The Metaverse has moved over from a place meant for technology enthusiasts and hardcore gamers, to now slowly becoming a haven for Luxury fashion brands who are trying out different ideas on the platform. This ranges from launching their NFT collections, to their own virtual stores on the virtual reality realm. After all, the Metaverse is estimated to be a market opportunity worth $800 billion by 2024, according to a December 2021 Bloomberg report.
Luxury brand Gucci was one of the first to launch its NFT related product back in May 2021, like many other brands launching limited edition jackets, jewellery, clothes and others, Gucci made a unique four-minute film called Aria, which sold for a cool $25,000. Gucci sent the proceeds of the sale to Unicef USA. What’s more? Gucci also managed to sell a virtual bag on gaming platform Roblox for around $4,000, while a person can get their hands on the real thing for $3,4000. What’s even more intriguing is that the virtual purse wasn’t even sold as an NFT, and has no transferability outside the virtual Roblox world.
If you thought Gucci’s film idea was creative, French Fashion chain Louis Vuitton launched a mobile game creatively titled “ Louis The Game” in August last year to mark the 200th birth anniversary of its founder. The game however, is unlike the normal Tetris, in the fact that it came embedded with 30 NFTs, which are part of the game’s collection and cannot be purchased, yet! Taking a cue from Louis Vuitton, fashion brand Burberry launched its own game called the Blankos Block Party, housing its own limited edition NFTs.
Did you know that a digital sneaker brand exists by the name of RTKFT? And Nike acquired the brand in December last year for an undisclosed amount? Before the acquisition, RTKFT sold about 600 shoes for close to $3.1 million, in about 420 seconds.
Moving up another notch, browser based 3d virtual world, Decentraland will launch the first ever Metaverse Fashion Week on March 24, and will require no tickets to be purchased from platform users, but users can purchase digital jewellery through an Ethereum wallet.
Like any fashion event, fashion labels and investors will be able to rent out digital land in the virtual arena to host concerts, shows and even after parties.