Going forward, the Metaverse will be bursting with style. But which fashion brands will be playing it this year and in the future? Just as the Cryptopunks sparked the NFT collectible digital art market in 2017, throughout 2021 music and fashion have taken timid steps in the metaverse with NFT’s inaugural launches of recording artists. popular and famous fashion houses. Whether it’s breaking free from the limitations of the physical world or establishing a foothold in the rapidly evolving Web 3.0, it’s now clear that having a well-thought-out strategy to maximize the digital presence of a business has become an imperative business necessity. This is also true in the art world, the entertainment industry and the global luxury goods sector.
On the music side, Eminem (Slim Shady) sold his first NFT ‘Shady Con’ collection for $ 1.78 million, the Kings of Leon took in over $ 2 million for their perk-rich NFTs, some of which included tickets # 1 Lifetime Gold, ”and DJ Steve Aoki’s“ Dream Catcher ”collection grossed $ 4.25 million. NFTs can provide a much needed source of income to help revitalize the dying music industry whose touring income is the primary source of income for recording artists.
Provenance, Permanence And persistence
Likewise, luxury goods manufacturers will need to get past the COVID blues. Watch and jewelry makers saw a 25% drop in sales in 2020. More luxury brands are entering NFT-based games, videos and virtual tailoring. Examples include a Gucci film inspired by its Aria collection and the current drops of Gucci-branded digital sneakers; Burberry’s “Blankos Block Party” online game featuring NFTs of featured character Sharky B; and “Louis: The Game” by Louis Vuitton, a free game experience associated with ten NFTs by famous creator Beeple. Not to be outdone, on September 30, Dolce & Gabbana landed 1,885.719 Ether ($ 5.7 million) for a nine-piece NFT collection auctioned alongside a physical couture.
Clearly, leading designers and luxury brands increasingly see NFTs as the perfect opportunity: auction-based markets provide an ideal distribution channel, and avid collectors are generally younger and well-heeled. , which represents a highly desirable demographic. Then there’s the clear fact that the ongoing Metaverse land rush promises strong demand for NFT drops and solid aftermarket appreciation for carefully crafted collections.
Perhaps most importantly for the luxury goods industry is that their brands already have the holy trinity of characteristics that underpin the intrinsic value of any product – provenance, permanence, and persistence. While the fashion NFTs snapped up today are arguably more art than products of real utility, residents of the metaverse to come will likely soon see digital clothing and accessories as much a reflection of their taste and taste. personality as the content of their wardrobe.
To help the players in the art, entertainment and luxury goods worlds transition to the emerging virtual world, various technology providers are already offering solutions. The major players in these industries certainly have an abundance of capital to support their digital ambitions. Currently, they enjoy combined annual global revenues of $ 2.140 billion (art: $ 50 billion, entertainment: $ 1.72 billion, luxury: $ 370 billion).
New platforms operated by creators interested in turning their designs into augmented reality offerings fall into two general categories: design environments for the creation of NFT and XR compatible content (games and videos) and platforms. auction house to display and sell their wares. Some, such as The Dematerialized, LuxFi, and UNXD, provide collectors with high-traffic marketplaces to buy and invest, while others provide design tools and digital die-cutting workshops to allow creators to let their creativity run wild. their imagination (The Manufacturer, Lukso, Neuno, Exclusible and SpatialPort).
One of those companies, SpatialPort, says it is developing what it calls an immersive 3D e-commerce platform, which CEO Alex Bellesia says is uniquely designed for an open, decentralized and democratized metaverse. Founded last year by a team of e-commerce, fashion and video game industry veterans, SpatialPort’s metaverse platform hopes to provide luxury brands, retailers and designers with showrooms. plug-and-play virtual devices combined with a codeless configurator.
The idea, says Bellesia, is to enable creators of all sizes and budgets to easily and affordably display and sell globally, in an open, user-configurable e-commerce virtual world. . He says luxury brands can serve as a cornerstone for the future of the metaverse, because ultimately a global meta-reality will not be limited to digital products, but will also include actual products. Bellesia explains that this is why her company is working on creating its own XR couture line and plans to open a design studio in Milan to help Italian and European luxury brands digitize their offerings in the form of advanced NFTs. and complexes for the XR metaverse revolution.
“We are convinced that we are at the start of a new digital renaissance where brands, artists and individuals are empowered to reach their audiences directly,” he said. “Our expectation is that XR and Web3 technologies will enable fashion and accessories companies to extend the portability of their offerings, show product quality and prove the authenticity of every item sold. ”
Keeping time in the metaverse
In addition to the launch of the SpatialPort Shopping Metaverse platform, the team is preparing to launch their first NFTs, a collection of AR wearable watches called the SP21 MTVRSMaster, which they say they are using to fund the development of their metaverse platform. of electronic commerce.
SpatialPort plans to launch its first wearable collection of 10,200 NFT 3D wearable luxury watches in early 2022. Each NFT connects the real and virtual worlds using a Snapchat AR filter, allowing the owner to see it appear on their website. wrist and will also get a 3d file which can be used on metaverse platforms to dress up avatars.
“We are raising the bar for the eCommerce entertainment ecosystem with a company that not only has huge ambitions, but has the talent to deliver on our vision,” said the CEO of SpatialPort. “Our team is derived from renowned tech and retail companies such as Google, Activision Blizzard, eBay, Sephora, PwC and other notable brands. People are the most important resource, we have recruited the best of the best to lead the business to create a unique offering that goes beyond anything we see in the industry today.
According to him, their proprietary algorithm generates precise details to ensure that each watch is truly a one-of-a-kind NFT collector’s item with different materials and shapes that can display 2D NFTs on the watch face.
“It’s a really unique characteristic. Owners of hundreds of thousands of dollars from NFTs such as Cryptopunks or Bored Apes will be able to wear their art on their wrist. We have also added benefits that include priority access and discounts on future NFT SpatialPort deliveries, early entry into the SpatialPort Shopping Metaverse platform app, a complementary 3D “SP-Maecenas” showroom to promote and sell NFTs, and exclusive access to SpatialPort’s private Discord channel. and world-class parties and events.
Going forward, Bellesia doesn’t want SpatialPort’s NFT collections to be seen simply as the world’s first watches that connect the real and virtual world through blockchain and AR, but as a potential new way to invest.
“The people who believe in the project and buy our luxury 3D NFT watches support the company in the pursuit of its mission to contribute to an open and decentralized metaverse while betting on an appreciation of the value of the watch,” he said. -he adds.
Towards new virtual dimensions
Luxury brands around the world are increasingly aware of the historical significance of the current transition to a new virtual dimension. The exact number of designers and creators who are responding with a thoughtful, long-term strategy to leverage the technologies that enable the metaverse (AR, VR, 3D, blockchain to name a few) remains to be seen.
For many, the key will be to use these technologies to create an interconnected luxury that will be potentially interoperable and bring value to their NFT holders. The winners in the Metaverse will be those who don’t reluctantly dive into it but treat it seriously as a tangible new line of business and have a clear strategy emphasizing community, authenticity, and utility.