Fashion and entertainment houses that pride themselves on innovation are looking at the pinnacle of futurism — the metaverse — to broaden their portfolios.

The music, art, and fashion industries are flocking to the virtual world to expand their presence, broaden their reach, and diversify their revenues as the digital landscape expands at a rapid pace.

While celebrities like Kim Kardashian and Matt Damon have made a name for themselves as proponents of non-fungible tokens (NFTs), many companies are already leveraging the metaverse — a virtual-reality-based universe — to promote their products and services. With COVID-19 forcing countries to limit face-to-face interaction, the utility of this technological marvel has come to the fore.

In metaverse, using augmented reality and virtual reality, users can immerse into an alternate world to interact, play games or experience things through their digital avatar. Here are a few instances when the fashion and entertainment industry used metaverse to their advantage:

Movie trailer launched on the metaverse: A trailer of a recent film Radhe Shyam launched in the metaverse. It was first movie in the world to have its trailer released on the metaverse. The romance drama has established a new trend that will undoubtedly be followed by many other production houses.

Gucci buys land on the metaverse: Luxury fashion brandGucci has purchased property on The Sandbox, a global platform. Users will be able to participate in additional unique digital fashion experiences hosted by the enormous NFT marketplace. However, the label has remained tight-lipped about what these projects would involve. NFTs are one-of-a-kind digital assets that have their ownership recorded on a blockchain. The NFT can be a painting, music, artwork, or video, with each token being unique.

Source: https://www.ndtv.com/business/when-entertainment-and-fashion-brands-joined-the-metaverse-2833526