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What Gucci, Others Learned from the Metaverse

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Forever 21s pink beanie.

Goldman Sachs estimates the metaverse’s economy could hit $8 trillion in 20 years, and fashion brands have been busy experimenting.

Credit: Forever 21

Luxury retailers are capitalizing on the metaverse, with some using the virtual environment to identify trends and roll out new products.

Gucci last year built a virtual gallery showcasing NFT (non-fungible token) artwork and vintage fashion items, and rolled out a $12.99 pair of virtual sneakers.

Meanwhile, Burberry joined forces with the online game Minecraft to create digital outfits for players and launched a real-life Minecraft-inspired clothing collection.

Said Launchmetrics' Alison Bringé, "If you can't buy a Gucci handbag in the real world, you can spend $5 to buy one in the metaverse. This is a gateway to building that relationship with the consumer."

The metaverse allows shoppers to browse luxury boutiques and even try on three-dimensional versions of clothing and accessories before placing an order.

However, luxury brands are concerned about intellectual property, compliance issues, and brand reputation given the lack of regulation in the metaverse.

From Financial Times
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