LUXURY is coming to the metaverse.
Users are decking their avatars out with Fashion Week‘s best after a high-end virtual store was opened.
1
Selfridges, a department store headquartered in London, announced that they would be opening the “first meta department store in the history of #web3” in a tweet.
Top brands launched their metaverse lines with Dolce & Gabbana, Tommy Hilfiger and others promoting digital products for avatars to wear.
The store is accessible to anyone, either in virtual reality or on a desktop, but to make purchases users will need a crypto wallet – a crypto wallet carrying the currency Ethereum, to be exact.
The host location for Selfridge’s metaverse store, Decentraland, is a pioneer in the digital real estate market valued around $1billion dollars.
The structure users see in the metaverse is modeled after the Selfridges Building in Birmingham, England, a $66million dollar structure owned by the brand.
Selfridges is laying the modernization on thick, with a library of most elegant NFTs covering the digital walls.
It’s a commendable display of adaptation from a department store founded over 100 years ago that’s competing with tech-behemoths like Google and Amazon.
Metaverse entrepreneurs have enormous confidence in what VR stands to offer consumers.
Most read in Uncategorized
“If you were going to Coachella, you care about what you’re wearing. People are willing to invest money if they want to look stylish,” Andrew Kiguel, Chairman of the Metaverse Group told Vogue Business.
Sam Hamilton, Creative Director at Decentraland, sees the budding metaverse as more than just expensive avatars.
JournalTime reported Hamilton feels the “intersection of fashion and technology is creating a revolution that completely obscures the lines between the physical and digital worlds.”
Some companies are taking it less serious – Heineken launched a metaverse beer, available for “consumption” in Decentraland as a softhearted jab at companies springing into digital capitalism.
Financial technology experts struggle to pinpoint the exact value of the metaverse – but the high end estimate is calling it an $800billion asset.
We pay for your stories!
Do you have a story for The US Sun team?
