Metaverse Fashion Week was a bust this year, but fashion brands are still embracing the metaverse

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Metaverse Fashion Week was a bust this year, but fashion brands are still embracing the metaverse
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Tommy Hilfiger, DKNY, Adidas, and other big name brands set up virtual stores, stages, and experiences on Decentraland. But turn out was low.

Decentraland, a virtual gaming platform accessible only through laptops and desktops, held its second annual Metaverse Fashion Week on the last week of March. Notable brands that participated in the virtual experience included big name fashion companies like Tommy Hilfiger , DKNY, Adidas XE:ADS, Dolce & Gabbana, and others.

For example, this month, Gucci, which operates under French conglomerate Kering KER , announced partnering with Yuga Labs, the company behind the popular non-fungible token collection Bored Ape Yacht Club, which features 10,000 cartoon apes that drew a lot of hype and criticism in 2022.

“The [Otherside] platform registered an impressive $222 million in trading volume in Q1, a remarkable 237.34% increase from the previous quarter,” said DappRadar’s blockchain analyst Sara Gherghelas. These numbers aren’t significant when compared to the billions that these fashion brands bring in every year, but still indicative of the potential that virtual worlds hold for tapping into younger audiences.

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