Metaverse Companies Survived Feeding Madness big consumer brands hoping to gain a foothold there, from coca-colato Nike. But one industry has been particularly active in promoting virtual commerce, seemingly every week announcing some exclusive NFT product or holiday event: the world of haute couture.
Why the old-fashioned Prada, Gucci and Fashion so much to invest in something that doesn’t really even exist yet?
The answer has two parts: economic and social. First, there is a natural connection between the concept of blockchain and NFT certification and those measures of authenticity that accompany expensive Burberry bags.
A report from McKinsey & Company in May showed that fashion companies that enter the metaverse could generate more than five percent of their revenue from virtual sales and window displays over the next two to five years. Not much, but nothing either. Notably, even though the metaverse is still in its infancy, consumers have spent $110 billion on digital goods during 2021.
“According to the opinion, this is a luxurious kind of sleep on Web2 and, frankly, does not want to sleep on Web3,” said Daniela Ottgeneral secretary Aura Blockchain Consortiumnon-profit founded by high-end titans like Prada and Richemont to explore partnerships between the fashion world and Web3 companies.
For these companies, the fashion metaverse is not only a market opportunity or a game for young people, but also a brand management imperative in a world already full of real fakes and digital vandalism.
“No strategy is not the answer,” Ott said. “Because then people will take your brand and do bad things.”
This is the material side of the fusion of fashion and virtual reality. But what about social? In virtual spaces like Horizon Worlds, Decentraland, and the enduring Second Life, self-expression is everything.
I asked the founder of Second Life, Philip Rosedalewhat happens when a mature money economy grows around users’ personal and aesthetic choices for their avatar (take a look at the game’s internal market where millions of user-created items sold.)
“From the very beginning, people really pushed these systems with all their might,” Rosedale said. “Everyone is trying to make their avatar one of the billions, so when you walk up or even see someone from afar, you think, ‘Oh my God, it’s Philip’… I think that will be confirmed in all these projects of the metaverse. also. “
Of course, youa user not being allowed to create a Gucci bag in Second Life is a violation of their terms of service, not to mention as one forum user pointed out: “terribly vulgar. ”
“Virtual commerce in a virtual economy has been happening in a gaming economy for decades,” he said. Katy Hackle, a metaverse strategist and host of Adweek’s “Metaverse Marketing” podcast, which talks about trusted virtual marketplaces with real currency in games like Minecraft or Everquest. “You’re starting to see a new commerce model evolve that I call virtual to physical…they haven’t been implemented on a large scale yet, and I think that’s what fashion brands are exploring.”
This makes the overall push of fashion companies clearer—if, as Web3 and the metaverse developers tout, the virtual space will more closely integrate human analog and digital life, with property rights to boot. That means if it really catches on like Mark Zuckerberg et al. Hopefully staying out of fashion especially would mean leaving some serious money on the table.
As Huckle put it, “The physical world is part of the metaverse, it just wasn’t included.”
Brendan Bordelon of POLITICO reports today to subscribers in morning technique that an attempt to increase the number of visas allowed under the upcoming US COMPETES Act is “on its last legs” in the House of Representatives as the bill is negotiated with its counterpart in the Senate.
Brendan reports that the US chip industry is particularly interested in increasing the number of immigrants specializing in STEM as it aims to become a globally competitive chipmaker for the first time since the 1990s.
Sen. Chuck Grassley (R-Iowa) opposes visa expansion, saying it would hurt broader immigration reform. Since the law may not pass soon, given the opposition from Grassley and others, the White House is changing. rules he can change on his ownn make life easier for immigrant workers in science and technology, such as increasing students can learn from certain shows while allowing others stay longer after earning a degree.
Yesterday I wrote about UnicornDAO’s efforts, a blockchain-based activist group co-founded by a Pussy Riot member to raise money for abortion organizations through a crypto wallet.
To learn more about the potential uses—and misuses—of distributed autonomous organizations and blockchain technology in activism, I called Medha Kothari, co-founder of she256, a Silicon Valley group dedicated to increasing diversity in the blockchain world. She is concerned that, despite good intentions, such efforts may be counterproductive.
“I think it’s great that UnicornDAO is doing this, but I’m very wary of all the organizations that are hyped right now because cryptocurrencies are very, very good for certain things, but they’re also super-short-lived and ephemeral, which is not the right thing to do. this case right now,” Kotari said. We need a sustainable effort that will last decades and decades, and I’m trying to highlight existing organizations and activists.”
“These are well-intentioned organizations that are popping up, and people clearly want to do something about abortion rights, but they may not know how to do it.”
Stay in touch with the entire team: Ben Schrekinger ([email protected]); Derek Robertson[email protected]); Konstantin Kakaes (ur.[email protected]); and Heidi Vogt ([email protected]). Follow us on Twitter @DigitalFuture.If this newsletter was forwarded to you, you can sign here. And read our mission statement is here.