Extending the Runway: The Opportunities for Fashion Brands in the Metaverse
September 21, 2022
The metaverse represents one of the biggest growth opportunities over the coming years across several industries - and many iconic fashion brands have started making big moves. Companies including Gucci, Nike, Burberry, and Louis Vuitton are actively experimenting in the Web3 world, launching NFT collections, virtual apparel, multiplayer games, gallery spaces and more. Over time, more fashion brands will shift the way they build communities and deliver experiences in line with the tenets of decentralization and user-owned assets on which the entire Web3 movement is built.
What are fashion brands currently doing & what are the building blocks of an effective metaverse strategy?
The crypto industry’s large scale fallouts such as the FTX saga, may have led to the temporary loss of user trust and confidence, but it also did two things: unveil the true promise of decentralized exchanges, and provide important constructive lessons for the centralized exchanges that remain standing.