It’s not just gamers and crypto dudes buying digital fashion – Vogue Business
Virtual real estate audience preferences differ widely, too. Decentraland and The Sandbox are quite disparate: Decentraland attracts Hypebeast, Dazed Fashion and YSL fans, Geeiq data suggests, while competitor The Sandbox is big among those who like Boohoo, Burberry and H&M.
Differences in brand affinities are likely due to a combination of gameplay, aesthetics and brands being present in the platform itself, Hambro says.
When, how and for how much?
Online video games are still a key digital fashion shopping environment. Sixty-two per cent of US consumers surveyed have purchased a digital item, such as an accessory, skin or garment, for their avatar in a video game, according to Obsess’s data. More than half said they would pay up to $49.99 for a virtual product for their avatar to use within a video game. Sixty-six per cent of those surveyed by Virtue would be prepared to pay the same or more for a virtual fashion item.
Digital fashion and virtual spaces are expanding beyond games; Roblox doesn’t even identify as a gaming platform. At the upcoming Metaverse Fashion Week, many brands will be selling both digital and physical versions of designs, while Gucci and Adidas are developing virtual real estate in The Sandbox with plans to sell. “These shoppers have grown up with online videogames, esports and social media and many of them see the emerging metaverse as a modern-day mall — a connected virtual world where they can hang out, shop and socialise,” says Neha Singh, Obsess CEO and founder.
Interested in branded metaverse worlds is high. Forty-one per cent of Gen Z and 38 per cent of millennials said they would be interested in exploring them, the survey shows.
Digital fashion will become mainstream within five years, according to two-thirds of those Virtue studied. It’s a big claim, but respondents expect nearly half of their overall wardrobe to be digital in five years.
There are still some headwinds, including confusion or distrust, despite the metaverse hype. More than half of respondents to Obsess’s survey said they are familiar with the term “metaverse”, though 27 per cent mistakenly think it refers to a technology owned by Meta. For those who haven’t purchased a virtual good, 73 per cent are open to it but haven’t needed one or they don’t know enough about them, Virtue found.
And, while for many, the concept of digital fashion is still quite niche, the data shows that people are buying into it, Grubak says. “Sometimes the disbelievers take more space than the people actually using it or buying it.”
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