NFTs are getting a fashion makeover. Since NFTs started booming, the cryptocurrency has become a marketing trend for any brand to create virtual products for anything from makeup to chicken sandwich recipes (thanks Stella Artois). Virtual fashion is becoming more popular by the minute as luxury brands like Gucci, Burberry, and Ralph Lauren enter the metaverse, and now the industry is the latest to embrace NFTs, and fashion-specific NFT marketplaces are on the rise. Metajuku—the world’s first virtual mall modeled after the Harajuku shopping district in Japan—wants to digitize mall shopping with a new space where consumers can virtually enter storefronts, browse NFT products, purchase items, and even build their own properties on Decentraland, the metaverse where Metajuku is located. The mall’s launch prioritized virtual-only fashion brands, and is working with physical brands to integrate them into the virtual shopping experience. While building out physical retail experiences can be costly and time consuming, the metaverse is an opportunity for fashion brands to build new experiences that aren’t as possible in-person. (Glossy)
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