the five favorite strategies of brands to make their place in the virtual world

The digital universe is not a new concept, and while the fashion industry has quickly become interested in it, the presence of players in the digital world sector has grown exponentially in recent years. . In summary, 2022 will be the year of digital integration and metaverse activation.

A new report from Fashionbi identifies the different ways brands use this virtual space and the different strategies they have put in place to continue to offer new experiences to their customers. customer.

Through this report, FashionUnited highlights the most well -known methods that brands have adopted to enter the metaverse and why they favor these strategies in today’s economic environment.

The NFT craze

A non-fungible token (NFT), such as cryptocurrency, exists in the blockchain ecosystem, but it remains unique and may contain additional information. Owning an NFT, which can be an object of art, software or a virtual asset such as a fashion piece, gives its owner exclusive ownership of this asset. This is the element that makes NFTs even more popular in the luxury industry, as they offer their buying experience a unique experience.

While brands that invest in NFTs can thus generate a new revenue stream, buyers can also reap many additional benefits from owning this new generation of artwork, such as the ability to participate. it in games. online and open up exclusive experiences.

The Fashionbi report lists the best-selling NFTs to date, most of which were sold at auction and then resold through a dedicated market. Dolce & Gabbana tops the list with “The Doge Crown.” The artwork, which was originally auctioned, sold for more than $ 1.2 million. Among other major sellers, Gucci’s Supergucci collection sold for $ 83,000, and Givenchy’s NFT with Chito earned $ 13,000.

Photo: Kollectiff

Popular gaming platforms and virtual worlds

The virtual world offers users many advantages: games, networks, new experiences … Games like Fortnite or Zepeto have already attracted many brands that want to start digital merchandising and start explore the possibilities offered by online games. online, it’s online too. retail spaces or the launch of other digital assets.

While Animal Crossing (Nintendo) was a hit with gamers and retailers during the pandemic, Roblox particularly distinguished itself by partnering with brands such as Gucci, Tommy Hilfiger and, more recently, Clarks. Virtual platform Decentraland also made a name for itself in the fashion industry with the launch of the first Metaverse Fashion Week in March. This digital event saw brands and retailers like DKNY, Selfridges and Etro launch in the metaverse for the first time.

Photo: Decentraland, Tommy Hilfiger

Investing in metaverses

Acquisitions and investments in digital companies also play an important role in driving brand activations in the metaverse. Nike, for example, acquired virtual sneaker company Rtfkt in December 2021 after launching its virtual experience on the Roblox platform, which has since had nearly seven million visitors. Diesel also took over the digital platform by launching its own virtual platform D: verse in March 2022. The site allows visitors to purchase unique NFT versions of the brand’s clothing, as well as physical piece.

French luxury group LVMH has invested heavily in startups and digital businesses as part of the annual innovation award, presented at the Viva Technology conference. This year’s edition of the award includes a roster of 21 young startups spanning everything from 3D product experience to metaverse companies to omnichannel and retail specialists.

Virtual Fashion Shows

From 2020, when the world is facing confinement, many brands are turning to the virtual world to continue to present their collections and maintain a link with their customers. The GCDS brand took the lead by presenting a virtual fashion show. Shortly afterwards, the Museum of Other Realities (MOR), a virtual art center, presented The Fabric of Reality, an immersive experience created by RYOT. Now virtual reality (VR) fashion movies are becoming more common, with movies made through the Second Life platform, run by Jonathan Simkhai, and Crypto Fashion Week, which launched several NFT drops and hosted in panel discussions. expert in the digital world.

As brands are increasingly investing in the digital space, physical fashion movies are also beginning to integrate the metaverse into their collections. For the Spring-Summer 2022 season, Paris Fashion Week is integrating NFTs into its offering, provided to accredited guests so they can access exclusive content and augmented reality experiences. During London Fashion Week in February 2022, Roksanda showcased the latest silhouette from her collection as a limited edition NFT that can almost be tried on by shoppers.

Photo: Perry Ellis America, Decentraland

The virtual store: an experience

With virtual runways and digital artwork, many brands are also trying out new online retail experiences. Often located in the aforementioned virtual hubs, these new retail locations allow players to browse, purchase, and deliver branded products through their personal avatars, bringing the products to a brand life in the digital world. Selfridges was one of the first to adopt this strategy, with the launch of its own augmented reality department store on the Decentraland platform. This immersive experience, modeled on the Birmingham store, hosts a variety of art exhibitions and various events, with the collaboration of brands such as Paco Rabanne.

This article originally appeared on FashionUnited.com. It was translated and edited into French by Maxime Der Nahabédian.

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