Technology

JCK Keynote Guides Attendees Through the Metaverse

TechnologyJun 13, 2022

JCK Keynote Guides Attendees Through the Metaverse

Speaker Swan Sit delved into several buzzworthy topics, like blockchain and NFTs.

For the JCK opening keynote, speaker Swan Sit opined on the metaverse.
Las Vegas—The metaverse is arguably the retail buzzword of the year.
 
JCK’s keynote Friday morning, titled “Web3 is Coming—Navigating the Past, Present, and Future of Retail,” was led by speaker Swan Sit.
 
Sit is the former global head of digital marketing at Nike, Estée Lauder, and Revlon.
 
She took a deep dive into hot topics like Web3, blockchain, and NFTs, but centered the conversation around using these tools to build a community and creating brand loyalty.
 
“Web1 was ‘go look at the dot-com site.’ Web2 was social, where you can look and comment back. But Web3 is a collaborative conversation we’re moving into,” she said.
 
Looking to explain a complex topic in a more accessible way, Sit shared several anecdotes throughout this session, but one about her work with beauty brand Elizabeth Arden was a standout.
 
Unlike on-trend beauty brands—think Glossier and Charlotte Tilbury—Elizabeth Arden was a brand one could find on their grandmother’s vanity.
 
Turning it cool and Insta-worthy was a tall order and Sit said she put her career on the line by taking some risks to make the brand more relevant.
 
As it turns out, Elizabeth Arden’s founder and namesake was ahead of her time in some respects. She was a women’s right activist and marched with the suffragettes. She created a “Victory Red” lipstick in the 1940s for women in the military. She was also the first woman to be featured on the cover of Time magazine.
 
Arden died in 1966 but Sit brought her back to life in a digital form, revamping the brand’s Instagram to show posts from Arden’s first-person perspective, as if she were alive today.
 
She recruited “friends” for Elizabeth Arden, like comedian Chelsea Handler and fashion icon Iris Apfel.
 
Sit’s risk paid off, with Elizabeth Arden posting growth for ten consecutive quarters following the campaign. The brand was later bought by Revlon.
 
Elizabeth Arden’s products were always present in the campaign’s photos and videos, but they were secondary to the conversations between “Liz” and her friends.
 
“If we’re lucky enough to build a community that grows, treating them like a community and not followers is a really massive difference,” said Sit. “It’s becoming a two-way street.”
 
The point of the campaign wasn’t to push product, but to connect to the audience using a digital medium. The opportunities to do that will likely only increase as metaverse technology continues to flourish.
 
 Related stories will be right here … 
 
Sit reminded the audience that while the term “metaverse” is new, the idea of a digital world a user can walk around in is as old as video games.
 
She recalled explaining the metaverse and what an avatar is to an older man at a social event. The conversation ended in embarrassment when he cut her off to say he knew exactly what an avatar was, because he was the creator of the popular game “Second Life,” which uses avatars to take players through a digital world.
 
Tech terms can throw non-tech-savvy people for a loop, however.
 
While the jewelry world may have a knack for marketing, said Sit, the tech industry isn’t as good at coming up with catchy terms to describe concepts like non-fungible tokens, or NFTs. 
 
She explained NFTs as “a unique record on blockchain.”
 
Even those who understand what an NFT is can have trouble wrapping their heads around the value prospect, though. An example is the Bored Ape Yacht Club, an NFT collection built on the Ethereum blockchain. It features pictures of cartoon apes, and they sell for millions of dollars.
 
“How could a jpeg be worth millions of dollars?” she posed to the audience. 
 
Then she asked those in attendance to open the camera roll on their phones and hold up a favorite photo.
 
Now, she said, imagine all of those photos, images of friends, family, pets, vacations, etc., just disappeared, and how upsetting that would be.
 
Non-tangible, digital-only images can hold enormous value, she concluded. 
 
Sit also discussed the opportunities available to the jewelry industry through these tech innovations, especially blockchain.
 
Authenticating luxury goods and following antique and estate jewelry from owner to owner were two interesting possibilities mentioned.
 
JCK offered another metaverse-focused session later that afternoon.
 
Oliver Maroney, general manager of Web3 and NFTs at Cameo, led a session titled “Relevance—NFTs & Web3.” 
 

The Latest

Supplier BulletinJun 24, 2022
AGTA GemFair™ Denver is the Place to Be in September!

Sponsored by AGTA

Recorded WebinarsJun 24, 2022
Vegas Jewelry Recap: The Editors Weigh In

Watch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.

MajorsJun 24, 2022
Banter by Piercing Pagoda Celebrates Pride with ‘SayGay’ Necklace

All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.

Brought to you by
Discover The Extraordinary Italian Jewelry In Las Vegas!

Experience all the Italian Jewelry market has to offer in Las Vegas.

CollectionsJun 24, 2022
Piece of the Week: Marie Lichtenberg’s Hidden Message Locket

It’s a reminder that life is best lived with discretion.

Weekly QuizJun 23, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
EditorsJun 23, 2022
Antique Show Observations From a First-Time Attendee

Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.

GradingJun 23, 2022
AIGS Launches Grading Report for ‘Santa Maria’ Aquamarine

The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.

Brought to you by
3 Reasons to Offer Estate Buying at Your Store

Provide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.

SourcingJun 23, 2022
Rough Diamond Sales Rise Again for De Beers

Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.

AuctionsJun 23, 2022
Auction House Freeman’s Appoints First Rep in Florida

Kate Della Monica, a senior specialist in the Jewelry and Watches department, will relocate to the Sunshine State.

Lab-GrownJun 22, 2022
LVMH Luxury Ventures Sinks Money Into Lab-Grown Diamond Start-Up

LVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.

AuctionsJun 22, 2022
Here’s How Two 100-Plus-Carat Diamonds Did at Auction

Sotheby’s New York put a colorless diamond and a fancy deep orange-brown diamond up for sale last week, with mixed results.

CrimeJun 22, 2022
Leviev Diamonds Launches Bracelet to Help ‘Tinder Swindler’ Victims

Profits will help them recoup financial losses.

MajorsJun 22, 2022
Swarovski Names First Non-Family CEO

Retail veteran Alexis Nasard will step in as CEO on July 4.

SourcingJun 22, 2022
Edward Asscher to Remain WDC President for Another Year

The organization also extended the terms of Vice President Feriel Zerouki and Treasurer Ronnie VanderLinden.

ColumnistsJun 21, 2022
State of the Majors 2022: Reflections on Resilience

After suffering a professional setback, columnist Peter Smith reflects on our ability to bounce back even when the hits keep on coming.

IndependentsJun 21, 2022
Jeweler Tommy Glatz, Known for Being Creative and Kind, Dies at 68

Glatz owned and operated Glatz Jewelers in Aliquippa, Pennsylvania for more than 40 years.

Events & AwardsJun 21, 2022
24 Karat Club of Southern California Will Honor These Industry Leaders

The organization will present three awards at its annual dinner, dance, and gala in October.

MajorsJun 21, 2022
David Yurman Hires Chief of People, Strategy

Former McKinsey partner Emily Yueh marks new president Evan Yurman’s first hire.

TrendsJun 17, 2022
Britney Spears Wore Over $500K of Stephanie Gottlieb Diamonds at Her Wedding

The New York jeweler also made the pop star’s wedding bands.

AuctionsJun 17, 2022
5-Carat Paraiba Tourmaline Ring to Hit the Auction Block

It’s predicted to sell for up to $484,000 during the Bonhams Hong Kong Jewels and Jadeite auction on June 22.

Events & AwardsJun 17, 2022
WJA Foundation to Offer Tech Scholarships for Women of Color

The recipient will receive up to $17,500 toward a tech-focused certification or program of their choice.

CollectionsJun 17, 2022
Piece of the Week: Gemella’s ‘Stella’ Necklace

It’s as versatile as it is glamorous.

Supplier BulletinJun 16, 2022
HiBid Is A Jewelry Lover’s Best Friend

Sponsored by HiBid

MajorsJun 16, 2022
Helzberg CEO Beryl Raff to Retire

Chief Financial Officer Brad Hampton will take over as the retailer’s new CEO.

CollectionsJun 16, 2022
Kirk Kara Unveils ‘Rayana’ Collection, New Bridal Styles at Luxury Show

Its new collection with subtle swirl designs draws inspiration from the family’s Armenian roots.

WatchesJun 16, 2022
Tudor Opens LA Flagship Boutique

It’s located at the Westfield Century City outdoor shopping center.

×

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