How Luxury Brands Are Making Money In The Metaverse

Would you pay hundreds of dollars for a purse, coat, or shirt that you never get to wear in the real world?....

.....Meta CEO Mark Zuckerberg expects this niche to be big in the metaverse. Zuckerberg says, “Avatars will be as common as profile pictures today, but instead of a static image, they're going to be living 3D representations of you, your expressions, your gestures that are going to make interactions much richer than anything that's possible online today.

You'll probably have a photo realistic avatar for work, a stylized one for hanging out, and maybe even a fantasy one for gaming.

You're going to have a wardrobe of virtual clothes for different occasions designed by different creators and from different apps and experiences.”...

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Examples of Brands That Are Already Staking a Claim in the Metaverse

The Gucci Garden – a pop-up on Roblox that sells the brand’s designs – sold a single bag for over $4,000 in real-world money.

Tommy Hilfiger’s venture capital arm announced a partnership with viral marketing agency EWG Virtual to focus on “v-commerce.”

Burberry created a string of unique playable NFT creations called Sharky B that live in Blankos Block Party from Mythical Games. The characters include accessories like armbands, jetpacks, and pool shoes. The creation collection sold out quickly for almost $400,000.

Balenciaga launched its collection of clothes in Fortnite. These "skins" (outfits for game characters) are purchased using V-Bucks, the Fortnite world currency. V-Bucks are purchased with real money.

Dolce & Gabbana sold its nine-piece ‘Collezione Genesi’ collection on the digital luxury marketplace UNXD for 5.7 million dollars.