A recent study by Centra has revealed that younger generations are driving the demand for Metaverse fashion. The research surveyed more than 2,000 UK shoppers and found that about 20% of millennials & 19% of zoomer consumers have already purchased an NFT or virtual fashion asset in the digital world.
The report also found that men are likelier to buy fashion in the Metaverse than women. These findings suggest that while Metaverse fashion is still in its early stages, it is being embraced particularly by younger consumers.
Metaverse fashion refers to fashion items or assets that exist online or in virtual reality. NFTs (Non-Fungible Tokens) are digital assets representing ownership of a unique digital item or content.
Digital Try-Ons in the Metaverse
According to the report, 38% of individuals who have purchased NFTs (Non-Fungible Token) fashion items did so because they trust it would be a lucrative investment. This percentage rises to 46% among Gen Z consumers.
The report also found that 31% of shoppers were motivated to buy NFT fashion items due to their novelty as a digital asset, while 28% liked having something in a digital space. Nonetheless, 34% of shoppers preferred physical fashion garments and wanted to avoid holding fashion digitally.
The report suggests that while the Metaverse is still evolving, there is already significant consumer interest in owning fashion digitally. According to Martin Jensen, Centra CEO and co-founder, the Metaverse remains at an early stage as retailers & brands try to recognize and take advantage of its potential in the retail industry.
Jansen said that the metaverse is still shapeshifting as brands & retailers try to contemplate the opportunities it offers. He added that though in the infancy stage, it’s real for clients who are already showing demand & adoption in digital fashion ownership.
Avatars: Dressing for Success in the Digital World
The report by Centra shows that 31% of Gen Z consumers said that they purchased NFTs (Non-Fungible Tokens) to dress their virtual avatars. An additional 23% of buyers said they preferred to be as well-dressed in the digital world as they are in the ‘real’ world.
The report found that 39% of United Kingdom shoppers in all age groups believed that digital avatars would be usual in the next two years, whereas 44% thought it may take longer for this to become widespread, with adoption happening in 5 years.
The report suggests that as the Metaverse becomes more prevalent, consumers demand more immersive online experiences and want to duplicate their personalities digitally. This finding presents an opportunity for trademarks to understand their customer’s preferences. Still, brands must deliver a compelling and long-lasting Metaverse offer to avoid it becoming a passing trend.
Fashion NFTs in Metaverse: Skepticism & Misconceptions Among Shoppers
The report shows that 27% of UK shoppers believe that NFTs (Non-Fungible Tokens) will transform the fashion industry, while 29% think that fashion NFTs are a passing trend.
Furthermore, 25% of shoppers do not trust NFTs, and 24% believe that they are a stunt that fashion brands use to sell more items to shoppers. Although these findings suggest some interest in fashion NFTs among UK shoppers, there is also a level of mistrust and skepticism about their longevity and value.
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