Roblox fashion drives innovation in the fashion industry as luxury brands tap into the metaverse after finding success on the sandbox platform, CNN Style reports. Major retail companies find that many people value their digital wardrobe just as much as their physical wardrobe. As a result, fashion brands are jumping on the metaverse bandwagon by investing in Roblox and other virtual worlds.
The CNN article refers to a digital version of the Gucci Dionysus handbag, which was available on Roblox for a limited time in 2021. Although the digital bag initially cost only 475 Robux (about $6), it resold for a whopping $4,115-$700. less than the physical version of the bag.
The fact that people want to express themselves through their avatar outfit or “skins” isn’t necessarily news to old video game players. Players have been willing to pay large sums for in-game cosmetics for quite some time now. Cosmetics in games like Counter-Strike: Global Offensive (CS:GO) and Fortnite can bring in hundreds or thousands of dollars in resale value.
However, it’s only recently that fashion brands have realized that avatars like the one in Roblox serve as an extension of a gamer’s identity. As such, it makes sense that many people would like to dress in designer clothes and put on collectibles. And of course, fashion brands are chasing these opportunities accordingly.
Bain, a consulting firm, reports that online interactions influence 70% of luxury purchases, so it’s no wonder big brands like Tommy Hilfiger and Vans have embraced Roblox and the metaverse to reach new audiences.
A recent report from McKinsey, another major consultancy, suggests that fashion is “on the cutting edge of the metaverse.” One of the main reasons is that fashion giants are finding it increasingly difficult to reach people through ‘traditional’ advertising. More people than ever are using ad blockers, spending money to avoid ads on platforms like Hulu and YouTube, and ignoring digital banner ads. In 2021, Morgan Stanley reported that metaverse fashion could increase fashion industry revenue by $50 billion by 2030, according to Reuters.
The CNN article also notes that margins are attractive because it costs much less to develop and produce a digital asset, which a developer can digitally copy and distribute as many times as they want to than they need to. a physical product.
However, this is only a small part of the attraction. Retail brands are also leveraging the Roblox fashion market to connect with a new generation of potential consumers.
“Facebook makes money from brands, Instagram makes money from brands — but Roblox makes money from players,” said Charles Hambro of agency Geeiq, which helps companies “navigate the metaverse.” “So when a brand enters these virtual spaces, it has to enrich the experience, because it’s a very different model. The model is about digital goods and services, not buying (ads) and presenting your logo in front of their eyes as they browse a feed. Brands need to make a real connection with these audiences.
The report also distinguishes metaverse fashion from NFTs, suggesting that the inherent value of NFTs is their resale value, as people buy items for their avatars simply because they like them. This points to Burbury’s recent launch of Roblox, where the most popular item after a 24-hour open sales cycle was also the most expensive on the secondary market. This suggests that the resale value has nothing to do with its rarity, but people value the item for personal reasons. The bottom line is that avatar fashion is a form of expression and identity, just like in the real world.
If Roblox fashion is your jam, you’ll want to check out our list of Roblox promo codes for September and test them in the best Roblox games in 2022. And be sure to check out our Roblox music codes for September, for while mixing your favorite hit music with your sassy outfit.