Digital future of luxury brands: Metaverse, digital fashion, and non‐fungible tokens

Joy, Annamma; Zhu, Ying; Peña, Camilo; Brouard, Myriam

doi:10.1002/jsc.2502

Cited by 160 publications

(94 citation statements)

References 8 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…In the advanced version of the metaverse, it is common to see the creation of virtual shops, such as Gucci's store in Roblox, and their use on the social platform VR Chat, as well as the sale of NFTs in Decentraland (Dear, 2022;Heo;You, 2021;Kim, 2021;Ning et al, 2021). Nonetheless, our sample only found three items for fashion and luxury items in the field of the Social Sciences (Ayiter, 2010;Guo;Hou, 2022;Joy et al, 2022). Once again, fashion and cosmetics are mainly considered by other disciplines (Lee; Kwon, 2022; Oh; Nah, 2021).…”

Section: Marketing Business and Communicationmentioning

confidence: 86%

Facing the challenges of metaverse: a systematic literature review from Social Sciences and Marketing and Communication

Pereira

Sánchez-Amboage

Membiela-Pollán

2023

EPI

View full text Add to dashboard Cite

The metaverse is the conjunction and optimization of the possibilities of the Internet and technology at their best. It is a consequence of the development and evolution of digital society. Technological innovation, fundamentally oriented toward virtual reality, augmented reality, and mixed realities, contributes significantly to the creation of a solid foundation on which to build an entire universe of virtual worlds. This is a universe that, in turn, requires the creation of backbone content for narratives that attract and retain users by capturing their attention to promote a specific ecosystem that transfers the activities of the real world to a virtual one, either projected or recreated. This research is based on a systematic review of 402 articles and a qualitative analysis of 125 publications. It examines the trends in technology, application, and methodology pertaining to the metaverse in the social sciences field, namely marketing and communication and neuroscience, areas that contribute to the understanding of the social dimension of the metaverse phenomenon. Although there is abundant academic literature on the metaverse in computer science, this is not the case in the aforementioned disciplines. Given that the metaverse is destined to become the next Internet revolution, there is a race among countries and brands to position themselves within it, which is expected to intensify in the coming years. The metaverse can contribute to a wide variety of applications of a social nature, which is why it is a highly competitive tool for nations, companies, and academia, as well as the public and private media. The results indicate a technological transformation proposing a future that includes neuro-technologies based on brain–computer interfaces and the metaverse as the setting. This will occur alongside the solidification of the virtual ecosystem thanks to the emergence of digital natives and Gen Z, as well as the convergence of many different technologies and immersive and participatory content, in which the consumer is the provider, owner, and beneficiary.

show abstract

Section: Marketing Business and Communicationmentioning

confidence: 86%

Facing the challenges of metaverse: a systematic literature review from Social Sciences and Marketing and Communication

Pereira

Sánchez-Amboage

Membiela-Pollán

2023

EPI

View full text Add to dashboard Cite

show abstract

“…Article Name Journal Name Digital future of luxury brands: Metaverse, digital fashion, and non-fungible tokens [4].…”

Section: The New Marketing World Is Metaversementioning

confidence: 99%

“…Couples have celebrated weddings in virtual environments with avatars for the wedding party and guests. Avatars never need to worry about fundamental earthly issues like changing looks, and bridal outfit designs may be ornately embellished [4].…”

Section: Introductionmentioning

confidence: 99%

Development and Transformation in Digital Marketing and Branding with Artificial Intelligence and Digital Technologies Dynamics in the Metaverse Universe

Nalbant

AYDIN

2023

Journal of Metaverse

View full text Add to dashboard Cite

The Metaverse will have a variety of effects on marketing. Businesses need to maintain their identities in the Metaverse realm. Generation Z and Generation alpha will have an easier time adjusting to virtual realms. The augmented reality environment allows buyers to interact with products without leaving the comfort of their own homes. Realization of in-store experiences is possible in the universe of the Metaverse. In addition, there will be an increase in the number of options for branding in the Metaverse. Virtual billboards and the virtual clothing consumers choose to wear will also influence brand awareness. Additionally, Non-Fungible Tokens (NFTs) will be used to produce branded virtual content for end users. Examining the influence that technologies powered by artificial intelligence have had on digital marketing and branding will be the primary focus of this research project. In addition, research will be conducted into the applications of the Metaverse, artificial intelligence, and other digital technologies in the marketing field and studies about these subject areas. The research investigated several digital technologies, including the Metaverse, artificial intelligence, blockchain, virtual reality, and augmented reality. It is of the utmost importance for businesses to be able to compete in digital and virtual environments within the context of digital transformation to thrive in an increasingly competitive world. Companies need to invest in the Metaverse, artificial intelligence, and various other forms of digital technology to expand their marketing awareness in virtual environments, expand their customer portfolios, and become brands to take the lead in their respective markets.

show abstract

“…For example, Gucci funded an online themed room on Roblox that let people from the online community of Roblox view, try, and purchase clothing of Roblox for their avatar [2]. Surprisingly, a virtual handbag of Gucci on Roblox is sold for the price of 4115 USD compared to the physical product of the same handbag which only has the price of 3400 USD [4].It is believed that putting a high price on a virtual handbag of Gucci, not only breaks the stereotype of virtual items by increasing the value of the virtual product, but also creates conversion on the topic of NFTs and the brand itself which attracts more customers. Allowing the consumer to try out the clothing of NFTs, automatically creates a bounding between the consumer and Gucci which creates a gateway for the previously unreachable consumers to have more interest in buying physical products from Gucci.…”

Section: Virtual Currencymentioning

confidence: 99%

Luxury and the Metaverse

Chen¹,

Jiang²,

Li³

et al. 2022

BCPBM

View full text Add to dashboard Cite

The Metaverse serves as a new emerging field in the field of marketing, the concept of the Metaverse is being used by different companies to increase their sale revenue. Most luxury brands see this as a new opportunity to rebrand themselves to attract the young generation of customers from online communities. In this article, two brands Gucci and Givenchy will be discussed and compared in terms of their perspective field: Feedback, Target, and Profit. After examination, it is believed that the Metaverse can gain some discussion and topics from the online communities and serves its purpose to attract online customers. However, the Metaverse is developed too fast in its initial stage in which the basic setting and virtual communities are not perfect which results in its decline in 2022.

show abstract

Digital future of luxury brands: Metaverse, digital fashion, and non‐fungible tokens

Cited by 160 publications

References 8 publications

Facing the challenges of metaverse: a systematic literature review from Social Sciences and Marketing and Communication

Facing the challenges of metaverse: a systematic literature review from Social Sciences and Marketing and Communication

Development and Transformation in Digital Marketing and Branding with Artificial Intelligence and Digital Technologies Dynamics in the Metaverse Universe

Luxury and the Metaverse

Contact Info

Product

Resources

About