The Gamification of Luxury Shopping
The idea of gamification is actually quite simple: You take a feature of a game — such as the mechanics, the rewards system or the user design — and then apply that feature to separate space or field. This is the method by which luxury shopping has now become gamified — that is, the complete shopping experience in 2022 has now become enveloped in a series of methodologies taken directly from the online gaming space.
With a preponderance of mobile shopping now using livestreaming to feature new products, brands are able to directly engage with their target consumer base in new ways.
The gamification of shopping has made the shopping experience much more interactive and utterly more engaging, with the global pandemic working to accelerate a rapid rise of gaming platforms and Web3 e-commerce experiences.
We have seen an increase in users re-creating the fashion trends and popular looks from collections on platforms like Roblox, and luxury brands like Balenciaga have now created an in-house division to lead its Metaverse development for the brand. Louis Vuitton notably entered the gamification Web3 space, first in 2019, by collaborating with League of Legends. With consumers demanding more integration and unity between the physical and digital shopping experiences, the luxury brands responding best to this movement are the ones who are choosing to embrace shopatainment; as such, by combining entertainment, commerce and content, live shopping is now a USD $137 billion industry in China alone.
“Shopatainment is when sellers leverage video over photos to sell products, and where buyers browse seller videos as if they’re switching TV stations, looking for entertainment…These sellers will be people you relate to, people you trust and who can keep you entertained.” ~ Connie Chan, a16z
With gamified elements such as rewards tokens, community polling, video live streaming and a plethora of other tactics, the online luxury buying habits of global consumers has now shifted, and Web3 retail marketplaces such as LuxFi are in prime position to capitalize on these trends as they promulgate usage of non-fungible tokens, thus helping to sustain the deep connections being established between NFT and global crypto communities with the varied global luxury retail brands and their own forays into the Metaverse.
This movement is now creating a fresh swath of globally-connected, video-first online sellers who will undoubtedly have blockchain and crypto assets supporting everything they say and do in the new web3 e-commerce retail environments which are currently developing around them.
Even more exciting is the ability for independent luxury retails and secondary sellers to use decentralized means of transacting and of distributing their content to their audiences.
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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