Luxury marketplace UNXD, which is built on the Polygon network, and Decentraland, a virtual reality platform built on the Ethereum blockchain, plan to offer a metaverse fashion week with catwalk shows, pop up shops and after-parties in March.
The fashion program, Decentraland’s first, will take place March 24-27. The show will allow users to view fashion in a virtual environment and purchase outfits for their online avatars.In a Sunday tweet, Decentraland called for designers, brands and fashionistas to have their virtual collections ready to present in the metaverse.Interest in the metaverse, an environment generated by the convergence of virtual worlds, augmented reality and internet services, has exploded in recent months. By offering a collective virtual experience, it has introduced new opportunities to creators, gamers and artists. The metaverse may represent an over $1 trillion annual revenue market opportunity, crypto investment giant Grayscale said in a report earlier this year. (Grayscale is a subsidiary of Digital Currency Group, which also owns CoinDesk.)In another signal of increased interest, Facebook recently changed its corporate name to Meta and announced its metaverse will support non-fungible tokens (NFTs).In September, UNXD worked with Italian haute couture label Dolce & Gabbana to launch its NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.With the show, Decentraland is treading a path already opened by South Korean metaverse social media app, Zepeto, according to a BBC report.