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The Future of Luxury in the Metaverse: A Marketing Fantasy

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In the 3D Internet, which will be a seamless and continuous digital experience, we will all have avatars, perhaps multiples of them, to use as puppets.

Said avatars will need to be clothed (out of the virtual red light districts and nature of nude beaches) and what better way to do that than to move the entire economy and IRL shopping experience into the metaverse.

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Don’t just take my word for it. Mark Zuckerberg has imagined all this for you,

“Avatars will be just as popular as profile pictures, but instead of a static image, they will be live 3D representations of you, your expressions and movements that enable possible interactions,” he said last October when announcing Facebook’s rebranding. to Meta.

“You most likely have a photorealistic avatar for business, a stylized one for socializing, and maybe even a fantasy avatar for gaming. You will have a virtual wardrobe of outfits for various events, made by various designers and coming from various apps and experiences.”

Most people already present at least two different public personas: physical and online. While all the major fashion companies tend to have a physical presence, some of them place less importance on their online presence. On the other hand, online identities will be just as significant as real-life people in the metaverses. As a result, fashion brands are developing digital clothing and accessories.

There are plenty of examples of experimentation, as commercial brands buy real estate on proto-metaverse platforms like The Sandbox and Decentraland or emerging brand activations on gaming sites like Roblox and Fortnite.

Valentino presented his Spring & Summer Collection in Nintendo’s ‘Animal Crossing: New Horizons’ game. Gucci has designed and produced four sportswear lines for the Tennis Clash characters created by Wildlife and the French fashion house Balenciaga presented its Autumn and Winter 2021 collection in the game ‘Afterworld: The Age of Tomorrow’.


Do you want to buy a luxury virtual watch?

NFT

But it is NFTs that are proving popular. Most of the virtual luxury goods have already been sold in limited quantities and customers have received an NFT (non-fungible token) as proof of ownership.

The idea is for users to transport outfits, accessories, and home decor from one platform to another (for example, from the game world of Fortnite to the reality of Meta) in the Metaverse.

Sneaker enthusiasts can purchase digital versions of Nike Cryptokick shoes, which they can keep in their virtual locker or be worn by characters in Fortnite. Adidas’ latest collection, dubbed ‘Into the Metaverse’, will include virtual garments that shoppers can wear on online platforms and match with their real clothes.

Analysts at Morgan Stanley estimate that the virtual luxury goods market could be worth $50 billion by 2030.

In theory, an NFT is considered digital proof of ownership, which makes it more difficult to exchange or duplicate than physical copies (the world of luxury fashion is full of counterfeit products). NFTs are securely stored on a blockchain, the same technology that underpins cryptocurrencies, guaranteeing irreplaceable assets.

Now DWISS has become the first watch company to market its latest physical range as well as NFTs that users will also be able to ‘wear’ on their avatar wrists. It is selling 10,000 “hyper-realistic watch renderings” inspired by its actual watches.

If you have money to spare, why not treat yourself? Brands like DWISS and Nike are encouraged to invest in the metaverse because that’s where they’re told younger demos (Gen Z) hang out. And Gen Z are the future, right? There’s nothing wrong with brands trying to recreate a community around their product in the new online space, as long as everyone treats the company with a sense of humor and perspective.

DWISS notes, for example, that “no raw materials are used to produce luxury items for the Metaverse; therefore, labor is minimal. That means virtually all of the profits will come from the sale of virtual clothing and accessories.”

I’m not sure if he’s serious or not.

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