From material to meta: how fashion brands can leverage web3
How can fashion brands make the tangible digital? Rose Skews of Favoured explores the potential for them to be immortalized in the metaverse, while reminiscing about iconic moments from some of fashion’s powerhouses.
In the age of web3, fashion has never been more about making a statement / Michael Lee via Unsplash
The metaverse has the potential to become part of our everyday lives, creating new marketing opportunities for companies spanning all industries. The ever-expanding digital world has given brands the ability to market products and open new streams of revenue.
But how does this work for the fashion industry? The biggest argument for fashion not having a place in the metaverse is this: fashion is supposed to be worn. But we see the metaverse as a new way to engage your shoppers with an interactive piece of the brand.
Let’s delve into how brands are using their own digital spaces and wearable avatar pieces along with non-fungible tokens (NFTs) to reach a new level of marketing.
Who’s doing it?
Many of these fashion houses have been around for years, and anything new and fresh will more than likely bring more awareness and retention. But the metaverse can add a level of creativity that can capture a brand new audience, regardless of whether you’re Louis Vuitton or a store on Etsy.
Fashion in the metaverse brings a new level of collectability. For instance, trainers are notoriously known for being collectors’ items. Collectability is a great way to market your product – just think of the upsells. Introduce a collectable digital asset (such as an NFT) and you’ll hit the jackpot.
This was an easy bridge for the brand that collaborated with the video game Fortnite in its fall 2021 collection, slowly paving the way for other brands to go digital. This marketing tactic was a clever move for Balenciaga; no one had done it before, and it opened them up to a newer and younger audience.
Introducing Nikeland. This designated space in the metaverse allows users to interact, socialize and even get involved with promotions. Over seven million users have visited Nikeland since its opening in November 2021, buying exclusive metaverse kicks that they can dress their avatars with. The bonus? These items can be worn on other Roblox platforms, which means free advertising across the metaverse.
Gucci is moving its way through the digital realm with NFTs, collaborations and designated web3 spaces. The collab with Superplastic has seen some amazing NFTs, decked out in the Gucci logo with a more creative and collectable feel. Plus, you can keep all your art in the Vault Art Space.
Following Nikeland, Gucci has created Gucci Town on Roblox: a kaleidoscope of interior design where you can connect with like-minded individuals. This designated space helps consumers connect with the brand like never before, no matter where they are in the world.
Metaverse Fashion Week
Fashion has been so popular in the metaverse that it now even has its own Fashion Week. What better way to market your fashion brand than to have a dedicated weekend for live events, parties, shows, shopping and immersive experiences?
Over 60 brands, artists and designers thought it was a good idea, with a combination of luxury fashion and digital-native brands coming together to showcase their products in digital spaces.
So, you might not have personally come across fashion in the metaverse, but it’s happening – and hitting audiences these brands may not have been able to reach in the past. The metaverse is only going to get bigger and better, so the brands jumping on board at the beginning are putting themselves in good stead for what’s to come.
Want to get in on the web3 action? The team at Favoured is made up of specialists and is always one step ahead when it comes to all things marketing. Be sure to reach out if you have any questions.
Content by The Drum Network member:
We are Favoured.
A full service performance marketing agency formed in 2017 - specialising in growth for innovative companies.
Created by former Apple marketing lead who wanted to bring his marketing experience directly to innovative brands.
Since their formation, they have helped a wide variety of exciting brands to grow and increase sales through a combination of performance marketing and data that is applied at every stage of the funnel.
Our unique set of skills is perfectly formed to handle the complex environment that is marketing for companies who want to be at the forefront of their industry.
Whether it’s acquisition, attribution, nurturing, or conversions - we have you covered.