Roblox fashion is driving innovation in the fashion industry as luxury brands tap into the metaverse after success on the sandbox platform, according to CNN Style. Large retail companies are finding that many people value their digital wardrobe as much as their physical wardrobe. As a result, fashion brands are jumping on the metaverse bandwagon by investing in Roblox and other virtual worlds.
The CNN article points to a digital version of the Gucci Dionysus bag that was made available on Roblox for a limited time in 2021. While the digital bag originally only cost 475 Robux (about $6), it was resold for a staggering $ 4,115 at $700. smaller than the physical version of the bag.
The fact that people want to express themselves through their avatar or their “skins” is not necessarily new to longtime video gamers. For a long time, gamers have been willing to pay large sums for in-game cosmetics. Cosmetics in games like Counter-Strike: Global Offensive (CS:GO) and Fortnite can be worth hundreds or thousands of dollars at resale.
However, only recently have fashion brands realized that avatars like the ones in Roblox serve as an extension of the player’s personality. So it makes sense that many people want to dress up in designer clothes and wear collectibles. And of course fashion brands take advantage of these opportunities accordingly.
Bain, a consulting firm, reports that online interactions drive 70% of luxury purchases, so it’s no surprise big brands like Tommy Hilfiger and Vans are using Roblox and the metaverse to reach new audiences.
A recent report from McKinsey, another major consulting firm, claims that fashion is “at the forefront of the metaverse.” One of the main reasons is that it is getting harder and harder for the fashion giants to reach people with “traditional” advertising. More than ever, people are using ad blockers, spending money to avoid ads on platforms like Hulu and YouTube, and ignoring digital ads. According to Reuters, Morgan Stanley reported in 2021 that the fashion metaverse could boost fashion industry revenue by $50 billion by 2030.
The CNN article also notes that margin is attractive because it is much cheaper to develop and produce a digital product, and the developer can digitally copy and distribute as often as they wish, than it is to develop and produce multiple copies of a product. physical product.
However, this is only a small part of the attraction. Retail brands are also entering the Roblox fashion marketplace to connect with a new generation of potential consumers.
“Facebook makes money from brands, Instagram makes money from brands, and Roblox makes money from gamers,” says Charles Hambro of Geeiq, an agency that helps companies “navigate the metaverse.” “So when a brand enters these virtual spaces, it has to enrich the experience because it’s a completely different model. The template is for digital goods and services, not shopping (advertising) and displaying your logo in front of their eyes as they browse the feed. Brands need to make a real connection with this audience.
The report also makes a distinction between metaverse fashion and NFTs, suggesting that the inherent value of NFTs lies in their resale value, while people buy items for their avatars simply because they like them. This points to the recent launch of Roblox Burbury, where the most popular item after a 24-hour open sale cycle was also the most expensive on the secondary market. This suggests that resale value is not related to rarity and that people value an item for personal reasons. It all comes down to the fact that avatar fashion is a form of self-expression and identity, just like in the real world.
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Source : PC Gamesn
