The Rise of the Metaverse: Crypto, NFT, and Luxury Brands

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In a decade, the metaverse has gone from sci-fi action movies to real-world phenomena. In 2021, for example, Facebook announced initiatives focused on the Metaverse, and people produced a deluge of Metaverse-related material.

One of the big questions is how affordable will the online world stay?

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the metaverse becomes as precise as the material world. But what is it? Simply put, the metaverse is a set of virtual environments created for human interaction. It extends beyond Games and avatar chat to buy assets, get married, travel, and everything in between.

Many related fields show how the metaverse influences the current world, even the luxury sector. Yet, at first glance, the two seem unrelated.

Luxury is all about exclusivity, but how does that transfer when the Metaverse is accessible to everyone?

Metavers:

The Metaverse is a technical breakthrough, and Technology has always been a luxury.

The two worlds have always been quite intertwined, from the latest cell phones to high-end accessories. Even in the previous decade, as blockchain technology advanced, luxury was passed down in one form or another.

Once a revolutionary online notion, cryptocurrencies are now often worth hundreds of dollars, with “crypto bros” dominating social media. Having a piece from a top-notch collection is now like owning a Warhol or a Basquiat. This includes anything that people can sell for a high price that can become a status symbol, including cryptos and NFTs.

Similarly, Louis Vuitton released a game named Louis the Game to commemorate the founder’s 200th birthday. Players can play as Vuitton and locate some of the 30 hidden NFTs in the game.

Finally, Burberry collaborated with Mythical Games to create Blankos Block Party. The game features limited Burberry editions NFT and it’s the first time a high-end fashion company has entered the gaming market.

As investors debate the notion of NFT and blockchain, fashion companies see its potential. Dazzling possibilities await this curiosity in the metaverse, and the possibilities are endless because the creators of metaverses loosely base them on the “real” world. Several fashion brands are already jumping into the metaverse, with fascinating results.

New resources are also emerging to help fashion companies penetrate the metaverse and NFT. After all, not every fashion brand or designer has the recipes of Gucci or Burberry.

Internet NFT fashion design

That’s where Internet Made comes in. Internet Made helps designers create fashion NFTs and is a new metaverse fashion hub and brand. For example, fashion designers and artists, misfits and crypto enthusiasts are expressing themselves in new ways and preparing for future virtual environments.

They intend to minimize unsustainable behaviors in the offline fashion sector, such as high carbon emissions and significant waste of resources – “creating a new fashion marketplace and a new community of global talent. ”, says the co-founder of Internet Made, Rok Bozic.

People need clothes even if they are just avatars in an NFT universe. Designers can take advantage of the paradigm shift thanks to Bozic and his collaborator Tim Brdnik. The fashion industry is criticized for its waste and carbon emissions. Metaverse Fashion now designs, produces and uses clothing in a completely virtual environment.

Consumers will have more options to purchase NFT fashion once it is released. Users often have to register on a particular platform to acquire NFTs and transfer them to the metaverse. In reality, shopping in malls and stores is much more convenient.

3D buildings in the metaverse

Even more intriguingly, MetaDojo brings this facility to the Metaverse. As a result, we have the distribution of 3D buildings to any metaverse, incorporated into websites or even social media channels. Of course, brands can change the interior, appearance and other features. This process feels like a repeat of SimCity – but okay. GamePix has some pretty decent city building games.

These structures can show NFT collections when stores sell clothes. Thus, metaverse users can buy digital clothes as easily as in real life.

This includes virtual events and gatherings. For example, the same building where merchants sell their products can host fashion shows. MetaDojo also intends to provide virtual assistants who can serve meals at events. Virtual fashion shows have been popular since the COVID-19 outbreak. So it ties everything together nicely.

This is possible if customers lack resources and knowledge about crypto and blockchain in general. Fortunately, solutions are emerging. Crypto eXpress, for example, allows customers to not only buy and sell cryptos, but also send and receive them.

This may imply that people can buy luxury goods with Bitcoin as easily as fiat money. CryptoXpress also has a built-in NFT marketplace for buying and selling. As a result, consumers will be more connected than ever.

With the presence of the luxury sector, the district is more than ever poised to prosper. According to Sergey Baloyan of the X10 agency, this synergy benefits both producers and customers. X10 is a well-known company that promotes Web3, NFT and DeFi initiatives.

Consumers benefit a lot from NFTs and DeFi, and having everything in one place like the metaverse is even better. People will get everything they want at once, he argues.

Look forward

Despite its youth, the future of the Metaverse includes fashion. After all, the metaverse creators designed to reproduce our contemporary reality. Plus, many companies will offer them resources to take that digital leap. As a result, this decision will cause a wave of fashion influence in the metaverse.

Consumers will benefit the most as they will now be able to experience the metaverse more freely and fashionably.

Article by Deanna Ritchie, Read write


About the Author

Deanna is the editor of ReadWrite. Previously, she worked as an editor for Startup Grind and has over 20 years of experience in content management and development.

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The Rise of the Metaverse: Crypto, NFT, and Luxury Brands


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