To put it simply, the metaverse is a network of 3D virtual worlds where users can interact, game, and experience things like they would in the real world. With a focus on social connections, users are able to immerse themselves into this digital world, create there own avatars and interact with every visual projection in front of them.
Many luxury brands saw the metaverse as an opportunity and are already making serious money selling digital fashion. These brands are only getting more experimental in the metaverse.
Facebook CEO, Mark Zuckerberg believes that avatars in the metaverse will be just as common as display pictures today. He believes that avatars in the metaverse will be living 3D representations of ourselves – with our own expressions and a wardrobe full of virtual clothes.
More and more luxury brands are beginning to invest and sell their products digitally in the metaverse. Gucci released their “Gucci Garden” which was run on the metaverse platform “Roblox”, where visitors enter through a virtual lobby and their avatars can view, try on, and purchase digital Gucci items. Tommy Hilfiger have partnered with Elite World Group (EWG), a virtual marketing agency for future digital opportunities.
It’s been estimated that the market for virtual luxury goods can be as large as $60 billion by 2030.
Starting March 24 for four days of entertainment, is the Metaverse Fashion Week (MVFW).
The event will be hosted n the metaverse platform ‘Decentraland’ and will be the world’s biggest, completely digital fashion week. Noticeable names to appear at the catwalks include Dolce & Gabbana, Etro Dundas, and The Fabricant.
Users will be able to buy their avatar’s digital clothing directly from the catwalk avatars.
The event will include showrooms, stores, talks, a pop-up museum, and aftershow parties with live music. The main focus will be on entertainment over design inspiration.
Hugo (one of two parts of the newly rebranded Hugo Boss) recently signed with Boson Protocol, a MVFW partner. This allows people to buy Hugo items within the digital metaverse.
Users of Decentraland has grown by 3,300% over the past year.
Buying digital clothes for avatar characters has already been seen in the gaming world as serious gamers like to dress their avatar characters. Would you pay up to hundreds of pounds for a coat or some trainers that you can never actually wear in the real world?