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The metaverse—which may be informally characterized as hyper-interactive, creative digital spaces where people work, play, socialize, and shop—has generated a lot of attention.
While the metaverse is still in its infancy, there is a lot of excitement about its potential.
It may provide new chances for businesses and the larger fashion industry to reach Gen Z and other tech-savvy, youthful customers.
Gucci entered the market with their Gucci Garden in the Roblox game metaverse, which had 19 million visitors.
Other fashion players are interested in the $176 billion gaming sector, which attracts more than three billion players worldwide each year, particularly given the allure of participating with and forming communities in games and other virtual worlds.
According to Simon Windsor, cofounder and joint managing director of Dimension Studio, an agency that worked with Balenciaga on their video game, "for certain customers, digital fashion is a logical extension of applying social media filters on sites such as Instagram and Snapchat."
"We're only at the beginning of this new age.... It begins to alter the definition of fashion itself."
NFTs can be used to authenticate items or act as collector objects in their own right in the fashion industry. And there has been a surge in participation in the last year, notably among premium players and through the gaming universe.
For example, to commemorate its 200th anniversary, Louis Vuitton released a computer game with valuable NFTs made in part by Beeple.
At a minimum, fashion’s foray into the metaverse suggests promising new routes for consumer engagement.
And while no one can predict exactly how this rapidly growing digital universe will shape up, the opportunities it presents are exciting—for luxury brands, retailers, and consumers themselves.
Management concepts explained like tweets.
Shoppers, particularly those in Generation Z, are spending more time online and investigating the metaverse's potential. Here's what the fashion and luxury businesses need to know about this new frontier.
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