Metaverse platform Decentraland is preparing for its first fashion week as digital clothing rakes in big business | Currency News | Financial and Business News

(Promotional video by Decentraland / UNXD).

  • Decentraland will host its first fashion week in March 2022 as the virtual clothing business heats up.
  • The metaverse platform is partnering with UNXD, which recently hosted Dolce & Gabbana’s first NFT clothing collection.
  • The virtual land in the Decentraland Fashion District was recently sold for $ 2.4 million.
  • Sign up here for our daily newsletter, 10 things before the opening bell.

Fashion is shaping up to be a key business area in the potential $ 1 trillion a year metaverse and Decentraland will expand its stake in the market by hosting its first fashion week.

The metaverse platform in March will host four days of fashion shows and immersive experiences with UNXD, a luxury market built on Polygon’s blockchain network.

“Prepare your collections!” Decentraland said in a Sunday post on Twitter inviting designers, brands and fashionistas to prepare for the event set for March 24-27, 2022.

Metaverse refers to online 3D virtual environments in which people represented by avatars can play, work and socialize, as well as purchase and trade crypto assets. Cryptocurrency asset management firm Grayscale last month said the metaverse has the potential to become a $ 1 trillion annual revenue opportunity.

But all those avatars in the metaverse are in need of virtual clothing, which is emerging as a hot industry.

Fashion brands like Dolce & Gabbana, Gucci, Balenciaga and Ralph Lauren have made their way into the metaverse. UNXD hosted Dolce & Gabbana’s first NFT clothing collection, and the Collezione Genesi group of nine non-fungible tokens designed by Domenico Dolce and Stefano Gabbana sold for $ 5.7 million in September.

Ralph Lauren and Gucci’s digital clothing was featured on avatars through separate partnerships with the avatar app Zepeto, the largest virtual fashion platform in Asia with nearly a quarter of a billion users, according to the BBC.

Meanwhile, Decentraland’s burgeoning Fashion District has garnered attention in recent weeks after a company paid the equivalent of $ 2.4 million in cryptocurrency to purchase virtual packages there.

“We think buying the Fashion District is like buying on Fifth Avenue in 1800 … or creating Rodeo Drive,” Lorne Sugarman, CEO of Metaverse Group, told Insider of her company’s November deal. .

Leave a Comment