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Nike is betting you’ll want to wear Air Jordans in the metaverse

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Fashion has gone digital. Digital fashion is essentially the same as traditional fashion, but the jeans and shirts you buy are not physical clothing and you won’t wear them – your avatar will.

‘Digital fashion’ has been around for some time – games like Fortnite offer outfits (also known as ‘skins’) for avatars to wear – but as the metaverse grows in popularity more brands look to monetize. their products by creating digital versions for consumers to buy.

In the news: Nike is one of the big brands ready to monetize the metaverse.

“Virtual worlds are a new frontier.

Josh Gerben

At the end of October, the company filed trademark applications which, if approved, would give it the exclusive right to use its iconic logos and slogans on digital products in virtual worlds and environments.

“Virtual worlds are a new frontier”, Josh Gerben, the brand consultant who spotted deposits, the Wall Street Journal said. “It will probably become a source of income for Nike.”

What is the metaverse? The metaverse is expected to be the next evolution of the internet.

Although we don’t know exactly What it will look like, the basic idea is that we will be using VR headsets and digital avatars to move around virtual worlds the same way we use browsers to move between websites today.

Everything we do online today, we will do tomorrow in the metaverse in a more immersive way. Instead of using video chat software like Zoom for business meetings, for example, we can put on VR headsets and chat with our colleagues’ digital avatars in virtual conference rooms.

The Metaverse will also give us a new way of doing “real world” activities online. Rather than being all sweaty at the real Coachella, we could meet our friends ‘avatars on virtual festival stages to grab sets by the performers’ own digital likenesses.

Everything we do online today, we will do it tomorrow in the metaverse.

This means that the metaverse is also likely to change. How? ‘Or’ What we do our shopping.

Instead of going to the mall or visiting a brand’s website to look at 2D versions of clothes today, our avatars can walk around virtual stores, get 3D views of clothes and even try on clothes. before deciding whether or not to have them shipped to our homes.

The Metaverse will also open up a whole new area of ​​things to buy for us: digital products. These are the products we will want to use in the metaverse – these are the clothes and makeup that our avatars will wear, and the furniture and art that we will use to decorate our digital spaces.

Digital goods: Now that the metaverse looks more and more like an inevitability (and less like one of the many possibilities), big brands like Nike, Coca-Cola and Gucci are taking note and looking for ways to translate their physical products into digital products – and reap these very real benefits.

If the Trademark Office approves Nike’s applications, it will have the exclusive right to use its iconic swoosh logo, “Just Do It” slogan and other designs on digital products.

The Metaverse will open up a whole new realm of things to buy: digital products.

Although the company has not revealed any specific products it plans to sell in the Metaverse, the app covers “shoes, clothing, hats, glasses, bags, gym bags, backpacks. , sports equipment, art, toys and accessories “.

If the claims are approved, Nike will also have the ability to take legal action against anyone selling digital fakes in the Metaverse.

“If you want to control your brands in this world, it will be easier if you only own records of virtual goods,” Gerben told CNBC.

Legitimate products: As to how someone will be able to tell that a digital avatar is wearing a pair of Air Jordans made by Nike and not an identical-looking pair that is illegally sold, the company could include non-fungible tokens (NFTs) with the purchases.

These are files stored on a public blockchain that serve as proof of ownership for digital products. They’ve become popular in the art world, but sports equipment brand Asics recently showed how they can be used by retailers to sell digital products for the metaverse.

In July, he auctioned off a collection of nine digital sneakers, authenticated by NFTs. He only sold 20 copies of each sneaker in the collection, and buyers received 3D models of the shoes as part of the sale.

“These files can be used for rendering and animation to create new artwork or to equip avatars in the Metaverse,” the company wrote on its website. “Our hope is that these assets will be used creatively to push the boundaries of footwear. “

The bottom line: It looks like there will be a lot of money to be made in the metaverse – News expects it to be worth $ 82 billion by 2025 – so brands would be dumb to not explore its potential for monetization.

“Every business today needs a website and / or an online business strategy,” wrote in 2018 Pat Bocchicchio, analyst for venture capital firm Loup Ventures. “Tomorrow, companies will have entire teams dedicated to thinking about how to advertise, sell, or even create a product in the metaverse.

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