How Luxury Brands Are Making Money In Metaverse — 4 Minutes
Luxury brands in the Metaverse, luxury brands like Gucci, Dolce and Gabana and Burberry are already making serious money selling digital fashion.
The question is, would you pay hundreds of dollars for a purse, a coat or a shirt that you can never actually wear in the real world? In the gaming world, we already see this. Gamers have a long history of using clothes and accessories to establish their identities in the virtual world, and there’s every indication that we will see the same in the Metaverse.
How Luxury Brands Are Making Money In Metaverse
So the Metaverse is this idea of this virtual universe. You can learn more about what the Metaverse is on my channel. I’ve got other videos on this, and executives of luxury brands are taking this opportunity really seriously, and they’re moving quickly to capitalize on this opportunity to sell virtual versions of their products to people in the digital world. So in this new frontier of the Metaverse, which is this persistent shared virtual world users can access through different devices and platforms.
Avatars are everything, and that means some users will pay big Bucks to outfit their avatars with luxury goods. So Meta CEO Mark Zuckerberg expects this niche to be big. In the Metaverse, Zuckerberg says that avatars will be as common as profile pictures today, but instead of a static image, they’re going to be living 3D representations with your expressions and your gestures, and that you’re going to have a wardrobe for your virtual clothes for different occasions, designed by different creators and from different apps, and for different experiences.
So analysts at Morgan Stanley say that the market for virtual luxury goods could be as large as $60 billion by 2030. So how does it work?
Most virtual luxury goods are released in limited quantities, and users who purchase them receive an NFT so a non fundable token as a virtual certification of ownership. And in the Meta verse, users will be able to carry items like clothing, accessories, and home decor from one platform to another, for example, from the game world of Fortnite to Mata’s Horizon Universe.
And there are huge benefits for luxury good companies and brands. So for start, it eliminates Overstock. So with virtual goods, brands don’t have to run sales that deeply discount products to get rid of Overstock. They also give them much bigger margins ..
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