From buying prime pieces of land, developing them and selling them for profit, playing games and earning income, to trading with digital cash and making money from the NFT market, endless possibilities abound in the Metaverse. Doubtlessly, the Metaverse will change multiple aspects of our lives, although it might take time to fully actualize the project. The fashion industry hasn't been left behind. In March this year, , , and hosted the world's first runaway show on Decentraland. The four-day event also included virtual panel discussions, besides allowing fashion enthusiasts to shop around. Tommy Hilfiger RobertoCavalli Etro Notable Fashion Brands in the Metaverse Like tech and gaming brands, there has been a surge in the number of fashion brands entering the Metaverse. Among them is Gucci, a leading luxury brand. The company teamed up with Roblox, a leader in the gaming space, to exhibit items like sunglasses, hats, and handbags in the form of avatars. The 2-week exhibition was hosted on 'Gucci Garden', Gucci's space on the Metaverse, enabling fashion and NFT enthusiasts to grab the brand's virtual collectibles. Founded in 1919, Balenciaga is known for revolutionizing the fashion space, particularly the women's fashion industry. From high-end handbags to the popular Balenciaga crocs, the firm has frequently created a stir, drawing criticism and praise in equal measure. The fashion house's recent partnership with revealed its interest in Metaverse. The agreement will see Balenciaga-labeled items used as avatars across the game. Fortnite, an online game, Also, Balenciaga promised to refashion three Fortnite avatars, which will see them clad in the Balenciaga creations. Meanwhile, the game allows for trading Balenciagas digital assets across the platform. Pomp and circumstance marked Lois Vuitton's 200th birthday. The unique event included the company kick-starting its metaverse journey and launching LOUIS THE GAME, a mobile game embedded with 30 NFTs. The artwork, estimated at USD 69.3 million, was created in conjunction with Beeple (Michael Joseph Winkelmann), an esteemed NFT artist. However, the collage is solely for gaming purposes and, therefore, not available for trading in the NFT market. Seizing the Moment While critics cite different reasons for not buying into the Metaverse idea, the innovation is a voice to reckon with. After all, figures don't lie. For instance, D&G NFT is said to have accrued $6 million. Similarly, Gucci, Nike, and Adidas, Nike have collectively amassed $137.5 million in the NFT market. It means that the entry of fashion into Metaverse is something whales as well as retail investors, have their eyes on. Rightfully so, this is an unstoppable wave.

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Not Left Behind: The Fashion Industry's Grand Entry into the Metaverse

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Not Left Behind: The Fashion Industry's Grand Entry into the Metaverse

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Companies Mentioned

Coin Mentioned

Mehran Muslimi

STORY’S CREDIBILITY

DYOR

About Author

TOPICS

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