Roblox fashion is driving innovation in the fashion industry, as luxury brands tap into the metaverse after finding success on the sandbox platform, reports CNN Style. Large retail companies are finding that many people enjoy their digital wardrobe as much as their physical wardrobe. As a result, fashion brands are jumping on the metaverse bandwagon by investing in Roblox and other virtual worlds.
The CNN article points to a digital version of the Gucci Dionysus bag, available on Roblox for a limited time in 2021. Although the digital bag initially cost only 475 Robux (about $ 6), it was resold for a staggering $ 4,115. – $ 700. Less than the physical version of the bag.
The fact that people want to express themselves through their avatar or “skin” clothing isn’t necessarily new to longtime video game players. Gamers have been willing to pay large sums for in-game cosmetics for some time now. Cosmetics in games like Counter-Strike: Global Offensive (CS: GO) and Fortnite can get hundreds or thousands of dollars in resale value.
However, it’s only recently that fashion brands have come to realize that avatars like Roblox’s serve as an extension of a player’s identity. As such, it makes sense that many people want to dress in designer clothes and wear collectibles. And of course, fashion brands are pursuing these opportunities accordingly.
Bain, a consulting firm, reports that online interactions affect 70% of luxury purchases, so it’s no surprise that big brands like Tommy Hilfiger and Vans have embraced Roblox and the metaverse to reach new audiences.
A recent report by McKinsey, another major consulting firm, suggests that fashion is “at the forefront of the metaverse.” One of the main reasons is that fashion giants find it increasingly difficult to reach people through “traditional” advertising. More and more people are using ad blockers, spending money on avoiding ads on platforms like Hulu and YouTube, and ignoring digital banner ads. In 2021, Morgan Stanley reported that metaverse fashion could boost the fashion industry’s revenue by $ 50 billion by 2030, according to Reuters.
The CNN article also notes that margins are attractive because the development and production of a digital object costs much less, which a developer can digitally copy and distribute as many times as they want, than it would take to design and produce more copies. of a physical product.
However, this is only a small part of the attraction. Retail brands are also tapping into the Roblox fashion market to connect with a new generation of potential consumers.
“Facebook makes money from brands, Instagram makes money from brands, but Roblox makes money from players,” says Charles Hambro of the Geeiq agency, which helps companies “navigate the metaverse.” “So when a brand enters these virtual spaces, it has to enrich the experience, because it’s a completely different model. The template is about digital goods and services, not buying (advertising) and presenting your logo in front of their eyes as they browse a feed. Brands need to create a real connection with this audience.
The report also differentiates the metaverse fashion from NFTs, suggesting that the intrinsic value of NFTs is their resale value, while people buy items for their avatars simply because they like them. This points to Burbury’s recent Roblox launch, where the most popular item after a 24-hour open sales cycle was also the most expensive on the secondary market. This suggests that the resale value is unrelated to its rarity, but people appreciate the item for personal reasons. It all boils down to the fact that avatar fashion is a form of expression and identity, just like in the real world.
If Roblox fashion is your jam, we recommend that you check out our list of Roblox promo codes for September and try them out in the best Roblox games in 2022. And be sure to check out our Roblox music codes for September too, for while you mix. your favorite hit music with your snappy outfit.