Michael Colarossi explores metaverse opportunities for apparel and footwear brands
Honestly, I didn’t get it. And then, I started to hear a common refrain from my thirteen year old, “Hey dad, can I have $15 to buy a skin for my character?” on any number of gaming platforms on which he is active.
The fashion industry “gets it” and is sizing up opportunities in the metaverse. While the potential for commerce and brand-building has yet to be proven in Web3 spaces, the world’s ongoing love affair with technology suggests it will become a revenue-generating channel in the not-too-distant future. In fact, the digital fashion industry could be worth $50 billion by 2030, according to figures from investment bank Morgan Stanley. Unquestionably, the metaverse and its potential cannot be ignored.