A huge potential market for fashion brands
More and more luxury fashion brands are starting to make the move to Web3. Over the past year, numerous major brands, including Balenciaga, Gucci, Nike, Dolce & Gabbana and Burberry, have already launched NFT collections and metaverse stores. All these big companies are digital fashion as a huge opportunity. According to several experts, this new world could eventually approach a value of $2 trillion.
In December, Balenciaga announced the creation of an internal metaverse business unit. And Balenciaga takes that very seriously. The fashion company’s CEO, Cédric Charbit, said he sees the metaverse as a country. And this market is just as important as any ‘real’ country the company currently operates in.
Balenciaga’s CEO also said that the recent market crash has not affected Balenciaga’s position on crypto. Charbit said his company’s strategy was made for the long term.