The preferences of virtual real estate audiences also differ significantly. Decentraland and The Sandbox are quite disparate: Decentraland attracts fans of Hypebeast, Dazed Fashion and YSL, according to Geeiq data, while competitor The Sandbox is prominent among those who love Boohoo, Burberry and H&M.
Differences in brand affinities are likely due to a combination of gameplay, aesthetics, and brands present on the platform itself, Hambro explains.
When, how and for how much?
Online video games are still a key digital fashion shopping environment. Sixty-two percent 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 data from Obsess. More than half said they would pay up to $49.99 for a virtual product that their avatar would use in a video game. Sixty-six percent of people surveyed by Virtue would be willing to pay the same price or more for a virtual fashion item.
Digital fashion and virtual spaces extend beyond games; Roblox doesn’t even identify itself as a gaming platform. During the upcoming Metaverse Fashion Week, many brands will be selling digital and physical versions of designs, while Gucci and Adidas are developing virtual real estate in The Sandbox. with sales plans. “These shoppers grew up with online video games, esports and social media and many of them see the emerging metaverse as a modern shopping mall – a connected virtual world where they can hang out, shop and socialize,” says Neha Singh, CEO of Obsess. and founder.
Interest in branded metaverse worlds is high. According to the survey, 41% of Gen Z and 38% of Millennials said they would be interested in exploring them.
Digital fashion will become mainstream within five years, according to two-thirds of those surveyed by Virtue. It’s a big claim, but respondents expect almost half of their overall wardrobe to be digital in five years.
There are still headwinds, including confusion or mistrust, despite the metaverse hype. More than half of Obsess survey respondents said they were familiar with the term “metaverse,” although 27% mistakenly believe it refers to technology owned by Meta. Of those who haven’t purchased a virtual good, 73% are open to them but either didn’t need them or don’t know enough about them, Virtue found.
And, while for many the concept of digital fashion is still quite niche, the data shows people are buying into it, says Grubak. “Sometimes the miscreants take up more space than the people actually using or buying it.”
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