The Metaverse is opening up endless possibilities for designers, fashion brands and retail and consumers. This may be the new reality of the fashion industry, so those who are not yet there may already be lagging behind their competitors.
Defining the Metaverse is quite complex. According to Cathy Hackl, the “godmother of the Metaverse,” it is “a further convergence of our physical and digital lives” concerning “the Internet breaking free from the rectangles of our hands, desks and walls and surrounding us.”
Any brand can find its way into the Metaverse specifically the Metaverse can transform fashion just as fashion itself can change the Metaverse.
As the fashion industry becomes more entrenched in the Metaverse and younger generations spend more time shopping, socializing and playing there. It is therefore critical that retail and fashion brands understand how to take advantage of the opportunities in front of them.
For example, in 2021, Dolce & Gabbana sold clothes and accessories that do not exist in the physical world for $6 million. According to the Milanese brand, this is the “most complex NFT (NFTs are non-fungible tokens; non-fungible refers to a type, a unique digital asset) of fashion ever created to date.” It is called the “Genesis Collection” and was sold for a total of 1,885,719 Ether, or just under six million dollars.
In addition, other luxury brands such as Burberry and Louis Vuitton have partnered with Blankos Block Party (Burberry) and Beeple creations (Louis Vuitton) to launch video game-related NFTs.
Avery Baker, president and chief brand officer of Tommy Hilfiger Global, told Cointelegraph that the Tommy Hilfiger brand is interested in new trends and technologies, particularly those that allow the brand to connect with consumers in unique ways. He explains “Consumer appetite for digital experiences has never been stronger, and as we integrate the digital and physical worlds, the Metaverse offers endless opportunities for creativity, collaboration, storytelling and community building. Whether it’s NFT, avatar parades or something else we haven’t explored yet, I’m excited to see what will happen.”
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