A metaverse is an augmented universe that combines virtual and mixed reality technologies to create a more immersive three-dimensional experience. Users have a digital persona called avatar who is able to interact in a fully-realized, computer-generated world similar to those which already exist in games like Minecraft, Roblox or Second Life.
Fashion brands like Adidas, Armani, Diesel, Calvin Klein, Gucci, Balenciaga or Louis Vuitton have been experimenting with digital fashion on these sort of games for some years now. Only in December, Ralph Lauren opened its own store in the virtual world of Roblox.
Are fashion brands seriously thinking about selling clothes that do not exist?
Brands—which moved fashion shows online during the pandemic—have learnt a lot about how to connect with online customers and are now putting some thought into their metaverse strategies. They are trying to attract a generation of digital natives who already spend a lot of time online and whose virtual existence has become extremely prominent in their lives.
Dylan Gott, global technology innovation manager at Estée Lauder, explains that “As people increasingly spend more time in digital worlds, they are increasingly becoming more intentional about how they portray themselves.” Young people that wouldn’t be able to afford walking into a real Balenciaga store, for instance, find pleasure spending a few earthly quid on digital versions of designer clothes. For many, it’s a world full of opportunities to customize themselves as they wish they could for real, and show off.
Morgan Stanley predicts that the metaverse could present a $50 billion-plus opportunity for the luxury industry in the next decade. We are talking about digital items that do not need to be actually manufactured. They don’t require natural resources, or labour, or transport, which means their production is cheap and environment-friendly, with 0 stock and without overproduction. And on top of that, in metaverse imagination is the limit, as it provides a world not restrained by the laws of physics, where designers can invent new precious materials and create imagined textiles and dreamt clothes from thin air. ¿Would you buy branded clothes for your avatar in Metaverse?
Did you like the article? Discover our blog!