 Billion Luxury Goods Market

After Sports And Gaming, FTX Eying $300 Billion Luxury Goods Market

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Crypto Exchange FTX has seen significant expansion over the past 12 months, foraying into the areas of gaming and sports. Now the Crypto Exchange is eying partnerships in the luxury goods market and is looking to work with fashion and luxury brands. 

The exchange has hired Lauren Remington Platt, who will focus on helping the exchange partner with brands from the segment. 

FTX Looks To Foray Into The Luxury Market 

Crypto exchange FTX is certainly looking to cast a wide net as it looks to target the luxury market. FTX has hired former model-turned beauty entrepreneur Lauren Remington Platt who will help FTX navigate the market and lead the exchange’s push. 

Working with FTX, Platt’s role would be to zero in on famous luxury brands that have not forayed into the crypto market but are looking to test the waters with cryptocurrencies. The luxury goods market is worth an estimated $300 billion. 

FTX’s Renewed Marketing Push 

FTX has always been aggressive in marketing, which has helped the exchange catch up with legacy exchanges such as Coinbase and Kraken. Currently, FTX is valued at around $32 billion. The exchange has put significant effort into focusing on sports and has featured on a Super Bowl ad and giveaway. It has also acquired the naming rights to the stadium of the Miami Heats, one of the most prominent teams in the NBA. 

Apart from the initiatives mentioned above, FTX had an ace up its sleeve, signing power couple Gisele Bundchen and Tom Brady. Tom Brady is a football icon, while Bundchen is a supermodel, and the deal could be looked at as FTX’s first push towards luxury goods. With Lauren Remington Platt joining FTX, we could expect FTX to make a renewed push into the luxury, fashion, and beauty space. 

FTX is also targeting the gaming space, recently launching a new division that would offer gaming publishers who wish to bring NFTs into their titles. 

What Platt Brings To The Table

Platt brings significant experience with her to FTX and is the founder of high-end beauty company Vensette. Under Platt’s leadership, Vensette has successfully developed partnerships with major brands such as Chopard, Vogue, and Michael Kors. 

FTX CEO Sam Bankman-Fried released a statement confirming Platt joining FTX, stating, 

“We are thrilled to have Lauren join FTX and lead our next marketing foray into luxury partnerships. Her wealth of experience in the fashion and luxury space will be essential for the next phase of growth of our team’s partnership and branding focus.”

Platt also spoke about her new role with FTX, stating that she believed that women were underrepresented in crypto and hoped that she could bring about some change through her new role. Speaking about her role in crypto, she stated, 

“Only 9% of women feel they understand crypto, and this means that the majority of women are being left behind from one of the most important opportunities for wealth creation of our generation.”

Crypto Jump Fueling Luxury Buyers 

Last year, the surge in crypto prices created space for luxury buyers, as young Americans had profits thanks to crypto that they could now spend, according to a report released by Jefferies. The report found that people under 35 who had invested in crypto are using it to buy art, jewelry, accessories, and apparel. 

There has also been a surge in luxury brands making their way to the crypto space, a fact that FTX intends to take advantage of. Recent examples include Prada’s partnership with Adidas for an NFT launch, Ralph Lauren’s foray into the metaverse with 24/7 lounges in the Roblox metaverse, and Gucci’s partnership with Superplastic to offer limited-edition NFTs.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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