From retail experience updates to wearable technology, innovation continues to inspire and influence trends and fashion. Also, the term “metaverse” will definitely enter the general vocabulary after Facebook rebrands to “meta” in late 2021, with fashion brands looking to conquer this new and innovative world.
The Metaverse is a new virtual universe featuring augmented reality that combines aspects of the digital and physical worlds, allowing people to explore their everyday lives digitally and through 3D avatars controlled by technology that incorporates the real world, allowing people to explore their everyday lives in a second world. Allows you to adopt new ways of living your life. virtuality.
Therefore, businesses must find new ways to stay relevant in this revolutionary landscape, and the rise of the metaverse remains both a huge challenge and a huge opportunity for fashion brands. In fact, innovation in the fashion industry is more prominent than ever. Entering the Metaverse, fashion brands are transforming the buying experience, drawing inspiration from brick-and-mortar stores toPhygital”In this new world, avatars can physically visit new shopping malls and fashion shops that offer digital clothing that can be purchased with virtual currency, and experiment with a new kind of surreal shopping that goes beyond the traditional physical in-store experience. I can.
Many major brands have already entered the metaverse in the last year and are expanding their business in various ways.
Notably, Nike, Gucci and Forever 21 have partnered with Roblox in 2021 to invite digital customers on unique journeys. Nikeland, Shop City or virtual gucci gardenBalenciaga has also successfully accessed Web3 through its collaboration with Fortnite, creating a full-fledged and exclusive collection of Balenciaga x Fortnite that users can purchase for their avatars in the game. Similarly, Ralph Lauren partnered with South Korean social network App Zepeto to release a virtual fashion collection for players.
As part of the integration of fashion into the digital environment, Fashion Week is also “Phygital”Brands such as Dolce & Gabbana, Etro and Elie Saab attended the inaugural Metaverse Fashion Week in 2018. Decentraland In 2022, luxury brands, household names and digitally native designers will promote their collections on 3D catwalks and exclusive events.
In addition to developing a more diverse world and fashion experience, the brand is also leveraging NFT projects and the involvement of more 3D designers. In particular, Dolce & Gabbana set a record for the most expensive suit ever sold, the Digital Glass Suit. This digital glasses suit made him $1 million for the Italian brand late last year. Meanwhile, Gucci’s Queen Bee Dionysus virtual bag recently sold for 350,000 Robux (in-game currency), meaning $4,000 (which exceeds the bag’s actual valuation). Instead, Louis Vuitton has launched a new video game that allows players to seek out 30 NFTs hidden in the digital world. Allow access.
If the metaverse is full of new opportunities, it’s also full of risks. In fact, companies operating in the metaverse should be ready to redefine their strategies to properly consider the relevant regulatory frameworks and legal issues that may arise in this new era. In particular, our creation of new virtual worlds inhabited by avatars may raise issues regarding the processing of user avatar personal data collected in the Metaverse and the regulation of contractual relationships that may be established within the Metaverse. I have.
In particular, brands must ensure that users and their avatars are consumer protected in the virtual B2C retail world. Consumers who shop online benefit from the protections afforded by the laws of their country of residence, no matter where they are or from which brand. They may differ from those that apply to the seller. In light of the above, the same rules apply to the Metaverse to protect avatar consumers.
Entering the Metaverse also means pitching your fashion brand to a new community of players and their avatars. consumers who want to immerse themselves in the metaverse and connect virtually with beauty and fashion brands.
These may include influencers who promote, even in virtual form, the most famous brands and sponsor their products and services (so-called “virtual influencers”). As an example, Meta’s platform currently hosts over 200 of his virtual influencers, including Nefele, twins Eli and Sofi, Shudu, Lil Miquela, Noonoouri, Rozy, and Twitch-famous virtual streamer CodeMiko.
Many fashion brands are already using these virtual influencers to promote their products. Examples include her Rihanna, who chose her Shudu to promote her cosmetics brand Fenty Beauty, and her Prada, Chanel, and Fendi collaborations with the famous Lil Miquela for years. This means that new forms of commercial her communication are being developed, and brands must remember to comply with legal requirements for advertising in the Metaverse as well.
Indeed, from a self-disciplined point of view, the transparency obligations to be complied with are already set out in the Digital Charts Regulation, and even virtual influencers explicitly declare the advertising nature of content published online. is needed. Identify with hashtags such as #advertisement, #adv Also #sponser or, alternatively, Powered by # Also #giftedby For goods or services received without consideration for advertising.
In this regard, Italians Istituto dell’Autodisciplina Pubblicitaria (IAP) and the Italian Antitrust Authority (AGCM) have reiterated the principle that failure to declare content as advertising violates the Code of Marketing Communications Self-Regulation and engages in unfair business practices. rice field. The basic principles underlying all advertising regulations are therefore the ban on hidden advertising and the need for commercial communications to be transparent, clear and fair.
Additionally, the unrealistic nature of these characters should be made clear on the platform used to convey the advertising message. This allows the user to know that they are interacting with an avatar rather than a human. Indeed, companies should aim to develop technologies that are ethically and morally responsible in order to serve society and meet human needs.
The Metaverse therefore represents an opportunity to evolve the way businesses interact with their customer/user base, while the new virtual world offers avatars the same legal protections consumers get in the physical world. What you can do is basic.