WSJ has released a lengthy article that sheds some light upon the state of digital fashion.
With the popularity of metaverse's continuous rise, it is not surprising that more and more companies take interest in the new emerging market. Dolce & Gabbana, Gucci, Burberry, and other luxury-goods companies see potential in the new digital market and sell some of their products paired with digital versions of them.
To make the topic of digital fashion easier to understand, The Wall Street Journal published an in-depth report that discusses the state of the metaverse-oriented luxury market and explains how the aforementioned companies managed to sell some of their goods as NFTs.
The article also tells the story of Cult & Rain, a New York-based sneaker maker that sold more than a thousand pairs of real shoes paired with digital versions of them. George Yang, the Founder of Cult & Rain, explained how they came up with the idea, discussed why this campaign acted as the proof of concept, and talked about building an online community.
What's more, the article provides an analysis of the digital luxury market. According to WSJ's analysts, the digital luxury market is still in its very early days. "But if companies figure out how to engage a new generation of consumers, annual digital sales could eventually come to as much as 50 billion euros, equivalent to about $55.2 billion, by 2030. That would represent a 10th of all projected luxury revenues for the industry by then," states the report.
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