The metaverse is proving to be a lucrative platform for fashion companies. Metaverse Decentraland is teaming with UNXD to host a virtual fashion week in March 2022. UNXD is considered a luxury marketplace for “digitally authentic art, fashion, and experiences,” as stated on their website.
The metaverse is increasingly becoming thought of as the next phase of the internet. Through the metaverse, users interact via 3D avatars. A persistent virtual world, the metaverse includes standard computing as well as virtual reality elements.
Fashion may not be the first thing that comes to mind when you think of the metaverse. However, the metaverse hinges on users interacting with each other through three-dimensional avatars-and those avatars need clothes. In fact, some well-known clothing companies are already showing their interest in virtual clothing sales.
Fashion In The Metaverse
Ralph Lauren, Gucci, and Dolce & Gabbana have already entered the metaverse. In fact, hosted by UNXD, Dolce & Gabbana recently showcased their first NFT clothing line. The Collezione Genesi clothing collection sold for nearly $6 million in September.
Avatars have worn virtual outfits by both Gucci and Ralph Lauren through Zepeto, the largest virtual fashion app in Asia, reports the BBC. Currently, the platform sees close to 250 million users.
“Have your collections ready!” Decentraland said in a tweet aimed at fashion designers on Sunday. The event, which will run from March 24th-27th, will include runway shows as well as immersive events held on UNXD.
It’s not just the fashion itself that’s proving lucrative. Decentraland recently sold virtual parcels of land in its metaverse Fashion District for $2.4 million in cryptocurrency.
CEO of the Metaverse Group, Lorne Sugarman, said of the recent purchase, “We think the Fashion District purchase is like buying on Fifth Avenue back in the 1800s … or the creation of Rodeo Drive,” reports Insider.