BoF Insights | The Opportunity in Digital Fashion and Avatars Report

Ultimate week, Fb launched its rebranding to Meta and devoted billions of {{dollars}} to setting up the metaverse, an immersive future state of the net which may be a pure ambiance for digital belongings like digital pattern or avatars. So far two months, essential pattern and gaming firms like Balenciaga and Fortnite and Vans and Roblox have launched collaborations that span digital pattern collections and bodily activations. And all via 2021, product sales of non-fungible tokens (NFTs) dramatically rose to $10.7 billion throughout the third quarter from $1.3 billion throughout the second quarter.

Companies across the globe are grappling with the existential implications of this evolution. Digital belongings have existed for years, nevertheless engagement now seems to be at an inflection stage, notably as NFTs — which present authenticity and possession and drive scarcity — may enhance the utility and value of digital belongings.

Are we on the precipice of a model new digital frontier? Or are we coping with a frenzy of hype, amplified by time spent at dwelling in the midst of the pandemic?

BoF Insights believes firms in pattern and retail may be well-advised to know the shifts taking place, particularly in shopper behaviour and purchase motivations. For an enterprise sluggish to adapt to platform shifts like e-commerce, some pattern firms are already taking discover, with producers from mass to luxurious experimenting with collaborations and activations and digital-first entrants shortly rising.

The Opportunity in Digital Fashion and Avatars is the second in-depth report printed by BoF Insights, a not too way back launched data and analysis suppose tank from The Business of Fashion arming enterprise leaders with proprietary and data-driven evaluation to navigate the fast-changing world pattern enterprise.

The model new report from BoF Insights reveals that:

• roughly 70 p.c of US regular clients (Gen-Z to Gen-X) cost their digital id as very important
• 65 p.c cost digital possession as very important
• 50 p.c are keen about shopping for a digital asset throughout the subsequent 12 months — whether or not or not a digital pores and pores and skin or completely different merchandise in gaming, digital pattern, digital avatar and/or an NFT.

Curiosity in shopping for a digital asset throughout the subsequent 12 months is even better amongst US high-net-worth folks, in accordance with BoF Insights evaluation involving every a LuxuryOpinions® panel assembled by Altiant and a World Digital Type Panel drawn from the communities of DressX and The Fabricant:

Inside the report, BoF Insights presents its perspective on the endurance of digital belongings, what clients think about about digital id and possession, what motivates clients to purchase utterly completely different digital belongings, and the best way firms must work together over the temporary, medium and future.

Why this report is a should have:

• It presents an entire overview of digital belongings in pattern — along with objects in gaming, pattern, avatars and NFTs — which deepens the information of current or would-be enterprise people.
• It identifies the underlying technological and social shifts driving curiosity in digital belongings whereas inspecting the durability of these shifts.
• It analyses in-depth shopper insights that measure the familiarity with, perceptions of and behaviours associated to digital belongings broadly and digital pattern and avatars notably.
• It provides a playbook that outlines how producers can tactically develop their digital asset strategies, along with the place and simple strategies to experiment inside these new environments.

The report is based on proprietary evaluation inputs, along with:

30 interviews with founders, chief executives, completely different senior executives and patrons all through the following domains:

• Gaming
• Digital-first producers, retailers and marketplaces
• Bodily-first pattern and splendid firms

4 proprietary surveys:

• Demographically balanced US Fundamental Shopper survey of Gen-Z to Gen-X, facilitated by Altiant on behalf of BoF
• Altiant LuxuryOpinions® panel of US high-net-worth folks (each with a minimal of $1 million in investable belongings) carried out on behalf of BoF
• World Digital Type panel fielded by BoF all through the communities of DressX and The Fabricant
• Senior govt survey of BoF’s world neighborhood of pattern professionals

Companies and collaborations coated throughout the report embrace Altava, The Aura Blockchain Consortium, Auroboros, Balenciaga, Betaworks Ventures, Boson Protocol, Burberry, Digitalax, The Dematerialised, DressX, Epic Video video games (Fortnite), The Fabricant, Genies, Gucci, The Plenty of, Unbelievable, Louis Vuitton, Legendary Video video games (Blankos Block Social gathering), OpenSea, Palm NFT Studio, Poplar Studio, Ralph Lauren, Retail Prophet, Riot Video video games (League of Legends), RTFKT, Roblox, Straiqr.ai, Substance, Truesy, Vans and Wanna.

For enquiries and/or assist, please e mail insights@businessoffashion.com.

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