Cappasity Metaverse for luxury brands
As we move towards the metaverse, demand for digital fashion and luxury goods will only increase. According to the recent research by Morgan Stanley, NFTs could grow to a roughly $240 billion market by 2030, with digital collectibles from luxury brands making up 8% of the space by that time. The metaverse and blockchain will eventually bring big bucks to luxury brands and open up new opportunities.
High-end fashion companies are already investing in virtual worlds to prepare for the future. For instance, Italian luxury brand Valentino showcased its 2020 Spring & Summer Collection in Nintendo’s “Animal Crossing: New Horizons” game last year. Game characters turned into models wearing fashionable designs in the virtual world. Similarly, Gucci partnered with a global mobile game “Tenis Crash” in the same year and sold four sportswear lines for the game characters.
The reason for luxury brands’ interest in virtual spaces is simple: it’s a part of their marketing strategy to introduce their high-end items to future customers of generation Z and millennials. Just like the gaming industry, the metaverse is a great promotional tool to attract the younger generation who will become big customers one day.
The power of the metaverse will lie in its young users, who grew up with the Internet and eventually will be more likely to buy goods online. This is where the second opportunity for luxury brands arises: the metaverse is not only a perfect tool to attract customers but it’s a new channel to sell goods, both real and virtual. The younger generation is keen on new engaging experiences, and the metaverse is where they can immerse themselves in online shopping.
Imagine that you can create a virtual space where your customers have an opportunity to examine the realistic digital copies of your goods from all angles and even try them on using AR technology. You provide consumers with engaging online shopping experiences, allowing them to examine the quality and materials as they would offline. As a result, you blur the line between online and offline shopping and the consumer can buy your items without hesitation. This new approach to online retail will drastically improve customer experience and consequently boost online sales.
Luxury brands are not only finding a use for the metaverse but also blockchain technology. The loss from counterfeiting luxury goods or brands amounts to $12 billion per year, which means that sales of counterfeit items have caused billions of dollars in lost sales for legitimate luxury goods producers. High-end brands hope blockchain will help them deal with counterfeiting. A non-fungible token system is a perfect tool to certify the authenticity of luxury goods’ authenticity and is most likely to become the economic backbone in the metaverse.
With the advancement of technology, the immersive metaverse for online retail is no longer an elusive dream. In 2022, Cappasity will launch the first-ever metaverse for e-commerce. Soon, the users of the Cappasity platform will have an opportunity to mint and sell 3D NFT and showcase their items in an innovative way. All the content on the platform will be presented exclusively in 3D and AR formats. The immersive metaverse will also offer a virtual try-on.
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