Looking good in Gucci…in pixels?
“Metaverse”, a word that has been popping up a lot lately and is largely considered as the future of human interaction. But what is it exactly? The Metaverse refers to an online virtual world whereby one exists as an Avatar and may be accessed through VR tech as well. Andrew Kiguel, Tokens.com CEO, describes it as “The next iteration of social media”. The Metaverse continues to exist and activities go on as normal even when there is no current interaction. Think of it as an alternative universe where life goes on when one takes a nap, and one thing a normal real life and virtual reality has in common…real money is spent.
Users can purchase various items from sports cars to property, clothing and accessories for Avatars just to name a few. According to CNBC, $450 000 was paid towards the purchase of property next to Snoop Dogg’s virtual home. Companies from all over the world are investing big bucks on the Metaverse and the fashion industry are taking quick measures to keep up and capitalize on this new reality, because money spent on virtual assets have been increasing gradually last year. Gucci released a collection on Roblox, an online gaming platform, in a ‘Gucci Garden’ where classic pieces were being sold from $1.20 to $4 115.00.
During Paris Hilton’s virtual New Year’s Eve party, users could attend for free however it was evident that people broke the bank for their avatars to enter the New Year with style. Luxury brands such as Ralph Lauren, Louis Vuitton and Balenciaga was spotted throughout the party. The thought of
spending any amount of money on something that cannot be physically used may sound strange to most, but this is nothing new to gamers that purchase ‘skins’ or weapons just to enhance their gaming experience. Businesses are making the Metaverse more accommodating for those that are, understandably, not willing to cough up $4 115.00 for an imaginary Gucci bag. On the 3 rd of January, H&M became the first retail clothing store in the Metaverse. With all of that being said, would you consider investing in looking good in Gucci…in pixels?
By Sarah Shabangu