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Lifestyle brand Tommy Higfiler announced its first-ever decentralized presence, creating a multi-metaverse hub in preparation for the Decentraland’s Metaverse Fashion Week (MVFW23), which started on March 28 and till March 31.
Tommy Higfiler’s multi-metaverse hub will be premiered on various metaverse platforms, including Decentraland, Roblox, Spatial, DressX and Ready Player Me as it will open a connection within Decentraland to other metaverse platforms to see how the users will respond when they access the same brand from various platforms, according to The Vogue.
The hub, which will offer an end-to-end shopping journey for consumers, is structured to be similar to the famous TH monogram. It will feature digital fashion, artworks for Vinnie Hagar, NFTs, AR Features, and a photo booth, in addition to gaming and community-focused competition to create AI fashion.
It is created by the virtual reality platform Emperia, which earlier worked for brands such as Lacoste, Ralph Loren, and Dior Beauty.
In this regard, CEO of Emepria Olga Dogadkina said: “Metaverse retail experiences have the potential to solve user experience, data analysis, and online engagement issues retailers have been struggling with from the inception of e-commerce.”
“The new Tommy Hilfiger hub brings together all platforms and centralizes virtual and physical, allowing for easy transition between platforms and enabling the direct sale of goods, both physical and virtual, with one simple checkout process,” Dogadkina added.
MVFW23 will feature the Spring/Summer Fashion season on virtual catwalks. In addition, a special experience developed by Miami Fashion Week will take part in the event.
Curated by NFT marketplace UNXD, MVFW23 participants will be selected by an advisory team formed by Decentraland. The advisory team includes experts from digital fashion houses, including The Fabricant, Institute of Digital Fashion, Fashion3 by MAD Global, and House of Web3. The participating brands will be announced in January.
The volume of NFT trading has skyrocketed over the first quarter of this year, a report issued by DappRadar showed, reaching $311 million so far.
DappRadar pointed out that $417.5 million was invested into blockchain gaming and metaverse projects in Q1 2023 in light of the increasing popularity of virtual worlds and NFTs, according to Coindesk.
Virtual land trading reached record levels in the past quarter, hitting 147,000 trades. This increase occurred because of the growing virtual land trading on platforms such as Yuga Labs’ Otherside and MG Land.
As for the NFTs, Otherdeed NFTs, which are linked to the Otherside metaverse, saw an unprecedented boom in trading volume as they went up 237% compared to the previous quarter, recording $222 million. An Otherdeed NFT was the highest recorded sale for virtual land in the last quarter as it was sold for 186 ETH (about $2.85 million at the time).
Yuga Labs’s announcement of details for the second test of its gamified Otherside metaverse platform could be a reason for this hike, Sara Gherghelas, a blockchain analyst at DappRadar, suggested. Gherghelas pointed out that NFT marketplace Blur’s “airdrop seasons and farming” could be another reason for this increase in the trading volume.
Other virtual worlds, such as The Sandbox, Decentraland, and Axie Infinity, were also among the top decentralized apps (dapps) last quarter. However, outlandish Createra Genesis Land became one of the top virtual world dapp in terms of trading volume that hit $14 million. In January 2023, Createra Genesis Land raised $10 million in funding and focuses on enabling user-generated metaverse creations.
Moreover, the number of unique active wallets on Decentraland grew over the last week due to Decentraland’s upcoming Metaverse Fashion Week. The expected event also bolstered the trading volume on the platform by 63%.
It is worth mentioning that NFT sales in 2022 hit 101 million last year, an increase of 67.57% from the year before.
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