Raphael Thys
Luxury brands have started to hop on board the sensation we call the Metaverse. Some say it is a necessary step in the process of digitalization, but others may disagree and fear that luxury brands entering the Metaverse contradicts the premise of a “decentralized verse.” Who should we listen to? Let’s dive in.
The Metaverse offers luxury brands an uncharted market- the secondary and resale market. NFT ensured authenticity could lead the way to benefiting from this long-lost revenue source, and it definitely seems like a smart step forward business-wise. However, that doesn’t necessarily mean that mainstream luxury brands will be able to uphold the value of their products in the Metaverse.
Source: Gucci Garden on Roblox, Source:
New generations need a place to express their authentic self and be free from all the limits imposed by the material world. The Metaverse is that platform; it is decentralized, free from prejudices, and accessible. Almost like a room of requirement in our material, muggle world! (Any Harry Potter fans out there?)
The world is changing and it’s changing fast. No industry or trend is exempt from its effect. The Metaverse holds immense potential for new experiences from a fresh perspective in this context. It changes the way we perceive traditional fashion events, like fashion week. In this dynamic transformation, we can’t help but wonder: will luxury fashion stay the same?
Numerous Metaverse projects have been announced by well-known luxury brands. From Balenciaga to Burberry, well-established brands seized the window of opportunity offered by the ongoing digitalization process –specifically in the gaming sector. Even though we appreciate a good effort to keep up with the trends and reform the business model, we believe that an adaptation of mainstream luxury will be representative of The Next in the meta-luxury.
The way we understand luxury is highly connected to material possession, having a one-of-a-kind matters, or saving something for exclusive use for example. Nevertheless, the core values of digital-verse can drastically alter our perceptions. We think the Metaverse is cracking the luxury formula in its own unique way.
In the decentralized and non-physical world, creative expression knows no limits. We think fashion will enter an era of artistic-boom thanks to this limitless creativity, and many new fashion trends will emerge. For every trend, there’s at least one pioneer behind it. The critical point is that the Metaverse will be able to create its own take on luxury.
We believe this thunderstorm has already started, having witnessed the rise of digital fashion houses and their unique take on fashion. We can see the future of luxury being closely tied to the intrinsic innovation and versatility of the digital realm. In this possibly new-emerging reality, one can expect to see fresh faces and original trends in luxury wear.
Even though the phenomenon “luxury” will no doubt survive the shift to the Metaverse, we believe it will face a significant transformation and become neo-luxury, and only time will tell exactly what that neo-luxury will look like.