As the next significant milestone in the world of fashion, the metaverse has made giant leaps and strides in revolutionizing and modernizing the industry.
The influence of fashion in virtual communities has grown over the years, with more brands leaping to the digital world to take their business to the next level. This new digital realm is transforming the $2.5 trillion fashion industry, and there is much more cash to be made from this opportunity.
From creating a new sales channel to entering new markets and virtual territories, the metaverse has offered enough lucrative reasons to invest in it as a retailer.
The Investment Potential
Global spending on VR/AR is predicted to rise from $12 billion in 2020 to $72.8 billion in 2024. Because of this, leaders in retail are specifying how to place themselves as critical players in the new world of web 3.0.
The potential in retail technology for brands is huge, and the prospects are endless.
This is already a turning point for numerous brands in the metaverse. Louis Vuitton created an NFT-focused game that reached more than 2 million downloads and it’s no wonder that gaming as a metaverse entry works so well. 53% of US shoppers are aware of luxury fashion brands’ interaction via online gaming.
A McKinsey & Company report in 2022 (Value Creation in the Metaverse) declared investment in the metaverse so far in 2022 has already more than doubled the total investment for 2021.
Brands Already in the Metaverse
Many luxury and high street fashion brands have joined the metaverse, diversifying the virtual marketplace and giving users more freedom and choice when exploring their favorite brands in a digital form.
Gucci has integrated itself into the metaverse several ways, minting its own NFTs. They have created many projects, including Gucci Grail, a part of a project with 10KTF, and included with their floating New Tokyo, offering users a chance to buy a unique collection of NFTs.
They have further invested in the metaverse by buying a plot of land on Roblox, known as Gucci Town, giving Gucci enthusiasts a permanent virtual space to browse their collection.
Roblox offered clothes for purchase within an experience at a Lil Nas X concert, which acquired 36.9 million visits and merch sales in the seven digits, according to the company.
Popular sportswear company Nike has also made a big splash in the metaverse. Like Gucci, they have also opened up a space on Roblox called Nikeland, providing a social community for shoppers to meet and explore their products.
They’ve also found a lot of success in minting and selling NFT sneakers, selling 600 pairs in a record 6 minutes.
More than $8m (3100 Ethereum) of revenue was generated by Nike in one week with the sale of its virtual sneakers.
Dolce and Gabbana
One of the biggest names in luxury fashion, Dolce and Gabbana, have also been participating in collaborations with NFT marketplaces such as the luxury UNXD and taking part in the Metaverse Virtual Fashion Week. The UNXD collaboration, an NFT collection known as DGFamily Glass Box, allowed users to explore several digital clothes. Each participant in the event received both NFT versions of the clothes and their physical counterparts.
They even brought the virtual world to their showcase at Milan Fashion Week with a catwalk that seamlessly shifted from digital to physical.
One of the latest additions to fashion in the metaverse, Roksanda joined the metaverse gold rush with London Fashion Week. They crafted an exclusive NFT look for the show in partnership with Clearpay.
The digital outfit was also available through an AR experience, allowing users to try on the look and increase interactivity with the event.
Another recent entry into the metaverse fashion industry, Ambush has created some ambitious projects, including a fitting 2,022 NFTs for their signature POW! label.
They have also created their own immersive experience through the creation of SILVER FCTRY, their unique digital environment set on a futuristic spacecraft that gives users the chance to explore the brand, building a sense of community and allowing visitors to attend special events and browse their NFT collections.
Benefits of Having a Metaverse Store
Having a metaverse store and a physical one opens up several opportunities to pull in the broader audience for your brand, helping to generate interest and recognition and allowing your products to be seen in a new light.
It keeps the shopping experience fresh and modern, taking advantage of the advanced technology on offer in the present day to deliver a new and immersive experience for your customers.
This new level of interaction makes the metaverse so profitable for businesses. It gives users more opportunities to interact with the brand and forge their connection and journey with the products. This helps the brand cement a more permanent place in the memory of the shoppers and increases the potential of returning customers.
Why You Should Join the Metaverse
Having a metaverse store is a great way to advertise your products and carry out easily accessible promotional events that can revitalize your brand and help you to build more meaningful connections with your target audience.
It will also help you to find new ways to express yourself through your products and explore more creative options that aren’t accessible in the physical world, helping you to make the most of your brand and evolve your products into the modern technological revolution.
The metaverse always puts the users before the brand, creating a personalized experience that focuses on maximizing user entertainment. By joining the metaverse, you are also helping your brand to be more oriented around each unique journey your shoppers go on, increasing their enjoyment of your brand and encouraging them to explore your shops more, both in and out of the metaverse.
The metaverse is fashion’s next goldmine precisely because it offers innovative ways for luxury and high street brands to revolutionize their products and reach a whole new audience that wasn’t available to them before, allowing fashion to grow and evolve in a world that puts the customer first.
By joining the host of brands already making waves in the metaverse, you are helping your brand to expand creatively, giving you and your customers more freedom when it comes to expressing yourself through fashion and sharing your vision with the world.