Conjured up for the first time in Neal Stephenson's science-fiction novel Snow Crash (1992), the Metaverse is a virtual 3D world inhabited by avatars. Calling on virtual, and "augmented", reality, this new world very soon became popular among millennials and Generation Z, great fans (and consumers) of video games.
Luxury brands immediately pounced on this new technology offering a wealth of opportunities.
Today, Ralph Lauren and Burberry unveil their new collections both physically and digitally, also designing virtual clothes and accessories to dress avatars in the Metaverse. Other brands collaborate with world-renowned video games. Such is the case for Valentino and Jacquemus, who have developed their presence in the Animal Crossing Nintendo game, and Gucci, which sells a collection of bags, sunglasses, and hats on the Roblox on-line gaming platform. Balenciaga also proposes hooded sweatshirts and sneakers on Fortnite. Already associated with the League of Legends game, Louis Vuitton innovates with the creation of its own mobile game, Louis: The Game, which notably features 30 NFTs to collect.
In response to this fast-growing new market, numerous startups have made their appearance. In 2021, the South Korean gaming app Zepeto, specializing in clothing for avatars and in which Christian Louboutin turned up, was one of the most widely uploaded in France. Users can treat themselves to designer items estimated to be worth 0.5 to 2.8 dollars each. A highly efficient way for luxury brands to build a larger community and make its members loyal thanks to affordable prices.
A real space for social interaction where devotees can communicate with friends and discover new worlds, the Metaverse has, quite logically, hosted its first on-line fashion parades, first with "Crypto Fashion Week" then "Metaverse Fashion Week". This second show was held in March 2022 on the free virtual reality 3D platform, Decentraland. Almost 70 brands participated including Elie Saab, Paco Rabanne and Dolce & Gabbana, thus marking a real turning-point in the fashion industry. Users were able to discover their new collections, and even buy items. Something to entertain and appeal strongly to today's consumers and those of tomorrow.
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