As the world becomes more decentralized, fashion brands need to move into the Metaverse as quickly as possible. With Web 3, consumers will be able to buy and sell directly from each other without the need for intermediaries.

This will cut out a lot of the costs of traditional retail stores and make it easier for smaller brands to compete.

For major fashion brands, staying where their customers reside is the crux of any marketing strategy, whether in or out of Web3.

So if you’re looking to stay ahead of the curve, get ready for Web 3!

What is the Metaverse ?

In simple terms, the Metaverse is a digital reality that exists in a virtual, 3D space. It offers users the opportunity to interact with each other in digital lands with the chance to work, play to earn, and purchase virtual goods that might have physical components.

The term Metaverse is treated as if it were a standalone digital universe, but truly there are many types of Metaverses in Web 3, and more are being created every season.
Fashion brands are slowly but steadily venturing into the Metaverses to create a brand presence in the digital reality.

The first reported case of a major fashion house venturing into the Metaverse was that of Balenciaga introducing itself into Fortnite.

In their case, the Fortnite open-world videogame players could purchase virtual clothing items inspired by real-life Balenciaga pieces from its virtual shop.

What is Web3?

Web3 is a new version of the World Wide Web with foundations in blockchain technology. It prioritizes decentralization and tokenomics. Web2 prioritizes user-generated content and centralizes data to a few powerful entities, such as social media giants or big data companies.

How do fashion brands benefit from the Metaverse?

The Metaverse is more than just a digital venue for fashion brands to showcase digital versions of their best fits.

It becomes an interactive experience where each fashion house provides Metaverse residents with an opportunity to interact with them from the comfort of their digital homes.

The best way for fashion brands to benefit from the Metaverse is by using it as a medium for storytelling and creativity. Gucci’s collaboration with Roblox as a channel to interact with customers in the Metaverse is a good iteration of the storytelling possibility, which could be taken further the more comfortable fashion customers get with digital realities.

The Metaverse can become a new starting point for the customer journey for fashion brands. It would open the door for a higher level of personalized customer experience, where shoppers have the option of customizing their avatars and color preferences. Ads, sales, and loyalty programs can also be better tailored to appeal to specific types of buyer personas for each fashion brand.

Fashion brands can also benefit from brand avatars within the Metaverse to make the experience as human as possible. Similar to how Louis Vuitton used a customizable avatar for their game, other brands can also create similar experiences using avatars to interact with customers and provide real-time responses. Chatbots within the Metaverse could be another possibility.

In the Metaverse, we can present ourselves as we wish to be seen in digital reality. Fashion brands can also present themselves as they want to be perceived within the alternative virtual universe.

Which fashion brands are in the Metaverse?

A Metaverse Fashion Week was celebrated on March 24, 2022, featuring household luxury brands that implemented 2D product image conversion tech to create 3D shopping experiences. Purchasing virtual clothing in their Metaverse of choice, Decentraland, also prompted shipping a physical twin for customers’ real-life wardrobes.

Their goal was to make fashion part of your online life and the offline version.
Here’s a brief overview of how some fashion brands have tried to establish their presence within the Metaverse:

Gucci

Gucci’s first venture into the Metaverse was a collaboration with gaming platform and Metaverse, Roblox. Back in May 2021, Roblox hosted the Gucci Garden.
The collaboration was appealing because visitors could virtually try on and purchase Gucci products for featureless avatars.

The more they explored the virtual Metaverse, a digitalized iteration of their IRL store in Florence, the avatars absorbed elements of each area. Floral prints, colorful patterns galore, and the digital experience were a marketing tactic to draw attention to Gucci’s virtual launch.
Fashion brands entering the Metaverse opens the possibility of eCommerce in Web3 and that of customers interacting with the brand digitally by trying on products for their Metaverse avatars using AR technology.

Louis Vuitton

Luxury house Louis Vuitton celebrated 200 years of existence by releasing an ARPG of sorts, dubbed Louis the Game. The brand created its digital story, where you’d run around and collect points. As a bonus, you could customize your avatar character using Louis Vuitton fashion.

Louis Vuitton also collaborated with MOBA League of Legends, releasing a skin where one of their characters was covered in the Louis Vuitton monogram trademarked by the luxury house.

Balenciaga

On September 20, 2021, high digital fashion came alive in Fortnite, with many of its iconic characters wearing Balenciaga fits to showcase the collaboration between the fashion house and the game.

Balenciaga’s Triple S Sneakers, one of their most iconic products, and backpacks featuring the brand’s logo and fits were available for sale. Their digital bazaar was open for one week.

Nike

Streetwear and sportswear brands have also ventured into the Metaverse with varying degrees of success. The primary example is Nike and Adidas, both competing brands that have also dropped NFT collections.

Nike has a robust digital grip on the Metaverse, using many intelligent marketing strategies to boost brand awareness in the digital universe. The first thing they did was purchase RTFKT in December 2021. RTFKT is a creator-led organization that produces virtual sneakers for video game enthusiasts.

Customers have bid from $4,000 to $9,500 in ETH for a couple of CryptoKicks.

Their NFTs are dubbed the RTFKT x Nike Dunk Genesis HMN CryptoKicks, powered by DRM OS and Skin Vial Teach., with a current floor price of 1.54 ETH.

As a matter of fact, Nike’s first collection of digital sneakers in the Metaverse has reached unbelievable sums of money. Their collection, known as CryptoKicks, is auctioned as NFTs on the NFT marketplace and digital giant, OpenSea.

Incredibly enough, digital sneakers have been selling for higher prices than even the most expensive physical sneakers. The CryptoKicks have the added benefit of being customizable, as customers have the option to purchase a skin vial to change the color of the shoes’ Nike Swoosh and other traits.

CryptoKicks is an excellent example of a real-life brand providing Metaverse denizens with value. Before Nike acquired RTFKT, they had already produced a line of physical sneakers paired with NFT sneakers, which sold out in a record seven minutes, earning them $3.1 million.

Many gamers seek the Nike NFTs due to clout, and that is the main selling point of many of the most significant NFT projects: Bored Ape Yacht Club, CryptoPunks, and others developed by their labs.

With so many noteworthy Metaverse projects, Nike has positioned itself as one of the few Metaverse fashion trendsetters.

Adidas

Adidas dropped 30,000 Into the Metaverse NFTs, each costing 0.2 ETH. The company sold 29,620 NFTs, earning $22 million in just an afternoon, although due to the ETH price dropping in the aftermath of the May 2022 crypto crash, the exact amount was difficult to ascertain.

Their strategy involved offering 20,000 early access NFTs to all those who owned one of their partner NFTs or Adidas Originals tokens: BAYC & MAYC NFTs, GMoney tokens and others.

Under Armour

Other fashion brands are collaborating with celebrities and influencers with an established presence in the Metaverse to better asset their own. One such example is the collar between Under Armour and Stephen Curry.

The sneakers are replicas of the Under Armour’s Curry Flow 9 sneakers.
They hyped up the release by using the streetwear drop tactic, where they released all the necessary information and had its fans wait to receive the NFT by dropping it on December 21, 2021, at 8 PM.

Fashion brands are racing for Web3 presence.

Fashion brands will go wherever people go. With more and more customers being aware of NFTs, Web3, and the Metaverse, it’s only a matter of time before they start populating Metaverses.

Every fashion brand that wants to stay in their customer’s minds will race for Web3 presence to create new experiences for their customers where they can interact with their product and even benefit from their brand loyalty.

Check out our other guides on What are NFTs to learn more about the Metaverse here.