From Forbes.com…
In December, Ralph Lauren opened its newest stores, passing over sprawling metropolitan cities like Milan, Tokyo and New York for an enticing new location: the online world of Roblox, with 47 million daily active users. It stocked its virtual stores, open 24/7 and accessible to anyone in the world in just a few clicks, with virtual puffer jackets, checkered beanies and other retro skiwear for the winter season, priced under $5.
It’s just the latest example of how the fashion industry is beginning to delve into the so-called metaverse, with Ralph Lauren, Gucci, Balenciaga and others charging real money for digital-only clothing and accessories. As silly as it may sound, it’s being heralded as a potential new goldmine, with Morgan Stanley predicting that the metaverse could present a $50 billion-plus opportunity for the luxury industry in the next decade.
Here’s a quick guide to get up to speed on what the metaverse is, and why fashion brands are racing to set up shop in it:
