Why Are Fashion Brands Diving Into The Metaverse?
Why Are Fashion Brands Joining Metaverse?
So many global fashion brands would not be running into the metaverse if there were no benefits. So, how does the metaverse benefit fashion brands like Nike, Adidas, Balenciaga, and others? These benefits are the reason why fashion brands are joining the metaverse -
Fashion Brands in Metaverse
Nike
Nike is one of the most popular fashion brands that joined the metaverse late last year. Before launching the Metaverse, Nike acquired RTFKT, virtual collectibles, and sneakers bands. Soon after, in around January, RTFKT created their first NFT on Opensea at around 5.8ETH. Nike later built its metaverse after buying land in Roblox. The Nike metaverse is called Nikeland. Since November, over seven million people from 224 countries have visited the newly launched metaverse. Being the most prominent sports sneakers provider, this company intends to continue with its metaverse reach.
Adidas
Like Nike, Adidas is also one of the largest and most trusted brands around the globe. While Nike is a much larger brand, Adidas focuses more on producing quality. Late last year, when there were talks of Nike joining the metaverse, Adidas also announced its plans for the metaverse by partnering with Coinbase in its mission to create the metaverse. Later, Addidas bought a parcel of land in the Sandbox metaverse and named it Adiverse. The plan was to provide digital wearables and collectibles in NFTs.
Gucci
One of the largest and most popular fashion powerhouses today, Gucci, is also in the race to join the metaverse. In 2021, the global company collaborated with Roblox selling a large chunk of rare Gucci items on the platform. This virtual Gucci garden on Roblox was available for two weeks in May 2021. According to reports, the network has dropped the limited editions of its products like virtual handbags via Roblox.
In 2022, Gucci announced a new platform to create a virtual world based on the Sandbox network. This whole new space will provide immersive experiences for participants within the metaverse. According to reports, Gucci holds an undisclosed size or number of pieces of land in Sandbox. The platform will offer select fashion items from Gucci designers.
Louis Vuitton
Louis Vuitton fashion house also recently decided to jump into the metaverse by launching Louis The Game. This new game combines innovation, heritage, and NFT art. Gamers within the Louis Vuitton metaverse can explore and travel in this fashion-focused world. This game includes 30 NFTs, created by different people, including Mike Winkelmann. It is available on mobile devices, including Google Play and Apple Store.
Balenciaga
Like other fashion brands, Balenciaga also started a journey into the metaverse just a few months ago. Late in 2021, they announced plans to form a business unit focused on exploring marketing opportunities within the metaverse. In a digital and physical product collaboration, Balenciaga partnered with Epic Games Fortnite in September 2021. This partnership also included the introduction of the Luxury brands metaverse.
How Fashion Brands Benefit the Metaverse
The metaverse and fashion brands could also enjoy a symbiotic relationship. The metaverse could also vastly benefit from such fashion brands. Here's a list of some of those benefits-
Brands in Metaverse 2022
In March 2022, Decentraland, one of the biggest homes for the metaverse, held a fashion week. Fashion week was one of the grandest events in the metaverse, attracting many top brands and creatives. Dundas, Etro, Dolce & Gabbana, and Estée Lauder are among the attendants. While fashion brands have been the main topic of discussion, other luxury brands have adopted the metaverse. Food brands, for instance, have constantly been applying for metaverse-focused trademarks recently.