Louis Vuitton, Gucci and More Fashion Brands Enter The Metaverse
- For a business to remain competitive at the highest level for a long period of time, evolution is key; and in this case, the evolution is the metaverse.
- The metaverse is an augmented reality where people can design and control their own unique avatars with the help of virtual reality headsets.
- Below is a list of companies that have decided to branch into the virtual world via different strategies.
Evolution is key for a business to remain competitive at the highest level for a long time. As a result, companies are always looking for the hottest trends to help increase their market share, and one of the main topics companies are discussing is the metaverse. Due to its rising popularity, many companies have begun/contemplating entering this industry to ensure they maximize their brand’s exposure.
What is the Metaverse?
The metaverse is an augmented reality where people have their own unique digital avatars and can customize them however they want. In this virtual world, people can interact similarly to real life and participate in many different activities by themselves or with others.
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Simply put, the metaverse is a virtual world where people can do things that reflect the real world. For example, people can walk into different stores and purchase whatever items they desire, as long as they have enough money to afford them. Due to the rising popularity of the metaverse, there have been an increasing number of companies within the fashion industry who have decided to enter the virtual reality space.
Companies Entering the Metaverse
Nike was one of the first companies to enter the digital fashion market, and to help them do so, they acquired a company called RTFKT Studios. RTFKT Studios is a company that specializes in producing products that will be sold in the virtual reality market. Nike is taking this opportunity to get a head start on its competitors by testing the market and determining what types of designs are the most popular amongst metaverse users.
Luxury brand Louis Vuitton is another company that has decided to join the metaverse. During their 200th anniversary, the fashion house announced they dropped a mobile video game called “Louis the Game,” in collaboration with digital artist Beeple. The purpose of this game is to follow the journey of the person behind Louis Vuitton, Vivienne, and collect 30 non-fungible tokens (NFTs) along the way.
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These NFTs, when achieved through playing the game, will be stored in a digital wallet and will be available for use at the end of the year.
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Earlier this year, Gucci announced that they will be accepting cryptocurrency to be used as a form of payment. Although this implementation was minor as it was tested in five stores, Gucci seems to be embracing the crypto space as they are also entering the metaverse.
Gucci announced that they will be teaming up with Roblox to allow users of the platform to receive access to limited edition clothing that they can purchase. Also, Gucci has created and launched NFTs, which have designs unique to their brand.
Similar to Gucci, Ralph Lauren partnered with Roblox to allow its users to purchase their clothing as a test run to see how well releasing digital clothing could pay off in the metaverse. Ralph Lauren has not yet released NFTs yet, but their CEO, Patrice Louvet, mentioned that they are in the process of learning more about the digital world.
The Money Wrap-Up
More companies have begun entering the metaverse, such as the ones mentioned above as well as some others. Although there is a lot of hype surrounding the metaverse as it could become the new norm moving forward, some companies do not want to enter the virtual reality market, at least for the time being. Therefore, it will be interesting to see if companies currently not in the metaverse will join if the virtual platform continues to rise in popularity.
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