Decentraland (MANA) To Host Metaverse Fashion Week For Luxury Brands

February 25, 2022 6:32 pm

The most popular metaverse Decentraland (MANA) has recently announced that it will be hosting a fashion week for some of the most well-known luxury brands in the world.

According to the announcement, some of the fashion brands that will be participating include Dolce & Gabbana, Selfridges, Tommy Hilfiger, Jacob & Co, and more.

This virtual fashion week will include things such as digital items, virtual runways, and virtual parties indicating that many companies are experimenting with virtual interaction as an alternative that can be capitalized on.

Within the metaverse, there is also a specific section of land that has been dubbed the ‘Luxury Fashion District’ which has peaked the interest of some investors as virtual land may continue to have actually utility.

Bitcoin.com reports:

“Fashion and haute couture are not new to the metaverse,” Sam Hamilton, Decentraland Foundation’s creative director said in a statement sent to Bitcoin.com News.

“Decentraland has been on the cutting edge of rare and in-demand digital fashion since the launch of avatar wearables in 2020.

Since that time, creators have been pushing both the technical and stylistic limits of Decentraland wearables, and have created a booming economy with over $1 million in sales of avatar wearables last year.”

The fashion event will kick off with the London retailer Selfridges opening a metaverse store.

Paco Rabanne and Victor Vasarely will provide an “immersive experience” during the Selfridges store opening. At the center of the event, a futuristic runway will be presented by Dolce & Gabbana, Dundas, Etro, and more.

The company behind Decentraland has also revealed that this is just the beginning as they are already planning much more virtual fashion experiences in the future.

These types of virtual events have been becoming more popular and corresponds at a time when interest in NFTs is at an all-time high.

The use of NFTs enables digital items to be bought and sold within the virtual metaverse by institutions and investors looking to capitalize on the virtual marketplace.

As a result, a metaverse like Decentraland and its native token, MANA, will stand to benefit from this as more people start to rely on the blockchain ecosystem for essential transactions.

TheFashionLaw reports:

The impending event comes as interest in non-fungible tokens (“NFT”) and the metaverse more broadly is at an all-time high.

NFTs “surged in popularity last year and this growth shows no signs of slowing,” Reuters’ Elizabeth Howcroft wrote recently, noting that sales on OpenSea, which boasts the title of the largest marketplace for NFTs, hit a record $5 billion in January “even as the tech-heavy Nasdaq posted its biggest monthly drop since 2018.”

OpenSea, which nabbed a $13.3 billion valuation in January after closing a $300 million Series C round, boasted a transaction volume that surpassed $14 billion for 2021, up from $27.1 million in 2020.

As for the impetus for brands, including luxury names, when it comes to things like MVFW, there is the potential for these events to serve as an access point to young consumers (i.e., Gen-Z and their even younger Gen Alpha counterparts), who are proving to be more interested in acquiring digital assets – like avatars and currencies to use on the various metaverse platforms, such as Roblox’s Robux – than physical goods.

At the time of writing, Decentraland’s native token MANA has a total market capitalization of $4.9 billion and is currently ranked the 30th largest coin according to CoinMarketCap.

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