Fashion is fast reinventing itself.
From physical luxury goods, to metaverse luxury goods that are worth beholding. Burberry has leapt into this space with a tie-up with Blankos Block Party, a multi-player online game so that its brand name can receive the necessary visibility and exposure in the world of gamers.
To participate, players will simply have to buy an NFT or non-fungible token. This allows them to verify ownership and authenticate genuineness of the product simultaneously. This metaverse can be explored through a shark-like character named Sharky B, designed by Burberry’s inhouse team. From armbands to jetpacks, the 165 year old fashion brand is experimenting with this fast growing space to increase brand exposure for its TB monogram, as players seek to show-off their newly-acquired assets.
With Burberry already hot in pursuit of new revenue streams, it will not be long before we see the likes of Gucci, Chanel, Louis Vuitton, Prada, Salvatore Ferragamo and even Hermes, amongst many others, joining the fray. If these brands excel in this space, the luxury car industry will follow suit closely. Snob goods in real life are not enough, it seems. Every one wants a piece of that digital pie!
Implications for brands
How can your brand also realise additional revenue streams from the metaverse?
Is it even a viable opportunity for every brand to pursue as a must-have in their brand strategy?
This remains one thing to be watched closely.
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Yours,
Chief Editor
BBA Market Perspectives
