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Hugo Boss, Gucci, Louis Vuitton and Co.
Why fashion brands are betting on virtual luxury
NFTs are all the rage. In recent months, more and more fashion brands have discovered non-fungible tokens, or NFTs for short, and thus open the way to a new revenue channel with potential.
The urge has been around for a long time: the vision of a three-dimensional Internet experienceable in images has haunted science fiction literature since the 1990s. An early model – albeit somewhat simplified – is almost 20 years old. Some will still remember Second Life. The virtual wonderland first appeared in 2003. Basically, it is a 3D simulation, the design of which is entirely up to the users. They draw the terrain, design homes and shops, and create clothing for the avatars that populate the world.
At the peak of the platform in the late 2000s, Second Life had just over a million monthly active users. Countries have created embassies, media companies have opened offices, brands have opened stores in digital malls. And Duran Duran gave concerts on virtual stages. “The idea was good, but just too soon,” agree the experts. In the 2000s, blockchain, cryptocurrencies, non-fungible tokens (NFTs), i.e. digital unique coins, and virtual reality glasses were still in the future.
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Virtual Merchandising
Kickz starts with NFT licenses
The sneaker and streetwear retailer and the NFT-specialized start-up TFC are working together. In the future, users will be able to purchase and trade digital fashion and merchandising items on The Football Club NFT Marketplace. A cooperation that should give impetus to the customer contact of tomorrow.
Everything is there today. For everyone – if Zuckerberg succeeds. Creative minds and businesses around the world must work to merge physical and virtual reality: “This future goes far beyond any one company. It will be shaped by all of us.” It could reach a billion people and generate hundreds of billions of dollars in digital commerce over the next decade. So a lucrative future market?
While Meta, Microsoft, Epic Games, and Roblox want to sell their Metaverse ideas, many companies can’t gauge how the business should actually look and operate, let alone have a strategy in place for it. Some simply did not understand the vision. Recently, Prada scion Lorenzo Bertelli smiled when asked by a financial analyst what Prada plans to do with the Metaverse, he replied, “The Metaverse is like social media. I know exactly what we need. I’m not nervous at all.”
It’s still an early adopter topic, but the hype is accelerating. A new playground for brands. Literally. Because gaming is a crucial key to the metaverse. Computer games like The Sims or Animal Crossing have shown that virtual worlds can be an effective platform for staging brands. “A lot of people tend to play more than we thought. Let’s take a look at the Zwift esports platform. Up to 50,000 cyclists compete here every day. The equipment becomes a competitive advantage and you can optimize your avatar with better bikes, jerseys and helmets,” says brand expert Mathias Ullrich, managing director of brand retail agency Liganova. actual buying behavior. Better advertising space for brands.”
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Genesis collection
Dolce & Gabbana and the millions of NFTs
The experimentation phase of non-fungible tokens or NFTs is over. Digital unique pieces are becoming a lucrative business for the fashion industry. The luxury brand Dolce & Gabbana has auctioned its first NFT collection for one million euros.
Nike is one of the first users. In cooperation with the Roblox gaming platform, Nikeland has now been created, a virtual world based on the company’s headquarters. Users can try out mini-games like tag and dodgeball with friends, while transferring real-life moves into the game via their smartphone. They win virtual Nike backpacks or caps. In a digital showroom, users can also order outfits for their avatars. The game will come to life via Snapchat at the Nike House of Innovation in New York in December. A special Snapchat lens turns the room into an augmented reality version of Nikeland. Vans is also represented on Roblox with a virtual skate park.
Roblox is growing rapidly: more and more players are programming their own games and making them available to others. From Counter-Strike clone to hamburger frying simulator, you can find every game idea imaginable here. As of the third quarter of 2021, the company has 47.3 million daily active users. young users. The customers of tomorrow?
Join the Metaverse: Adidas has partnered with NFT specialists and crypto influencers
Adidas is following suit. “Today we jump into the metaverse. It’s time to enter a world of limitless possibilities.” With this tweet over the weekend, Adidas Originals announced the launch of a Metaverse strategy. “What do we want to achieve there? We want each participant to be the best version of themselves. The Metaverse is a place where everyone can present their most original ideas and live out their true selves, in any form. Thanks to the blockchain (and NFT) all participants can also securitize the property rights to their creations.
“The Metaverse is currently one of the most exciting developments in the digital realm and is therefore an interesting platform for Adidas.”
To this end, Adidas is forging partnerships with giants of the crypto world: Bored Ape Yacht Club (NFTs), Gmoney (a crypto influencer who is considered one of the most important voices in the NFT industry) and Punks Comic (cryptocomics). The group also cooperates with crypto exchange and blockchain game The Sandbox. What does all this mean? How will Diverse work? “The Metaverse is one of the most exciting developments in the digital sector right now and is therefore an interesting platform for Adidas,” a company spokesperson told TW. It doesn’t need more details.
The Sandbox is a virtual blockchain game and although it only launched in November, it already seems clear: it has the potential to generate billions.
Morgan Stanley analysts estimate that demand for virtual worlds and 3D products will grow, bringing the fashion industry $50 billion in additional revenue by 2030. taste ? In its Roblox game, Gucci not only gave away virtual items for avatars for free, but also sold them for the equivalent of a few dollars. Because some of them were difficult to obtain, a dealer market immediately developed. The virtual counterpart of the Queen Bee Dionysus handbag fetched the remarkable price of around 4000 US dollars – almost twice as much as the real bag.
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Interview with digital expert Richard Hobbs
What’s behind the NFT hype?
So-called non-fungible tokens, or NFTs for short, are the thing of the hour. What’s behind the crypto designs, does the hype remain and what does it mean for the fashion industry? Insider Richard Hobbs answers the most important questions.