The metaverse could take off in five years

Five years is the time it takes for the metaverse to take off according to a study published by Sortlist, a consulting firm for marketing and advertising agencies. While Metaverse Fashion Week is in full swing
FashionUnited takes stock of this study without the language of wood.

The report was based on a survey of 200 companies that have already invested in the metaverse, these “parallel universes to ours in which we will evolve and interact as in real life”, according to the definition of the Futura website. If the environmental discourse around the subject suggests that this is an inevitable development, the report’s conclusion appears less flattering. For Sortlist, it is, for the moment, only in a bubble that the metaverse thrives.

A few more years of waiting

Elie Saab, Etro, Ikks, Gucci, Gap or even Boohoo, various luxury and fast fashion brands are investing in the metaverse and offering, alongside their physical offer, clothing and virtual experiences on platforms such as Exclusible or Decentraland. With press releases on the subject, the craze for cyberspace is on the rise, but it will take a few more years to truly thrive.

In fact, according to Sortlist, 68% of companies surveyed think the metaverse will take off in the next five years, while 3% think it will take a decade to take off.

Who is the metaverse for?

According to the study, the metaverse is primarily aimed at men (64%), big brands (60%), for financial reasons and Gen Z (56%) as well as Millennials (52%), two generations already digital savvy. However, there seems to be a gap between the discourse of companies that have invested in the metaverse and the opinion of consumers. In fact, 52% of companies say users are ready for the metaverse, while a second consumer survey referenced by Sortlist states that 54% of users are not ready for in a virtual world.

Furthermore, although several heavyweights in the fashion industry like LVMH and Kering are betting on the rise of the metaverse and the virtual products that go with it, the argument is far from unanimous among the creators.

“I don’t think it will replace fashion at all, nor that it will be a future for fashion, quite the contrary. ”

Benjamin Benmoyal

“I make clothes. I’m not closed but, for the moment, I like them in three dimensions ”, replied Guillaume Henry, artistic director of Patou, when we asked him for his opinion on the subject during the last Women’s Fashion Week in Paris. Same goes with the creators Mossi and Meryll Rogge who told us not to feel worried. For his part, the stylist Benjamin Benmoyal, although interested in the subject, replied: “From a personal point of view, I do not believe at all that it will replace fashion or that it is a future for fashion, on the contrary. Fashion, you have to touch it, hear it, see it. But it opens up another market, it just doesn’t compete with the current market. “

The metaverse, for what?

For fashion brands, the choice of the metaverse is therefore above all a financial bet and a risky investment, but “a risk worthwhile” according to 55 percent of the companies interviewed by Sortlist.

And while 20 percent of citizens see the metaverse as a “way to escape the real world,” on the business side it’s primarily a way to make a profit (for 26 percent) or a way to collect data (for 17 percent). ).

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