So, as with any crypto platform, the whole platform is run by its users, without a central point of control. Unlike gaming platforms like Roblox, Decentraland, which opened to the public in 2020, operates on MENA cryptocurrency. Roblox has also played host to fashion events like the British Fashion Council’s Fashion Awards. Orchestrated by brands from Gucci to Tommy Hilfiger to Forever 21, the platform has housed a range of initiatives aimed at getting consumers to engage in brand worlds. Gaming platforms like Roblox have become popular among fashion brands. Web3 brand Dress X, a digital fashion company, launched in the Metajuku district in August. The metaverse is the same thing.” As the shopping “areas” in Decentraland fill up, the question remains of whether heritage brands will follow. But gradually, people started building the city, which is now a global hub for entertainment. “You could compare it to Las Vegas: One hundred years ago, it was a desert. And on those platforms, you can contribute content, but ultimately, that corporation owns all the advertising revenue,” said Kiguel. “The metaverse is more engaging than Facebook or Instagram. And in June, digital real estate firm Republic Realm bought and designed the platform’s Metajuku shopping district, modeled after the real-life Harajuku district in Tokyo, Japan, for a record-breaking $913,808 MANA. Previously, Boson Protocol, a decentralized commerce platform, launched a gallery and bought space to open a virtual mall on Decentralized, for $704,000. “It’s the next iteration of how people use the internet.” “Every day, you hear about Chanel, Jimmy Choo, Nike, Adidas - every fashion brand in the world is trying to find a way to create a presence and a strategy for the metaverse,” said Kiguel. In November, the Metaverse Group, a subsidiary of cryptocurrency investment company, bought Decentraland’s most expensive plot of land, in the Fashion Street district, for $2.4 million. According to Andrew Kiguel, CEO of and chairman of the Metaverse Group, “This could end up being the most widely viewed live fashion event in history.” The event is meant to replicate a traditional fashion week experience, while opening it up to the world by providing access to all. In partnership with and luxury marketplace UNXD, Metaverse Fashion Week will hit Decentraland in March, expanding the possibilities of brand experiences in the metaverse.
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