Fashion is all about being in the trend. When the current trend in the world is metaverse, how can fashion brands stay untouched?
What are fashion brands doing in the metaverse?
They are releasing branded NFTs with special utilities. Some NFTs are redeemable which gives physical products as rewards or discounts.
Fashion brands are also releasing digital twins of their products. Moreover, brands are also opening virtual stores on the metaverse so people to explore their services in an immersive virtual world.
What more brands can do in the metaverse?
Luxury fashion brands are enhancing customer experience and marketing their products by offering unique virtual experiences to their customers. They are doing so by building exclusive virtual space in the metaverse.
For instance, Nike built Nikeland on Roblox where you can dress up your online avatar in branded Nike apparel and accessories.
Nike is not alone in this fashion metaverse endeavor. Brands like Gucci, Louis Vuitton, Adidas, and others have also joined the metaverse trend. Every luxury brand is offering something innovative and unique to their customers on Metaverse.
Let’s find out what the leading fashion luxury brands are doing in the metaverse.
Statistics That Support The Future Of Fashion Metaverse
Before we proceed to look at the fashion brands in the metaverse, let’s see some statistics that promise a fruitful fashion metaverse future.
- Metaverse fashion recorded a whopping 30.5% Y-O-Y growth rate in 2022.
- The metaverse fashion market will grow at a CAGR of 36.47%.
- At that rate, it is expected to reach $6.61 billion by 2026.
- As of now, Nike has made $185 million in NFT sales.
- Dolce & Gabbana has generated a revenue of $25.6 million in NFTs.
- Gucci made $11.56 million in NFT revenue and $31 million in secondary sales.
- Adidas saw 51,000 transactions in the secondary market with over $175 million in NFT sales volume.
Luxury Fashion Brands in the Metaverse
- Nike
- Gucci
- Louis Vuitton
- Adidas
- PRADA
- Forever 21
- Hermes
- Zara
- Burberry
- Balenciaga
10 Luxury Fashion Brands in the Metaverse
Here are the top 10 luxury fashion brands harnessing the power of metaverse development services to build their base in the virtual world.
Nike
In 2022, Nike acquired RTFKT, a digital design studio. Thanks to its acquisition, Nike Digital which handles the metaverse operations made a quarter of the total brand’s revenue.
With $185 million in NF sales, Nike made a grand entry into the metaverse space. It launched a collection of 20,000 NFTs also known as Cryptokicks. Soon the collectors were in a race to get the branded NFTs. In fact, one NFT collector paid $130,000 for single pair of digital sneakers.
You will be surprised to know that these NFT sneakers were designed by famous Japanese contemporary artist, Takashi Murakami.
Nike reached another milestone last year with its virtual presence in the metaverse. Nike partnered with Roblox to launch Nikeland. It is a replica of the company’s real life headquarters, buildings and arenas.
That’s not all! You can enjoy exciting games in Nikeland. The most thrilling game of all is the “Floor is Lava” dodgeball game.
Nike land is a huge success among the brand’s customers with 21 million users.
Nike’s metaverse saga does not end here. It has also opened its virtual store in the metaverse where all-time classic products like Air Force 1, ACG, Nike Tech Pack and Nike Blazer are on display.
Gucci
Gucci is not only a leader in the fashion world, but also in the metaverse. The luxury Italian brand has taken the digital world by storm with many innovative initiatives that have elevated it to new heights in fashion.
Last year, Gucci broke ground in the NFT space with a movie inspired by its Aria collection. The film was a hit and was sold as part of a Christie’s-led auction, in collaboration with digital artist Lady PheOnix.
But Gucci didn’t stop there. They teamed up with popular gaming platform Roblox to launch a digital experience called Gucci Garden, which was inspired by the label’s real-life Florence show. Users were able to explore the immersive themed rooms, try on and even purchase Gucci NFTs to wear in the game.
In fact, the virtual version of Gucci’s iconic Dionysus bag sold for a record-breaking price of $4,115, higher than its real-world counterpart.
Since then, Gucci has continued to push the boundaries of virtual worlds, gaming, blockchain, and NFTs. The luxury brand has collaborated with toy maker Superplastic and the narrative NFT project 10KTF, and has announced plans to expand its metaverse and gaming strategies even further. With Gucci leading the way, it’s clear that the future of fashion is not only physical but also digital.
Louis Vuitton
Another prominent brand to mark its presence in the metaverse is Louis Vuitton. The French fashion house launched a metaverse mobile game in partnership with Beeple.
The mobile game “Louis The Game” was a part of the 200th birth anniversary of the founder. It is a narrative story game that takes the players through 7 virtual worlds portraying the seven fashion capitals.
What’s more exciting about the game is that the players get the chance to win exclusive NFTs. The game includes a total of 30 NFTs out of which 10 are designed by Beeple.
However, this isn’t the most appealing part of the game. Players can customize their avatars with a wide variety of available LV prints. The game has a footfall of 2 million players.
Unlike other brands that are releasing NFTs for sale purposes, Louis Vuitton differs in this regard. The NFTs or the tokens in the game are not meant to be sold in the open market.
Louis Vuitton CEO, Michael Burke explained, “This is not a commercial experience, but a pedagogical, educational experience that must be fun, emotional and dynamic.”
In fact, we can say that the metaverse game is a brilliant marketing strategy for the brand to engage with its customers.
Conclusion
It’s pretty clear that luxury brands are establishing their business in the metaverse. With their digital products, NFTs and virtual stores, these brands are giving a push to metaverse fashion.
Credit to the unique features of NFTs such as ownership verifiability, data immutability and smart contract functioning, not just digital artists but fashion brands are also leveraging them. In fact, businesses are also getting NFT development solutions to streamline their supply chain, logistics and other business processes.
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