The Meta Universe opens the door to billions of dollars for luxury NFTs.

The non-fungible token (NFT) market is incredibly hot right now, and current forecasts suggest that this market will be hotter. The development of the Meta Universe paved the way for luxury NFT which will reach US $ 56 billion by 2030. As NFT developments continue to develop new food models, more and more luxury brand has jumped in. the fast growing train and invested in new digital collections. As more and more people's lives change online, the demand for fashion and digital products will increase further in the coming years.

Metaverse, a virtual space where people can interact with each other and interact with digital devices through personal avatars, is a key concept currently under development and development. But there is still a long way to go. However, the space available to us in this short period of time creates the opportunity for luxury to benefit from the rise of digital devices and the so-called “gaming community”.

The launch of the Internet, starting with Web 1.0, allows people to connect to information. Web 2.0 is one of the most important multimedia tools that allows you to connect with others. And now, Web 3.0 will be the new virtual reality, known as the meta-world. In this new digital world, people will not only find information and connect with each other, but also have a real understanding of virtual reality.

NFT and meta edge are great opportunities for high end products.

Based on the previous experience, the avatar user will wear clothing and accessories based on personal and personal information, just like in the real world. This opens up a very exciting time for luxury.

Experts refer to the global Roblox platform as an example. In this game and design set, 1 in 5 gamers change their avatars daily, as if they woke up in the morning to get dressed. Other platforms, such as "Fortress Night", have already provided a glimpse into the shopping scene in the Metaverse by creating "merchant streets" and later "mega malls".

Gucci

The Roblox platform hosted a virtual showcase of luxury fashion brand Gucci from May 17-31, 2021. Roblox players can purchase physical models from the Gucci product line for a small portion of the rewarding games. When digital proof devices went on sale, gamers began to withdraw NFT products for competition, costing ten times as much. One of them, a virtual version of the popular Bacchus bag, sold for $ 4,100 at auction. That's $ 700 more than the actual sale price.

Balenciaga

In September 2021, French luxury brand Balenciaga announced the new digital fashion clothing "Fortress Night", available for purchase with in-game currency for around US $ 8. 10-20 million to the luxury market.

Karl Lagerfeld

In September 2021, the luxury NFTs were taken to another place of entertainment. World-renowned developer Karl Lagerfeld has announced a total of 777 NFTs on the DEMATERIALIZED digital store, each priced at 77 euros (around $ 87). Lagerfeld's jobs were sold seconds after player expectations led to speculation about further sales in the luxury industry. Whether those sales are driven by the hype for innovation or people are starting to see that products with digital value can be created over time, the benefits of that achievement have exceeded expectations.

The success of Karl Lagerfeld, Gucci and Balenciaga shows us the potential as our overall body is still the source of investment for the luxury fashion brand and we rely on the body of the garment to create the contact with the customers. Businesses unaware of selling digital products may have different solutions with NFTs and trade. The reason is that the quality largely depends on the physical equipment.

Consumers have paid close attention to changes in NFTs and their transition to digital devices to wonder what the hype is. Why is everyone so passionate about using this store? How should the fashion industry behave in this digital world? Metaverse is working to fix this and has found new ways to implement them all.

To look forward

The luxury brand has had a promising start, but experts believe that after all the development of the metaverse, the brand fits the "luxury" category (eg, clothes to wear, leather goods, shoes, etc.) will have their own products. . the shop. The best and most convenient place. In contrast, “hard luxury” fields such as fine watchmaking and jewelry may have more difficulty achieving the same level of success in the real world.

The Meta Universe can also help businesses expand their audience. Currently, Roblox's public sample of gamers is predominantly young, and women account for around 70% of sales in the fashion industry. However, in the Metaverse, luxury brands will have the opportunity to attract a whole new era of consumers that they have never been able to reach as consumers, thus boosting the appeal of greater use of Internet.

Since the meta-world is located in a virtual virtual space, many creative people will have multiple ways of achieving this in the meta-world, and luxury will see the location of the foot. However, it must be taken into account that representatives of luxury can go beyond their own commercial and aesthetic work to create interesting and artistic products all over the world. Because the rules and business models are not yet met in this new digital entertainment, and everyone has a unique chance to be successful.

system

Obviously, the meta world will continue. Although it is constantly evolving and evolving, certain aspects of our daily life are intimately linked to the digital world. As this new world takes people away from the unknown, and the real world has many dangers and uncertainties to overcome, this new digital world may open up opportunities for many as they learn that the virtual world will not go away. . With this in mind, our integration with the digital world continues.