Fred Segal, the iconic Los Angeles boutique, took this concept and it worked: working with the metaverse experience creation agency Subnation, he just debuted with Artcade, a store with an NFT gallery, virtual goods and a studio. streaming both on the Sunset Strip and in the metaverse; In-store items can be purchased with cryptocurrency via in-store QR codes.
NFT, loyalty and legality
NFTs will have the power to remain as long-term loyalty or membership cards that bring exclusive benefits and unique digital items that convey exclusivity and status. Other product purchases will include both digital and physical items, with interoperability, still in its infancy, as the key topic. Brands and consumers alike are ready for the unexpected. “Consumers are more willing to try unconventional brands, alternative ways of buying and innovative value systems like NFTs than they have been in the past 20 years,” Forrester reports.
Brands will need to be aware of legal and ethical overruns and form metaverse teams to address issues related to trademarks and copyrights and future projects in this new frontier. Yep, Hermès has decided to break its previous silence regarding the NFT artwork inspired by its Birkin bag. Another NFT hitch is likely, from a brand or entity conflicting with a brand, given the birth of the space. The pace of technological change often outweighs the ability of laws to adapt, says Gina Bibby, head of global fashion technology practice at Withers law firm. For intellectual property owners, he adds, the metaverse shows up in enforcing intellectual property rights, because proper licensing and distribution agreements are not in place, and the ubiquitous nature of the metaverse makes it more difficult to track infringers.
Marketing strategies will be heavily impacted, separating as brands are still adapting to the iOS update that made Facebook and Instagram spending less effective. “Next year will be an opportunity for brands to reset and invest in loyalty,” says Jason Bornstein, principal of VC Forerunner Ventures. Mention customer data platforms and cashback payment methods as other incentive technologies.
Expect restricted-access events online and offline, with NFT or other tokens to grant entry.
“Luxury is rooted in exclusivity. As luxury goods become more ubiquitous and easier to access, people are turning to unique, non-reproducible experiences to satisfy their desire for exclusivity, “says Scott Clarke, vice president of consumer products industry at the company. Publicis Sapient digital consulting. “For luxury brands to gain an advantage, it will be important to look beyond what has historically characterized these brands as ‘luxury’.”
To become a Vogue Business Member and receive the Technology Edit newsletter, Click here.
Comments, questions or feedback? Write to us email@example.com.
More information on this topic:
What influencer marketing looks like in the metaverse
The ‘Baby Birkin’ NFT and legal control over digital fashion
Ray-Ban and Facebook launch smart glasses amid the metaverse boom