Credit: Decentraland
Fashion for your digital avatars? Is this really happening? It sure is! The four-day event started on March 24th and was hosted by virtual gaming world Decentraland. The show offered a packed schedule of catwalks, fire-side chats, pop-up shops, NFT drops, and a virtual performance by Grimes.
The fashion show featured more than 50 luxury brands selling metaverse wearables and magical serums. Alex Box, NFT creator for the iconic makeup brand Estée Lauder, muses, “the metaverse opens up new possibilities to experience the narrative of beauty.” If you attended the event and grabbed one of the 10,000 complimentary NFTs you could use the serum to give your avatar a twinkly magical glow.
Estée Lauder built an enormous rotating bottle of Advanced Night Repair serum in the metaverse. Credit: Decentraland
Tommy Hilfiger hosted a virtual store and gave an interview at the event commenting that he could never have imagined a fashion week held in a 3D virtual world when he began his brand in 1985. Hilfiger showcased its limited-edition Spring 2022 collection where shoppers could purchase NFTs redeemable for physical products that would later be delivered to their door. He expressed, “as we further explore the metaverse and all it has to offer, I’m inspired by the power of digital technology and the opportunities it presents to engage with communities in fascinating, relevant ways.” Tommy Hilfiger was one of the first to recognize the strength of staying ahead within the digital landscape, partnering with Roblox in 2021 and launching Team Tommy in 2022, “a community-led initiative to recognize the gaming world.”
Classic American style of the Tommy Hilfiger store located within Boson Portal. Credit: Decentraland
In contrast, designer Rebecca Minkoff debuted her brand’s second NFT collection at Crypto Fashion Week, earlier in March, but stated that “no physical garments will coincide with this collection.” From her perspective, digital clothing has more flexibility. “There is no physics. So the weight of a garment, like a jewel-encrusted gown that would weigh hundreds of pounds in the real world could work in the metaverse.”
Aphrodite, Minkoff’s metallic detailing drips down the high-low gown and continues to the knee-high boots. Credit: Rebecca Minkoff
Although there seems to have been many glitches and technical limitations with the Metaverse Fashion Week, going forth with such an event made a statement and set the stage for future shows. This foray into digital luxury fashion, make-up, and accessories has an immense market potential; Morgan Stanley estimates that luxury goods, metaverse gaming, and NFTs can capture 10% of the market by 2030, marking a 50 billion Euro revenue opportunity.
Chufy’s store in the luxury fashion district. Credit: Decentraland
Events like Fashion Week on Decentraland help build exposure for brands, further emphasizing how NFTs and digital goods help boost popularity, and function as new marketing tools. It is my belief that in time, shopping for items in the metaverse and having the companion piece in the real world will go hand in hand. It will be the same for art pieces, sculptures, interior décor etc. Your metaverse avatar and home will mimic you real life, seaming them together to compose one story.
ANNOUNCEMENT:
NFT Art Source is publishing a book: WTF Are NFTS?
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