Digital-only fashion event is one of the highest-profile efforts to gather big brands around the concept of the metaverse,
a virtual world where people can interact work and shop, in the virtual world called Decentraland.
Luxury fashion brands and startups are using the virtual event to host fashion shows and open stores in Decentraland, selling both physical items deliverable in the real world and digital goods accompanied by non-fungible tokens, the digital assets known as NFTs.
Brands including Forever 21, DKNY and Estée Lauder have joined in the first Metaverse Fashion Week,
which began Thursday and runs through Sunday, WSJ reports
*Decentraland Fashion week via tweet
The Marc-O-Matic Store is live in @decentraland for #Metaverse Fashion Week 🤖⚡ Big shout out to Decentraland team, @rarible @themetakey
For this opportunity. Store Located📍: -49,69#MVFW22 #nfts #fashion #3d #NFTCommumity #MATIC pic.twitter.com/CjQHgkxE3s
— 𝕄𝕒𝕣𝕔-𝕆-𝕄𝕒𝕥𝕚𝕔🤖⚡ (@marc0matic) March 25, 2022
“It sends a signal that virtual fashion is here to stay and virtual fashion will ontinue to become something that is of interest for brands,” said Cathy Hackl, chair of Metaverse Fashion Week and chief metaverse officer at Futures Intelligence Group
Facebook pledged to spend heavily on building the metaverse and changed its name to Meta Platforms Inc.
Many marketers have been exploring the potential of Decentraland and other virtual-world platforms, such as the Sandbox.
- For Metaverse Fashion Week, Estée Lauder is giving away 10,000 NFT-backed digital wearable.
“When people discover Estée Lauder in the metaverse, it’s a gateway for them to engage with Estée Lauder online and in the physical world,” said Stéphane de La Faverie, CEO of Estée Lauder.
- Authentic Brands Group Inc.’s Forever 21 has rented the equivalent of 450,000 square feet of space in Decentraland
At the ‘fashion district’ to open a virtual store with digital avatars acting as sales associates
Companies are using the event partly to figure out how a potential new wave of customers will want to shop in digital environments, said Andrew Kiguel,
chief executive and founder of Tokens.com and executive chairman of the Metaverse Group