Roblox fashion is driving innovation within the fashion industry, as luxury brands tap into the metaverse after seeing success on the sandbox platform, CNN Style reports. Major retail corporations are finding that many people value their digital wardrobes just as much as their physical ones. As a result, fashion brands are jumping on the metaverse bandwagon by investing in Roblox and other virtual worlds.
The CNN article points to a digital version of the Gucci Dionysus handbag, which was available on Roblox for a limited time in 2021. While the digital bag initially cost only 475 Robux (about $6 USD), it resold for a staggering $4,115 USD — $700 less than the physical version of the bag.
The fact that people want to express themselves by their avatar attire or “skins” isn’t necessarily news for longtime video game players. Gamers have been willing to pay significant sums for in-game cosmetics for quite some time. Cosmetics in games like Counter-Strike: Global Offensive (CS:GO) and Fortnite can net hundreds or thousands of dollars in resale value.
However, it’s only recently that fashion brands have come to understand avatars like those on Roblox serve as an extension of a player’s identity. As such, it makes sense that many people would want to dress in designer gear and don collector’s items. And, of course, the fashion brands are pursuing these opportunities accordingly.
Bain, a consultancy, reports that online interactions influence 70% of luxury purchases, so it’s no wonder major brands like Tommy Hilfiger and Vans have embraced Roblox and the metaverse to reach new audiences.
A recent report from McKinsey, another major consulting firm, suggests fashion is “at the forefront of the metaverse.” One key reason is that fashion giants are finding it more and more challenging to reach people through ‘traditional’ advertising. More people than ever use ad blockers, spend money to avoid ads on platforms such as Hulu and YouTube, and ignore digital banner ads. In 2021, Morgan Stanley reported that metaverse fashion could boost fashion industry revenue by $50 billion by 2030, according to Reuters.
The CNN article also notes that the margins are attractive, as it costs far less to develop and produce a digital item, which a developer can copy and digitally distribute as often as they want, than it would take to design and produce multiple copies of a physical product.
However, that’s only a minor part of the attraction. Retail brands are also tapping into the Roblox fashion market to connect with a new generation of potential consumers.
“Facebook makes money from brands, Instagram makes money from brands — but Roblox makes money from players,” says Charles Hambro of the agency Geeiq, which helps companies ‘navigate the metaverse.’ “So, when a brand goes into these virtual spaces, they need to enrich the experience, because it’s a completely different model. The model is about digital goods and services, not about buying (ads) and getting your logo in front of eyeballs as they’re scrolling through a feed. Brands need to create a true connection with these audiences.”
The report also differentiates metaverse fashion from NFTs, suggesting that the inherent value in NFTs is their resale value, while people purchase items for their avatars simply because they like them. It points to Burburry’s recent Roblox launch, where the most popular item after an open 24-hour sale cycle was also the most expensive on the secondary market. This suggests that resale value isn’t tied to its rarity, but people value the item for personal reasons. This all comes down to the fact that avatar fashion is a form of expression and identity, just like in the real world.
If Roblox fashion is your jam, you’ll want to check out our Roblox promo code list for September and test them out in the best Roblox games in 2022. And, be sure also to take a look at our Roblox music codes for September, so you mix your favourite hit music with your slammin’ outfit.