Metaverse Fashion Week (MVFW)
The verdicts are out on Metaverse Fashion Week (MVFW).
The event, hosted in Decentraland, garnered multitudes more attention and press than any digital fashion event previously. Auroboros, Etro, Dundas, Dolce & Gabbana and Estée Lauder were among the companies who participated.
Decentraland recruited popular fashion brands and fans for the four-day event. It had mixed reviews. Some say it was possibly premature, however it did receive significant participation, with over 100,000 people attending. It was difficult to visualize actual turnout, since Decentraland distributes users into various different realms when places get crowded.
Many said the user experience is from the 90s, as polygons are limited in Decentraland, despite creators having high-fidelity designs available for digital items.
Despite the hiccups, by 2030, Metaverse gaming and NFTs could account for $50 billion in revenue, according to Morgan Stanley.
What is next for luxury brands, following the MVFW?
Many are predicting more physical integrations. Designer Phillipp Plein has a London store planned which includes a museum for NFTs and the options to upgrade a physical item with its digital twin.
As Plein explains, in the Metaverse “you really feel like a pioneer…everything is new, and there are not many who have tried it. We are still learning by doing….When joining an event on Decentraland, the process can be very slow, confusing, or not work at all.”
LuxFi is building a blockchain-powered NFT marketplace which allows luxury assets to be bought, sold and traded using web3 protocols and decentralized transaction methods. Much like MVFW, LuxFi’s vision is aligned with the greater luxury and fashion communities, celebrating technological advances meshing with design in 2022 and beyond.
Many are arguing that it will not be until one purchases a virtual purse or pair of sneakers in the metaverse, and then goes and wears them in real-life, that the real MVFW will begin to take shape. Only time will tell.
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resale value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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