Prices in luxury boutiques seem laughable compared to clothing prices in NFT marketplaces. Can’t fathom how one could pay that kind of money for clothes that can only be used on the Internet?
Many NFT collectors, crypto-dreamers and enthusiasts sooner or later come to the metaverses – huge digital worlds in which you can do whatever your heart desires: open galleries and exhibit paintings, hold parties and invite guests to them, play in casinos or just walk and chat..
Essentially, we are witnessing the shaping of a new generation of gamified social networks. These networks go beyond the two-dimensional picture and begin to generate the real attributes of a full-fledged digital culture.
Any culture has a set of visual components and differentiates itself from others, among other things, through clothing. People spend a huge amount of time in a fundamentally different media environment – the metaverse.
They have many more ways to express themselves and spend time than regular social media does. Many people develop a need for self-expression and they are ready to pay real money for it, having previously converted it into cryptocurrencies.
The idea of owning wearables for a character migrated to the metaverse from video games – people have long spent huge amounts of money to look stylish in a particular game.
With the popularization of NFT and the appearance of worlds on the blockchain, people got an opportunity not to worry about the seizure of items or the closure of a project and the loss of all items that were stored in a game’s database, there is now also a possibility to easily resell all this.
An entirely new market is being formed right now, to which brands, resellers and simply those who love to look stylish flock to.
The market from which this industry has sprung is growing from year to year. According to wax.io, 60% of console gamers buy digital items in games, while people who play on PCs and smartphones do so less often: 43% and 33%, respectively.
Their annual average spending is $133 for consoles, $96 for PCs, and $37 for smartphones. In 2015, the total sales volume amounted to more than $12 billion.
he pandemic has accelerated the growth of these figures, experts of the Juniper research company expect an increase to $50 billion in 2022. The second reason to be confident about the growth of the industry is the growth of the crypto economy.
By the end of July, the capitalization of all cryptocurrencies exceeded $1 trillion, a year ago it was equal to $250 billion. All wearables in the metaverses are sold for cryptocurrency, and many universes operate on the principle of decentralization.
With the increase in size of the economy, the number of people who understand what it all means has increased exponentially. This led to an increase in investment in NFT projects. You need to ask how much investment NFT projects have attracted by July 2021.
We will take a look at the four largest existing metaverses at the moment.
the project was launched in February 2020. All users find themselves in one large open world. You can enter it through a regular browser, and to register you need a crypto wallet.
In it, you can create fairly realistic graphics, especially considering that it works in a browser. Users can buy land, upload their content to the world, and create tokenized NFT clothes (wearables).
When creating wearables, you can set their number from 1 to 100 000. Decentraland has its own cryptocurrency – MANA, the MANA rate rose to $1.63, and now it equals $0.7.
This metaverse was launched in July 2018.
The world consists of islands divided into plots and apartments. Accessible from computer browsers and mobile devices. Compared to the other worlds, the graphics are less realistic here, and everything around you consists of voxels (cubes). Due to the simplified graphics, Cryptovoxels is not very demanding on device performance.
Users can buy land plots or apartments in buildings and upload their content (voxel and 2D) there. Tokenized wearables are created in the same way. Rarity of wearables ranges from 1 to 1000. When paying, users use Ethereum.
The project was launched in 2017. The concept is similar to other metaverses – it is a large open world. The project is available through a program for a VR helmet, but there is also a browser version with a heavily curtailed functionality.
The VR version allows you to make very high-quality graphics, but at the moment the development of the project is limited to the user base of VR-helmets.
People can buy land and post their content there. There is no way to create separate pieces of clothing, users can only buy whole avatars. Tokenization is possible 1 to 1. That is, 1 avatar is equal to 1 NFT. The metaverse has a currency called CUBE, its rate reached $5.08, and now it is sold for $2.42.
A promising project that is yet to be launched.
The world will be accessible from a PC for those who have installed the application. Voxel graphics (cubes). Users can buy land and create games on it. There will be two possibilities for character customization:
The unreleased game has had its own currency called SAND for a whole year. Initially, it was sold at $0.08, the peak was at $0.93, and now 1 SAND costs $0.62.
Decentraland has remained the main universe for brand collaborations in recent months. At the end of July there was an event timed to coincide with the first manned mission to the moon. The DappCraft agency and Banquet lab carried out a reconstruction of the Apollo 11 landing. After that began the sale of branded clothing, developed with NASA’s consent.
The collection included several types of jackets of varying degrees of rarity, as well as parts of a spacesuit – by purchasing them, you could completely transform your avatar into an astronaut.
Dozens of media outlets around the world wrote about the event.
Over the past month, several high-profile events from global brands have taken place in this metaverse: on July 30, Coca-Cola held a party timed to coincide with the start of loot box sales – in which the company presented branded jackets.
On July 9, the rights holders to the legacy of the deceased singer Amy Winehouse were selling clothes at a photo exhibition dedicated to her memory. American singer Alison Wanderland also released clothes, her shining robes could be received by the fans.
The first collection of NFT-clothes from Dolce & Gabbana is also shrouded in mystery – so far only the date of the start of sales is known – August 28.
Many events in the metaverse are often complemented by branded wearables giveaways. This helps attract attention and interest an additional audience.
Here is just a short list of famous companies and projects that have created their collectibles in Decentraland: JAY-Z, 3LAU, Atari, Bored Ape Yacht Club, Sotheby’s, Trust Swap, Binance US, Matic, Rarible, SuperRare, MakersPlace, KnownOrigin, The Fabricant , Republic, Boson Protocol, Hot Wheels, Adidas, Manchester City FC.
The pace of the industry is astounding, and the list of brands heading into the metaverse is growing day by day.
However, don’t forget that they all come into a kind of a cultural form that develops according to independent canons. The clearest example of such canons is Moon Miner. This is one of the first third-party apparel collections that was approved by Decentraland.
The suit has become a recognizable brand for many users of the metaverse. Moon Miner can easily be called the first successful brand to grow in the metaverse. It has begun to be ported to other worlds and will soon appear in The Sandbox and other worlds.
Just at the start of sales, the suit brought its creators $20 000. Today the USD volume of the Moon Miner’ sales generated $42,202.
Collectible · Beginner · 2 min
Every day more fashion accessories are available in the metaverses. Are Swiss Watches the next big trend? Check out DWISS Watches!
Written by besancia · 02/28/22