Metaverse Fashion Week Draws Big Brands

The first fashion week of metaverse started on Thursday and will run through Sunday in the virtual world called Decentraland. The event has seen participation from popular brands including Forever 21, DKNY and Estee Lauder have joined the first metaverse fashion week.

Digital-only fashion shows have taken place in the past, but this 4-day event is one of the most significant efforts to bring top brands together or inside the metaverse concept, a virtual world where people can interact and work and shop.

Luxury fashion brands and smaller startups are using virtual events to host fashion shows and open stores in the virtual world, selling both physical items deliverable in the real world and digital goods accompanied by NFTs, the digital assets known as NFTs.

The concept of the metaverse and the companies trying to build it have attracted millions of dollars in funding, celebrity executives, and a lot of curiosity over the past year, especially since its parent company Facebook committed to spending heavily to build the metaverse and changed its name to Meta Platform Inc.

Estée Lauder is giving away 10,000 NFT backed digital wearables for metaverse that it says will give avatars a glowing aura. Whereas, Forever 21 has rented the equivalent of 450,000 square feet of space in Decentraland’s fashion district in order to open a virtual store.