Metaverse, the network of interconnected virtual 3D spaces, encompasses all virtual worlds, augmented reality and takes place on the internet. More and more big brands are now entering this online world. So are Balenciaga, Adidas, Nike and Zara.
Cédric Charbit, CEO of Balenciaga, previously announced that he would set up a dedicated industry for the metaverse. This industry will be dedicated to discovering marketing and commerce opportunities for Balenciaga within the metaverse.
Adidas and Zara have now also joined the metaverse. For example, Zara will offer their latest collection in the virtual world. The collection is also referred to as a ‘phygital’ collection, as it is both physical and virtual. Users can buy clothes and virtual makeup for their avatar.
Adidas announced earlier this week that it would enter the metaverse and “step into a world of infinite possibilities”. Adidas does this with avatars from BoredApe, Gmoney and Punks Comic. However, much is still unclear about the exact steps and plans of Adidas in the metaverse.
Adidas’ biggest competitor, Nike, is now also targeting the Metaverse. For example, the sports brand has established itself in the virtual world Roblox and there is talk of a ‘Nikeland’. Nike’s next steps in the metaverse are not yet known.
Zepeto and fashion brands
As luxury fashion brands like Gucci and Ralph Lauren step into the metaverse, the next iteration of the internet is also opening its doors to smaller designers. For example, according to the BBC, a 28-year-old digital clothing designer earns good money on the largest metaverse in Asia.
The South Korean metaverse Zepeto has nearly a quarter of a billion users. The accompanying app allows people to create avatars, digital images of the players. But those avatars need clothes, and they can be bought. That’s why more than 1.6 billion virtual fashion items have already been sold on Zepeto, according to the BBC.
One of the most famous users in the fashion world of the platform is Monica Quin, whose real life name is Monica Lousie and who is from Canada. She designs and sells digital clothing in the metaverse.
Louise was featured in a broader story about the BBC’s metaverse last Thursday. In it, she said she earns an “impressive salary of numbers” from her Zepeto avatar.
Louise’s dresses, tops and other items are sold using Zepeto’s currency, called zems. The garments cost between one and five zem each. Zepeto users buy zems with real money, and the clothing makers receive 94 euros for all sales worth 5,000 zems.
Digital versions of Ralph Lauren and Gucci
“There are clothes I can’t afford in real life, but in the digital world I can buy them all,” Louise told the BBC. “I think that’s a huge factor in why I’m drawn to this.”
Zepeto started three years ago and was valued at $880 million last month in a financing round led by Japanese conglomerate Softbank. HYBE, the company that runs K-pop sensation BTS, was one of the investors and contributed about 36 million euros.
About 70 percent of users are women, including teenagers. Rudy Lee, head of strategy, told the BBC that Zepeto is the first social network for many of its users.
Zepeto partnerships with digital versions of clothing from Ralph Lauren and Gucci. In addition, fashion is also focused in other parts of the metaverse. Virtual land in the Fashion District on Decentraland, for example, was recently sold for 2.1 million euros.
“We think buying in the Fashion District is like buying on Fifth Avenue in the 1800s…or the creation of Rodeo Drive,” Lorne Sugarman, the CEO of Metaverse Group, told Business Insider about the deal. his company announced in November.