Louis Vuitton, Fashion, the Metaverse, and the Future of NFT Renting
The words “Louis Vuitton” generally doesn’t inspire any thoughts of gaming — much less NFT games. Yet, as we progress towards the middle of 2022, luxury goods powerhouse LVMH (Louis Vuitton Moet Hennessey) is almost one year deep into an area that few would have imagined prior to the start of 2021 — NFT gaming.
Launched in August of 2021, Louis: The Game takes its players through an “action-packed adventure through six imaginary worlds”. There, they play as Louis Vuitton’s mascot, Vivienne.
Since its launch, the game has been updated and enhanced to include new quests and rewards. Players who collect a certain number of free NFTs earn chances to qualify for an NFT raffle. Players then may win one of ten new NFTs introduced by the game.
LVMH isn’t the only fashion house and consumer goods company to experiment with blockchain games and NFTs — Nike and Adidas have been involved in the space for some time now, along with Dolce & Gabbana, and Gucci.
For Louis Vuitton, the results have been promising. Their game has been downloaded more than two million times and continues to move forward with different iterations to entice and attract new players onto its platform.
The First Step Into the Metaverse
With Gen Z spending an increasing amount of time online and in digital worlds, global brands are taking notice — and understanding that with the advent of the metaverse, a shift in the future of social media is already on its way. With a spending power north of $143 billion USD, it may be an expensive mistake to overlook if companies and brands do not start cultivating audiences now.
The current generation places greater and greater importance towards online identities. Successful Picture for Proof (PFP) NFT projects like CryptoPunks and the Bored Ape Yacht Club have already proven this in a short amount of time. Users who own those NFT collections and can show them off via platforms like Twitter, can instantly earn a significant following, attention, and type of authority that simply could not have been fathomable prior to NFTs.
Only 18 months ago, the world may have doubted that a user would pay hundreds of thousands of US dollars for a picture of an image on the blockchain — yet, here we are, with sales of Bored Apes regularly crossing 100 ETH, and such an occurrence becoming more a regularity than an anomaly.
Is it so far fetched that as the metaverse develops, that demand for certain PFPs evolves into demand for digital clothes, digital handbags, and digital swag?
Companies like Louis Vuitton are betting on it — and with Louis: The Game, already announcing to the world that the Company is thinking far ahead into the future. One where the fashion may start in Paris, but may one day find itself in Decentraland or The Sandbox.
Rent the Runway — NFT Style
It is a ridiculous concept to consider that high fashion digital skins may be used in first person shooter games. But as immersive online events continue to pop up with regularity (metaverse concerts, virtual conferences, meetings, gatherings, and more), the way that people may begin to interact with each other may be increasingly done through their avatars.
Like those of us with social media profiles — most want to put their best foot forward. A profile photo with a more flattering angle, a new NFT that shows that we were able to get a hold of the latest drop, or something to give us more social credibility. Expanding upon this — these things will soon grow to include how digital avatars will look like in the metaverse.
Instead of a flattering photo, the latest digital fashions from a user’s favorite brands may be the new PFP. Instead of a new rolex, the latest digital kicks may be the items which catch an audience’s attention in the digital world.
And like popular, expensive, and scarce consumer products in the real-world, digital assets will also encounter the same issues for the users who want them.
Unable to purchase a virtual luxury outfit for an online event — users may seek to rent out the NFT for an evening, showing off their digital swag in front of certain audiences which may be in attendance.
The Times Are Changing
Twenty years ago, we never would have imagined that mobile devices would dominate our lives from the moment we wake up to the moment we go to sleep.
Thirteen years ago, we could not have imagined that a cryptocurrency launched by an anonymous creator would become one of the fastest growing assets ever seen — and is on a trajectory to potentially one day replace gold.
One year ago, we could not have imagined that digital pictures of a Bored Ape could sell for hundreds of thousands of dollars, and that there would be fierce competition to get a hold of one.
Now, as we look to the future, we may one day look back and say the same about other types of NFTs — including outfits and accessories that users may one day find themselves wearing in the metaverse.
As humanity transitions more and more into the digital realm — a new type of scarcity is developing. Digital scarcity. And with such elements in place, rental markets will always be in place to help those obtain assets which may otherwise be out of reach — or which users may only need for a limited time.
For the Web3 realm, companies which are looking towards supporting this activity will be well positioned to aid in these future economies. With the IQ Protocol being at the forefront of these initiatives and technologies, the future of NFTs and NFT renting is incredibly bright.
