From producing, targeting and selling the product to the target audience within a defined geographical boundary to reaching brand awareness to a global audience and selling the products to every part of the world, e-commerce has empowered business owners significantly. People also interestingly adapted to e-commerce as they don’t need to go in search of products; instead, they can buy all the necessities in the comfort of their homes. Metaverse is a recent technological innovation known as web 3.0 that is attracting the e-commerce industry to enter into the virtual world. Metaverse is seen as the advancements of e-commerce and social commerce trends, where people can connect with fellow people, shop, work, or have fun. There are two significant types of products in the metaverse — first, the virtual products and in-store purchases that can be bought as NFTs or avatar wearables using the cryptocurrencies and secondly, virtual product twins, which are purchased using real money at the metastore and later their physical counterparts will be delivered to the purchaser’s physical address. In short, metaverse stores replicate the physical store experience virtually.
2022 October, 3rd update
“On Web 3, brands are testing the potential and everyone is looking for their model“. The NFT allows the creation of products and collections with unique pieces online or digital doubles. Finally, by offering virtual outfits and accessories in games, the application creates a connection with players who will be the luxury customers of tomorrow. @FNW presents the report “Luxe et technologie: les débuts d’une nouvelle ère” (Bain & Company e Comité Colbert) which estimates that this segment will represent 5% to 10% of the luxury turnover in 2030. [Luxe: un important potentiel d’accélération dans les technologies – FNW]. (Read more)
2022 September, 5th update
Does ZERO10 the beginning of a new virtual wardrobe era for us all? Next-gen metaverse platform ZERO10 is bringing digital fashion to the masses with its latest boundary-crossing, interactive retail project: interdimensional pop-up store that aims to bridge the gap between the real and the virtual. [Exclusive: Zero10’s Pop-Up Store Is Changing Virtual Fashion. Here’s How. – Jing-Daily]. (Read more)
2022 August, 16th update
Multiple brands have announced forays into the metaverse, either via virtual games, products or NFTs. On @footwearnews we read about how the metaverse is no longer a passing mania. These days it seems that every brand is making – or is preparing to make – the leap into the realm of virtual goods. [These Are the Top Brands That Are Entering — or Will Soon Enter — the Metaverse – FN]. (Read more)
2022 July, 15th update
Recently, Nike Inc. NKE-0.18% reported nearly flat quarterly sales and rising inventories amid evolving consumer demand and supply chain hitches, the WSJ reports. However, it is the most valuable brand that exists. It is worth more than twice as much as Adidas, but significantly detaches Louis Vuitton, Gucci and Chanel. Nike has 73,000 direct employees, controls the Converse brand, is listed on the New York Stock Exchange and has reported revenues of $44.6 billion for fiscal year 2021. (Read more)
2022 June, 8th update
Toronto’s Bata exhibition brings sneakers into the metaverse. The Bata Shoe Museum in Toronto recounts the innovations that pushed the design, materials and meaning of sneakers after the creation of new aesthetic territories and revolutionary developments in materials and sustainability to the new illusory environment of the metaverse. [Forecasting the Complicated Future of Footwear – Surface]. (Read more)
2022 May, 9th update
Global fashion & footwear brands launch new NFTs. Fashion and footwear brands like Nike, Spaceone Industries and GIA FashionVerse have announced the launch of their respective NFTs to be used in the metaverse. Nike and RTFKT Studios have launched the RTFKT X Nike Dunk Genesis Cryptokicks sneaker equipped with a RTFKT Skin Vial NFT, while Spaceone has released Astro Chip NFTs and digital wearables. [Fiber2Fashion News Desk (KD)]. (Read more)
2022 April, 27th update
An overview of the sneaker economy in the world of the Metaverse and NFT. There is a lot of innovation when it comes to markets and NFT after the entry of the sports brands Adidas and Nike. The world of the Metaverse, opens a door to luxury brands and users who intend to show their virtual garments in the form of NFT, according to the Front Office Sports Pro scouting report on the evolution of e-commerce. (Read more)
2022 April, 4th update
MVFW22: “Metaverse Fashion Week” hosted by virtual-space Decentraland has unveiled “the future of fashion”. The first-ever Metaverse Fashion Week (MVFW) kicked off with a digital bang on Thursday, March 24, taking place within the virtual destination space, Decentraland. Wearable collections were showcased via the blockchain-based platform, with brands including Estée Lauder, Tommy Hilfiger, and Selfridges taking part in the four-day long schedule that runs from March 24-26. [Metaverse Fashion Week Is Officially Here – Jing Daily] (Read more)
2022 March, 23rd update
Luxury experiences are redefined in the metaverse. Given the demographic changes of the global luxury market, brands that want to remain relevant will have to use the metaverse or vanish, because the value of a luxury brand is only to a limited extent the product, but intangible value, like its cultural influence, can account for 95% of the total value. A reflection, published in Jing Daily, by Daniel Langer, professor of luxury strategy and pricing at Pepperdine University in Malibu, California. (Read more)
2022 February, 28th update
“[Computing] a virtual-reality space in which users can interact with a computer-generated environment and other users” (Oxford English Dictionary) The idea behind the “Metaverse” is: wear a pair of glasses/viewer and find yourself in a 3D environment. A basic application is virtual technical interventions. But development will be social: deciding what to do in 3D, who to meet, what to buy and much more. Nike has already set up its own “Metaverse” – called “Nikeland” – within a platform called “Roblox“. (Read more)
China rejects most trade mark applications for the metaverse. China has started rejecting various metaverse-related trademark applications as authorities are keen to prevent abuse of the registration process. According to fiber2fashion, the action reportedly implies a deliberate strategy to deal with the rush of such applications by many companies beginning last year while preventing trademark squatting and misunderstanding among consumers. (Read more)
