[Note: Originally published July 31, 2022]
Crypto wallet hardware maker Ledger, which makes wallets useful for all long-term crypto and NFT users, establishes its luxury brand status with the launch of [LEDGER] Market.
Ledger is now well-established as the leading crypto asset hardware wallet creator. Its products, including its mobile app, make it a future giant serving all levels of the self-custody market from everyday retail to enterprise scale.
Yet, Ledger’s newly launched [LEDGER] Market, aka [L] Market, clearly is designed to serve a high-end clientele. The launch announcement notes initial partners “Tag Heuer of LVMH, leading NFT projects RTFKT and DeadFellaz” as the first of a future “curated portfolio of NFT partners.” The [LEDGER] Market Pass — Genesis Edition, basically a membership NFT, sold out in less than 24 hours.
Ledger is going for the high end of the market and able to capture that clientele because they are already clients.
So why is an increasingly successful mass-market ‘retail hardware with an app’ play launching a luxury NFT market?
In addition to explaining why Ian Rogers was named CEO, Ledger could be understood to be drawing on the sneaker game with a highly desirable mass-market brand accented by luxury drops. Rather than reading as selling out to Richie Rich, such drops associate mass-market brands with top-level designers and influencers, like Kanye West, while further supporting the associated brand’s leading status.
So, yes, Ledger has more clearly revealed its luxury status while further strengthening its future mass-market dominance. And navigating that potentially difficult balance is another good reason to have Rogers on board.