Escapes from the harsh reality have been all the rage these days, and things are getting more exciting with a reality that promises to engage with you in responsible and meaningful ways. Welcome to the whole new virtual world – the Metaverse!
The metaverse has now transformed into a real life-size playground for many luxury brands. Many high street brand names are joining the bandwagon as they try to secure a spot in the digital realm where they can showcase and sell their latest collections to make them more easily accessible than in real life. They also use the metaverse to unveil all their campaigns, establish or maintain an entire community, or sell NFTs.
What is the Metaverse?
The metaverse is defined as a simulated digital environment that uses, VR or virtual reality, AR or augmented reality, and blockchain together with social media concepts to create a unique space for a rich and immersive user interaction that mimics the real world.
Although some of you might not be that familiar with the term metaverse, the concept is not really new. In fact, it has been around for almost 30 years. Neal Stephenson, an American science fiction author, introduced the concept of the metaverse in Snow Crash, his novel published in 1992. Similar to other novels of its genre, the users in Snow Crash used metaverse to escape the largely dystopian futuristic world.
For the past three years, the industry laid one brick after the other on the foundations of the non-fictional metaverse. This paved the way for the development of virtual reality headsets that are more affordable and ergonomic. The number of internet users all over the world is also continuously on the rise.
Online gaming and its immense popularity that often reaches tournament levels have also made it more possible to execute and envision tradable digital assets, sophisticated digital avatars, and digital real estate. Metaverse also holds possibilities for other industries, including travel where it is expected to take things to new heights of experiences of going on trips around the world.
Metaverse Makes Luxury More Accessible, Exclusive, and Interactive
For the longest time, luxury brands have been considered out of reach, leaving them with no choice but to try to expand their horizons and their clientele. Social networks and online video games made it possible for them to reach one of their key targets, the Gen Z and Millennial consumers who are essentially the representation of the near future.
Thanks to the metaverse, these luxury brands can go much further and reach a younger audience. While this younger audience doesn’t have the money to buy designer sneakers that cost several hundred dollars, they can still purchase their virtual equivalents they can use for dressing up their ultra-stylish virtual avatars.
With the help of metaverse, brands can explore a whole new digital universe complete with cities, nature, dream destinations, attractions, amusement parks, and even concerts. This allows luxury names to enjoy an almost infinite marketing potential to further grow their brands.
Without a doubt, the metaverse has so many things in store, and hopefully, not only luxury brands but even the travel industry will join this new and exciting world like no other.
