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- 1 Metaverse has attracted luxury fashion brands in the past.
- 2 Virtual spaces will eliminate several loopholes consumers currently face.
Identifying the trend is an uphill battle for the fashion brands. But that’s what gives them an upper hand over their competitors in the market. As technology is evolving, so are the people and the platforms they prefer spending their time doing activities like shopping, socializing and more. The metaverse, a three dimensional digital twin to our physical spaces is slowly making it to the mainstream, while fashion brands have already started marking their presence in these spaces.
Luxury Products Become Ordinary in The Metaverse
Financial Times, a British news website, recently highlighted that fashion brands can use the metaverse to identify trends to grow in the market. F21’s chief marketing and digital officer told FT that platforms like Roblox can serve as research and development arms. However, this may not be a successful strategy for smaller brands in the market.
The report also underscored the brands who have experimented the metaverse previously. Burberry, a British fashion company, have joined hands with Minecraft, a pixelated open world game, to launch virtual products on the platform. Similarly, high-end Italian luxury fashion house, Gucci, bought virtual real estate in The Sandbox game.
Launchmetrics’ CMO, Alison Bringe, told the news website that brands believe the probability of a user to buy a physical good increases if they are already holding a virtual good. Moreover, if consumers are not able to purchase a product from a luxury brand, they can acquire it in virtual form at a much lower price. A Gucci bag may cost $5 in the metaverse.
Another issue concerns the physical stores. A majority of them do not allow users to interact with the product. The metaverse can eliminate this by enabling consumers to try the products in 3-D. Some stores do not allow the customers to take clothing trials after a certain number of tries considering the wear and tear aspect. Users can take endless trials in the metaverse without having to care about damaging the product.
The metaverse can take the fashion industry on a whole other level. Experts believe that virtual spaces will become the new normal. However, developers are still working on new technologies to enable users to access digital worlds flawlessly. Platforms like Nvidia’s Omniverse Cloud are enabling the devs to attain required standards that can help bring metaverse to life.
Of course we cannot eat or take a bath in the metaverse but we can enter a Prada outlet without having to actually visit the physical location. We may not realize this, but the metaverse is here and attracting a lot of entities in the space. With time, users will come to know its true potential and what it can offer in return for their presence in virtual spaces.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
