Victoria Secret’s catwalk on a digital ramp?
Imagine your avatar walking into Victoria’s Secret and speaking to a lingerie expert. You placed your order, and it’s at your doorstep.
Fascinating, right?
Well, my medium readers, welcome to the world of digital space- Metaverse!!
We are all parallelly living in a world where virtual reality is just another experience of physical interaction. As a result, companies such as Gucci, H&M, and Nike have entered the market. They all started offering goods in a virtual environment, and Victoria’s Secret (VS) followed the footsteps of luxury fashion brands, quickly gaining attraction on the Metaverse.
Victoria’s Secret, a well-known lingerie brand founded by American businessman Roy Raymond in the late 1970s, became America’s largest lingerie retailer in the early 1990s. Recently the brand revealed that it filed an application with the US Patent and Trademark Office indicating its intention to enter the Metaverse. It was announced on Twitter by patent attorney Mike Kondoudis.
Meta-what?
Another name for meta is “cyberspace” it’s primarily an elaboration of what we currently have.
Every tech enthusiast’s favorite term- there, I said it.
A world of digitalization: Metaverse is just an add-on for the people living in the 21st century allowing a more significant overlap of digital and physical assets. Simply put, it has existed for a very long time; it’s a mix of virtual reality and digital space, not definitive to one type of technology. Nevertheless, they hold power to translate to a digital economy where users can create, buy, and sell goods.
E.g., Uber: the ability to spot the driver’s location from your place. It makes you feel you have control over the service you are buying.
Metaverse and the NFT- made for each other.
NFTs play a valuable role in providing unique access to branded products or subscribers, enhancing fan engagement, and enabling interactions beyond the Metaverse through infrastructure that supports location-based interactions and augmented reality capabilities.
NFT (non-fungible tokens)
Part of the Ethereum (ETH) blockchain at a very high level. Ethereum is a cryptocurrency like Bitcoin or Dogecoin, but blockchains also support these NFTs, which store additional data allowing them to work differently than ETH coins. In addition, it can represent in-game items like avatars, digital and non-digital collectibles, event tickets, etc.
However, NFTs are different from other collectibles because each is unique and not interchangeable. E.g., physical perfume can be exchanged but can’t exchange an nft perfume. If the NFT has to be sold/change ownership, it must go through blockchain.
Success requires starting with a solid digital marketing strategy, defining your marketing goals, and paving the way for them. NFTs can be unique assets, but digital marketing to promote NFT products follows the same rules as other digital marketing processes. Without a well-defined strategy, it is difficult, if not impossible, to stand out from the NFT crowd on an NFT trading platform.
Fashion and Business
Brands are exploring the possibilities of the Metaverse and how to get products and services. In addition, other fashion apparel companies such as Ralph Lauren and Gucci are also actively targeting Metaverse as one of the important markets.
Victoria’s Secret filed a series of trademark patents indicating that the organization is ready to launch its products in the Metaverse. It is expected to provide NFT versions of its luxury apparel. VS will also provide “information, photos, images, videos, recorded footage, highlights and experiences in fashion, apparel, fashion accessories, and styles.” In addition, the app will demonstrate the luxury brand’s intention to offer digital Lingerie and other fashion products.
VS’s Strategy is to be more inclusive, and it would be interesting to see them step into the world of the Metaverse. Interestingly, VS hasn’t revealed any of its digital collection. However, Lingerie entering the world of NFT was not something I ever imagined. But, in my opinion, it’s one of the brilliant ideas by the brand that portrays their role in the ongoing divergent world of the Metaverse. A fashion show with avatars would be refreshing to see in a world where we all got accustomed to VR experiences.
Having an immediate product with VR gives you the ability to bring intangible things closer to you and allow you to interact with the product without interacting with it. Unfortunately, fashion access is not that easy. As long as it gives more access to people, it would expand the product’s reach.
It can come up with a fashion show. So many infrastructures, but with a digital ramp, the display would be convenient because it is available on multiple platforms. It would be interesting to see how VS executes its products.
But seriously, my avatar wearing VS? I am stunned.
Until next time,
TR
