These tokens came dressed to kill. MetaverseFashionWeek demonstrated Web3's potential to connect physical and digital fashion with traditional brands and new creators.
The Metaverse may be an emerging concept, but the impact that virtual game-like worlds can have on the trillion-dollar retail industry was recently demonstrated during Metaverse Fashion Week . This entirely virtual experience was held from March 24–27, 2022, in Decentraland, a decentralized virtual social platform on the Ethereum blockchain.
Avery Baker, president and chief brand officer of Tommy Hilfiger Global, told Cointelegraph that the Tommy Hilfiger brand has been curious about new trends and technologies, especially those that allow the label to connect with consumers in unique ways: To put this in perspective, Banon said during the fireside chat that in the future, there could be a window display at a flagship Tommy Hilfiger store featuring a digital jacket that can’t be purchased in-store. In order to buy this item, Banon noted that consumers would have to scan a QR-code that would then take them to a metaverse environment, like Decentraland, where a game or quest would have to be played in order to earn an NFT.
Jeffrey Berk, co-founder of Privé Porter, told Cointelegraph that the company has never dabbled in e-commerce before, noting that Privé Porter has exceeded over $130 million in revenue to date, largely off of its Instagram account. Berk noted that there is also a physical Privé Porter located in Miami’s Brickell City Center.
Although this concept may resonate with younger individuals, the technical aspects associated with the Metaverse may be challenging for some. For example, some users expressed technical difficulties during MVFW, noting that computers couldn’t handle Decentraland’s requirements.March 24, 2022 Concerns aside, MVFW seems to have convinced many that the future of retail does indeed exist in the Metaverse. According to Banon, Boson Protocol is already working with many brands on creating a metaverse strategy:
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