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How fashion brands can enter the metaverse

How fashion brands can enter the metaverse

 


Marketing Director at Launch Indicatorsthe Brand Performance Cloud leader in Fashion, Luxury and Beauty.

In recent years, the digital transformation of the fashion industry has gained tremendous momentum. Although digital demand for fashion and luxury could generate additional sales that would reach $50 billion by 2030, according to investment bank Morgan Stanley (Going through The business of fashion), the rise of the metaverse still represents a big challenge for luxury brands, but also a huge opportunity. Fashion houses have been trying to find new ways to stay relevant in the digital world. Given that the Web3 space of the Internet will surely take years to develop, social games and NFTs could open up powerful opportunities for fashion to grow digitally. The Metaverse could be the next evolution of how you use the internet, interact, work, play online, and eventually dress.

Enter the space through event activations.

One option for entering the metaverse with impact is through event activations as part of video games. Gaming platforms provide a place where brands can showcase their collections in new ways through digital events such as fashion shows or immersive experiences in the world of creative directors. The limitless experience artists can have in the metaverse is perhaps what makes it interesting and exciting.

For example, Gucci partnered with Roblox in 2021 and invited visitors to embark on a unique journey through the virtual Gucci Garden on the platform. Entering the metaverse also means marketing a fashion brand to a new demographic. In fact, social games bring together many players and their avatars; collaborating with gaming and metaverse platforms can thus allow brands to engage with new communities. These communities are made up of consumers immersed in the metaverse and likely to connect virtually with beauty and fashion brands.

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Balenciagas’ attempt to access Web3 was also successful. Through a collaboration with Fortnite, Balenciaga created a range of authentic Balenciaga x Fortnite looks, also known as skins, that users could purchase for their gaming avatars. Additionally, they were featured on three-dimensional billboards around the world , so they received extra attention. As part of fashion’s integration into the digital landscape, we also saw the inaugural Metaverse Fashion Week bring together a mix of brand activations. Brands like Dolce & Gabbana, Etro and Elie Saab have seized the opportunity to expand their entry points by taking part in this metaverse fashion moment.

In addition to positioning themselves as trendsetters in this new and evolving landscape, brands could use their virtual presence to drive traffic to their e-commerce stores or sell wearable designs directly.

Join the NFT craze.

Getting into video games is a start, but being a creative pioneer within the metaverse is key to building momentum. Indeed, using NFTs to create digital versions of clothes is a great tool that is no longer just for artists or blockchain experts. By mixing their physical and digital collections, brands can give digital value to their collections. NFTs are innovative; they allow brands to imagine the craziest creations without any material or logistical constraints. Additionally, the psychology of scarcity and limited editions that seems to be driving NFT mania could be a real boon for luxury brands.

Dolce & Gabbana created NFTs with Collezione Genesi in collaboration with UNXD: What UNXD claims is the first luxury NFT collection involving digital and physical products, as well as privileged access to future events. When purchasing a package, the owner receives both the physical and digital items and access to future Dolce & Gabbana couture shows. NFTs can be real assets when brands use them in this way, as they can encourage the shopper to engage with the fashion brand long-term and encourage brand loyalty.

Additionally, Dolce & Gabbana launched the DGFamily NFT community. As Dolce & Gabbana did, brands can launch communities to provide access to truly exclusive opportunities such as early access to limited-edition releases or events. Ultimately, brands can make owning an NFT a privilege to cultivate the luxury mindset.

Accept payments in cryptocurrency.

It has become undeniable to me that it is in the interest of brands to explore ways to embrace blockchain technology and accept cryptocurrencies as an alternative payment method.

Indeed, blockchain can be useful in protecting the authenticity of luxury goods. The two main benefits it could provide are preventing brands from counterfeiting products and reassuring customers that they are buying the right product. The track and trace system that can be developed on blockchain can also help reduce operating costs in retail by providing better data management and supply chain management capabilities. For instance, the Aura Blockchain Consortium was launched in 2021; it brings together leading brands such as Prada, Louis Vuitton and Cartier to provide their consumers with the history and authentication of luxury products through blockchain solutions.

Finally, luxury brands like Hublot, Gucci, and Balenciaga have started accepting cryptocurrencies as payment; this can help them attract customers who are interested in these currencies and have invested money in cryptocurrencies. We now also saw marketplaces such as Farfetch joining the movement.

Although the metaverse appears to be a very challenging phenomenon for the industry, it does provide brands with some development opportunities and the chance to stay relevant and meaningful in the digital world. Event activations are one way to do this; brands can also explore blockchain and its derivatives, namely cryptocurrencies and NFTs. On another note, one might wonder how the metaverse could have evolved into the fashion industry on its own; in other words, could the creators of metaverses, for example, create new digital platforms entirely dedicated to showcasing fashion?


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