Discover three pioneers of luxury fashion in the metaverse
Luxury brands such as Burberry, Balenciaga and Louis Vuitton are paving the way for a future of fashion in the metaverse. Rumble Romagnoli, chief executive officer at Relevance, considers the role of fashion in the metaverse.
Relevance on how luxury fashion brands can enter the metaverse
In the new frontier of the metaverse, executives of luxury brands are starting to recognize the potential of augmented reality (AR) and virtual reality (VR), and are moving quickly to capitalize on this new marketing opportunity. According to Vogue Business, 53% of fashion brands are investing in the $300bn gaming sector, experimenting with Instagram filters, digital avatars and virtual stores.
The movement of luxury fashion in the metaverse promises new routes for consumer engagement. With staggering success already, analysts at Morgan Stanley say the market for virtual luxury goods could be as large as $50bn by 2030.
Considering the potential revenue and reach of new and younger audiences, there is no better time to start planning your brand’s journey into the metaverse.
Relevance is a luxury digital marketing agency with a keen eye on the latest digital trends. Here are the leading luxury players in this virtual space.
Luxury fashion in the metaverse
Burberry: Blankos Block Party
Burberry is one of the pioneers of fashion in the metaverse, consistently creating innovative in-store experiences, merging AR with physical products for a more engaging client experience.
In July 2021, Burberry announced its partnership with Mythical Games launching its Blankos Block Party game, an open-world multiplayer metaverse fashion video game featuring non-fungible token (NFT) vinyl toys that live on a blockchain. Adorned with Burberry’s TB summer monogram, the limited-edition Burberry Blanko Sharky B NFT can be purchased, upgraded and sold, as well as in-game NFT accessories, including a jetpack, armbands and pool shoes. As one of the most effective partnerships of fashion in the metaverse, the Burberry Blanko sold out in a record time of fewer than 30 seconds, while the jetpack sold out in under two minutes.
By moving into metaverse fashion with these playable NFTs, Blankos Block Party has created a new play-to-earn economy, paving the way for a future of digital ownership in gaming.
Co-branding is a successful strategy utilized by brands for years, which is why it makes sense to do so in the metaverse. Follow Burberry’s lead and find a strategic partner from another industry.
Louis Vuitton: Louis the Game
Despite being historically slow to adopt new technologies, Louis Vuitton made a significant step forward to mark its 200th anniversary in 2021.
In homage to the brand’s founder, Louis Vuitton joined other leaders of metaverse fashion by launching a video game with collectable NFTs. Named Louis the Game, the app follows the protagonist through six different worlds, where she must collect 200 candles to commemorate the birthday of Louis Vuitton.
Louis the Game also comes with a creative element whereby players can customize their character with Louis Vuitton clothes, including various monogram prints and colorways.
Most notably, there are 30 embedded NFTs you can find throughout the game, designed by digital artist Beeple.
Louis Vuitton demonstrates that you can start small when entering the world of metaverse fashion. Try implementing AR filters on social media or listing NFTs online.
Balenciaga: Fortnite x Balenciaga
The younger, edgy fashion house is one of the latest luxury brands to bring fashion into the metaverse. In September 2021, the 103-year-old French luxury house shaped the discourse for the future of fashion, redefining its legacy in haute couture with a unique collaboration with Epic Games, the developer behind Fortnite.
For one month, players could purchase metaverse clothing inspired by Balenciaga pieces in a virtual version of a Balenciaga boutique. A real-life Fortnite x Balenciaga series will also be available in select Balenciaga stores and at Balenciaga.com. In turn, those who purchase the real-life apparel will also unlock the Balenciaga metaverse clothing in Fortnite.
Players can find the virtual store in the Strange Times featured hub in Fortnite Creative. Here, players can meet with other fashionably-minded gamers, change their looks and add Balenciaga Fit Outfits to their inventory. In a further twist, the billboard images seen in real-life will be continually updated with user-generated content (UGC), creating a ‘living lookbook.’
If you don’t have the budget to create your own video game and aren’t afraid of being bold, find a video game adjacent to your brand world to work alongside.
Living out your fantasy is at the heart of fashion, and the metaverse is a superb tool to reinforce that palpable feeling. Designers are no longer simply making clothes but are creating entire new universes in which everything is the product of the brand’s aesthetic.
Although the fashion industry dominates this virtual world, many other sectors are getting involved, from superyachts to real estate. For example, ONE Sotheby’s and Sierra have acquired more than 40 acres in the metaverse for future projects.
While it is hard to tell what the future of metaverse fashion holds, we can be confident that savvy brands can use it to drive various marketing outcomes, including deepening fan loyalty.
Contact Relevance’s team of specialists for advice on how to pivot your brand toward the metaverse.
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Relevance is a strategic and creative digital agency specialised in profiling and targeting Ultra-High-Net-Worth Individuals for the world's most exclusive brands and companies.Find out more