Metaverse and NFT between media frenzy and virtual runway shows

Not much time has gone by since we asked ourselves about the true scale of Metaverse and NFT on these very pages. New significant evidence now makes it possible for us to focus even better on the phenomena of recent months.

Assumptions and results of the first Metaverse Fashion Week

The first Metaverse fashion show has without a doubt represented a noteworthy event. Taking place in late March on Decentraland, blockchain-based decentralized platform, the event represented a virtual full-immersion lasting four days. Its full calendar closely mimicked that of a “real” one, including shows, concerts and afterparties to warm up a very extensive schedule.

More than 70 brands, artists and designers involved: the participants were able to not only show the new collections, but also give life to talks, parties and cinematographic installations, all strictly digital. This even though other brands still consider this virtual dimension to be a gamble, as much futuristic as science-fiction.

Beyond several technical and organizational problems, Metaverse Fashion Week was a success. Avatars wearing virtual clothes by important Fashion & Luxury designers following each other on imaginative catwalks, representing a colorful and creative event. Now, what all the companies need to do is to evaluate the real dimension for this market, as well as which investments they can justify within their business.

A loss of interest on Google and in the polls

Speaking of concrete investments, the opinions from some recent evaluations on Metaverse and NTF are certainly not very encouraging. After months of sudden growth, searches on Google Trends show, in fact, a drastic drop in interest for virtual universes. Users leaving can perhaps be explained by the media circus which has been going on for some time now, that has ended up overloading and overexposing the public to these issues.

Even more symbolic is a survey released by the marketing platform, Klaviyo. Based on what they have reported, 40% of those interviewed between 18 and 24 years of age have admitted that they do not understand the concept of NFT, while another 32% has declared that they would never consider an investment in NFTs. Regarding Metaverse, a surprising 78% of those surveyed believes this to be just “marketing hype”, while 14% considers it simply a virtual shopping website.

To make matters worse, an additional report carried out by Cardify, a consumer data analysis company. The institute has recorded that 56.7% of the general population and 41.5% of cryptocurrency owners knows “very little or nothing” about NFTs. Furthermore, 40.2% of the general population stated that 25 dollars (22.5 euro) is the highest price they would be willing to pay for a token.
The latest digital universes basically still have quite a bit of road to travel before they can establish themselves. Roads that Bizeta solutions have been traveling for 40 years now, and will continue to do so for some time, in light of an always greater integration between the physical and the virtual.

Published on 14/04/2022 in Trends & Markets