On the threshold of genesis, afar aren’t conceptions of an ever dynamic digital ecosystem in the new year. Luxury brands have heralded the realm of virtual environs with strict admittance policy, a milestone in the making of what would be an extension of exclusivity blueprint.The number five is a pillar for growth, on which Svasa Life bases its belief that Digital Self Expression will expand, informed by Metaverse Fashion Trend and Retail at Roblox.
Ralph Lauren’s collaboration with Zepeto for Avatar world building
56% of Generation Zoomers believe in styling their avatars over their physical style. An investment in the Avatarian sector is an avenue of expedition. In this phygital world, One Sixty Five Billion avatars were updated in 2023, and this number has seen over 38% rise, since the year before. Adjacent to reality the avatars seemingly aim to stand identical, yet provide comfort of the alternative existence. This pilot framework is an opportunity for re-invention of self and a fresh breather from the well established modes and may of social media. January through September 2023 has noted a change in number, up to 80% believing the growing importance of digital fashion and its significance in one’s life.
Expansion of self expression parallelly by change in hairstyles, accepting gender fluid styles and coloured hair are the few recorded in a percival dimension. Softening the boundaries of real and pragmatic, the virtual stylogy have trickled their way into end-users’ physical existence with 25% aiming to look just like their virtual avatars. The emotional paradigm, however unknown, is expected to grow affinity towards claiming self expression. A wider acceptance and appreciation soaring on alternate platforms has seen a shift of embodied confidence in personal users’ lives.
Gucci Town landing on Roblox, May 2022
Brand Recognition Matters in the Metaverse, an extension of the trickle down fashion theory- 84% of Gen Z believes the importance of influence brands have on metaverse is an aspect of their investment choice. If it can be experienced online, one may consider the idea of exploration off-line. A sense of security and habituality helps chart the map for a physical interaction, instilling an assurance on to what is foreseen. On the split side, 3 out of 4 community members have accepted the influence of only investing in recognized brands on virtual platforms, which may result in eliminating many forerunners, who exist unidimensionally.
Luxury stands synonymous to exclusivity, virtual consumers are open to spending on digital fashion providing rarity collectibles. Through Roblox’s Self Expression Survey, 89% consumers are comfortable budgeting funds for virtual investment every month. Gucci Ancora Hair items, which numbered a hefty 10,000 units, were sold out in a mere hour, since its launch, standing a testament to the enthusiasm of acceptance. Up to 16,000% increase in prices have been recorded in pre-existing items on the virtual sphere, on conduct over the last year.
Yves Saint Laurent’s NFT, early 2023
Twinning at the core of tacit, 43% consumers demand ‘Twinning’ assets to exist in both physical and digital worlds, which is where we foresee 2024 as a year of Gemini. An active demand has been recorded as an extension of self expression parallelly- a touch in reality.
This year saw LVMH partner with Epic Games for 3D Ecosystem along with ‘Moncler by Me’ offering personalised jackets in a 360 virtual environment. Under current needs for native community creators, recognisable branding and trending physical items engulfed in virtual, are sensed. An assortment of luxury brands also ventured into exploring NFTs amongst the many, but number five is a pillar for growth, we expect, would lay the foundation for unimaginable exploration in virtual systems, placed harmoniously alongside real.
Words by Tanya Chaturvedi.
Featured Image courtesy Gucci.
