Metaverse topped last year’s search trends after Facebook decided to change its name to Meta Platforms Inc.
I mean, Facebook Inc managed to establish itself as one of the world’s most successful technology companies under the same flagship. So what is with the name change?
Zuckerberg apparently wanted to associate its company to metaverse which until last year is a term not known to many.
Suddenly, the name change stint became so popular also leading to directed attention to the label.
What Exactly is Metaverse?
It feels just like yesterday when Netflix’s Black Mirror episode titled Nosedive became the talk of the town.
The show gave a glimpse of the “far future”: technology-driven, automated, and entirely virtual.
Just as when we thought that this will not happen sometime soon, it has actually become a present reality.
Metaverse is not as intimidating as it sounds. In layman’s terms, it just means greater use of virtual and augmented reality.
There is also the use of 3D and 4D modeling and human-like avatars. It is the creation of a virtual world that looks exactly, or better, than the one we have here.
Since it creates a digital version of our present reality, many luxury fashion brands spotted the opportunity with the transition.
Some are already earning a hefty sum by creating their best sellers and newly-launched pieces online like intangible luxury watches.
While people are piling up for limited edition watches and garments in physical stores, some are scoring virtual versions for cheaper prices.
Why Metaverse, though?
It will not be long when someone’s net worth will include his possession of luxury brand items in the blockchain space.
The presence of NFTs or nonfungible tokens solidified the demand to own collectibles in the online space. NFTs are certificates of ownership, similar to land titles in the real world.
Many brands decided to hop on the trend for very good reasons.
The first is reduced cost. To produce men’s designer items require raw materials such as leather which could come very costly. A virtual item does not need any of this—hiring expert designers and illustrators, which add up in the real world.
No assembly lines, no overworked machines to think of, and no additional factory staff to worry about.
Another lucrative reason that draws many brands in is patent rights protection. Apparently, blockchain technology is one of the safest in the world.
It is nearly impossible to tamper with data stored in a blockchain as it is connected to a series of blocks that secures its authenticity. Every item is minted and free from fraudulent interventions.
Big brands in the luxury market are all about eliminating ingenuine items to protect their premium presence.
Lastly, there is big money involved. Some clothing companies are earning a lump sum from the virtual sale of their priced items due to increasing demand.
Additionally, there are no discounts offered in augmented reality or unsold inventory.
With this number of things, luxury retailers are now racing to ramp up their investments. This is as everyone is now wanting to dress their avatars like Robert Pattinson and Ryan Gosling.
Gucci
Hey y’all Gucci gang, your favorite Italian luxury icon has come to the digital space.
The retailer soft-launched its limited collection for the online game Roblox in June last year. It opened a Gucci Garden which is a garden-themed pop-up with items hidden on some spots.
Players have scored digital Gucci items with prices ranging from free to $9.00 apiece on accessories. An estimated 4.5 million pieces have been sold during the period.
According to experts, this move revolutionized people’s way of showing their personalities through avatars.
The aftermath of the sale showed a massive increase in taste for Gucci’s Roblox offerings such as the Dionysus Bag. The item originally sold for 475 in Roblox currency or nearly $5.00.
It resold at 4,100 worth of Robux which shows that not only physical Gucci premiums could appreciate value with time.
This is just the start of many more to come, fashion experts noted. Such an initiative managed to float the tip of the iceberg which comes with vast opportunities underneath.
Balenciaga
In the last quarter of 2021, Balenciaga announced that it will create a specialized department for its metaverse penetration.
The section will be exclusively working on product development, project launches, and customer experience enhancement.
It will not be long before avatars will get their hands on sought-after Balenciaga Triple S trainers in a variety of colors.
Who would not want their online presence to have those chunky, trendy sneakers that everyone talks about? Definitely not me.
Starting with its thrust, the Spanish-born brand has tied up with another popular online game Fortnite. It created in-game apparel and accessories for the game’s players.
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Ralph Lauren
Another brand pioneering in metaverse fashion trends is Ralph Lauren.
Unlike its physical stores which only operate similar to mall hours, the RL’s Roblox store is open 24/7.
Players could enter its store at any time at their leisure to get those popular beanies and Polo Bear jumpers that everyone raves about. The cashmere cardigans and retro ski wear are also in stock.
With nearly 50 million active users daily, the American fashion brand is at an advantage for this increased online presence.
It is making real, tangible money in exchange for a digital product—this is what a win-win situation exactly looks like.
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Dior
I was not lying when I said that you could now buy exactly what Dior Homme brand ambassador Robert Pattinson’s style.
In September last year, the French fashion house signed a partnership deal with Ready Player me, a metaverse avatar platform.
Interestingly, players now have the chance to purchase Dior’s exclusive fragrances like Sauvage. This comes without actually needing to elaborate whether avatars have a sense of smell or not in the virtual setting.
While there is still much to do before calling the engagement successful, such a move shows the brand’s commitment to innovation.
There could never be a complete metaverse fashion structure without the presence of Dior down the line.
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Special Mention – Nike
While technically not considered a luxury company, Nike is nevertheless one of the most progressive firms in the augmented reality space.
Around the same time as other fashion retailers entered the space, it launched Nikeland in Roblox.
According to its website, the partnership created NIKELAND where Nike fanatics could connect, create, and share experiences.
It is designed according to the shoemaker’s real-life headquarters. Unlike others, it is the first to give visitors an avenue to play together and show their creativity through games.
Of course, avatars could wear their favorite Nike trainers or basketball shoes when playing, whichever appeals to their fancy.
Also, Nike apparels are present to complete the entire character outfit.
Further reading: Sporting Activities for Men: What are the Best Shoes?
Truly, the metaverse is also a test on which retailers are the most creative in reinventing themselves.
Companies like Gucci, Balenciaga, Ralph Lauren, Dior, and Nike managed to keep themselves on top in the past years.
This is attributed not only to their dedication to producing the best quality products but also because they are early to spot great opportunities.
It will not be long until our avatars will have greater fashion sense than we actually do. When that time comes, always go for fashion items that never go out of style, like the ones produced by these brands.
Pinstripe Magazine Staff
Online Men’s Lifestyle Magazine on Gear, Grooming, Girls, Gadgets
