Almost every day we hear or read new news about the metaverse, a universe that promises to revolutionize the way we live. Aware of this reality, more and more brands and companies are “moving” to the virtual world to explore its possibilities and offer their products.

The luxury sector has already begun to enter this universe and, according to an analysis by Morgan Stanley, in 2030 virtual luxury goods will move about 50 billion dollars.

The high-end is entering fully into virtual worlds and web 3.0, taking digitization to a new dimension in combination with the physical experience.

Círculo Fortuny, the most representative association of the high-end in Spain, organized on February 7 its emblematic ‘Fortuny Day’ precisely around these new channels that are bursting with force and are creating new ways to reach the consumer, especially the Y and Z generations.

Xandra Falcó, president of Círculo Fortuny, welcomed the event and introduced the day from the metaverse, surprising all attendees. In a virtual universe he received Nacho Pinedo, CEO and co-founder of ISDI.

The president began by offering Wikipedia’s definition of metaverse: “A post-reality universe, a perpetual and persistent multi-user environment that merges physical reality with digital virtuality. It is based on the convergence of technologies, such as virtual reality (VR) and augmented reality (AR), that enable multisensory interactions with virtual environments, digital objects and people.” A definition somewhat complicated to understand a priori.

Both took a leap into our universe and the journey began. Pinedo defined the metaverse concept as a “metaphor to try to explain the new evolution of the Internet”.

It should be noted that there is no single platform for the metaverse, there are different ones. Although Pinedo recalls that there used to be different ‘internet’ until he unified the protocol.

The metaverse on each platform operates with different engines, rules, interfaces and economic models. And, in general, there is no interconnectivity or interoperability between them. That is, it is not possible to move avatars or objects from one to another. Now, “everything we are contemplating right now is simply a ‘proof of concept’.”

To try to make us better understand the metaverse, ISDI’s CEO commented on the keys to it, which would be:

Spatial and sensory user interface. Users enter the virtual universe through an avatar that they can customize. In addition, they use glasses or screens to move and immerse themselves in the new space.

Immersive and open environments. Developers translate reality into the virtual environment, creating new worlds in which things exist and happen.

Real interactivity. Each platform sets its own rules. For example, if users can fly, how they can relate to each other and to their environment….

Native virtual economies. New economic environments into which consumers enter are appearing.

After this introduction, Esteban Ordano, co-founder of Decentraland, and Alexander Wit, owner of Lladró, discussed the different metaverses and how we can anticipate what is to come.

Ordano commented that one of the things that is working the most is the ‘phygital’ item. What does it consist of? You have a NFT in the metaverse that is a digital dress and whenever you want you can exchange it for a physical version.

He also explained that, although there are different virtual worlds, if you have an NFT you can keep it even if the world in which you acquired it disappears as long as the blockchain remains functional. “You have the assurance that you’re not going to lose your digital item.”

Next, Nelly Mensah, head of Web 3 and Metaverse worldwide for the LVMH group explained NFTs and web 3.0 in the high-end industry.

“Our brands have a unique opportunity to infuse their DNA into the Web 3 space,” he noted. He went on to explain that in the short term there will be a shift towards more practical uses.

In the long run, he points out that it will impact both individuals and organizations: “It will change how luxury brands interact with their customers. The expert commented that young people want to co-create, as we see them doing with Nike designing their own sneakers; in addition, new ways of buying will appear and organizations will have to get used to interacting with their consumers.

Web 3 will also have an impact on talent within companies, which will be looking for new profiles. In addition, companies will have to evolve their internal processes and infrastructure.

In any case, this “new” web still has to face some challenges such as the audience, which is still too small and insufficient to have a real impact; it will have to broaden the range of skills and profiles of those who participate in web 3; it is still a speculative market and technical problems have to be solved.

The web 3.0 transformation in the high-end industry was the focus of the round table, moderated by Nacho Pinedo, with the participation of: Mauro Fuentes, Digital Marketing Director at El Corte Inglés; Vanita Sabnani, Vice President of Transformation, Strategy & Creative Lab at Puig; Carmen Huerta, Digital Art Curator; and Roberto Romero, Metaverse Continuum Creative Technologist at Accenture.

For Fuentes, in the future, when we go to buy a garment, we will also be able to take it with us digitally. The Digital Marketing Director believes that the metaverse will provide an added value to the customer experience in the purchasing process.

“We see the metaverse as an extension of the real world,” Sabnani noted. For her, this is just as important, but companies will need to consider why they want to enter. In the future, he believes, like Fuentes, it will operate in an omnichannel manner.

According to Romero, when we talk about metaverse and business, “we are talking about a community, a bilateral relationship with consumers”. However, he warns that it is essential to be clear about who you are going to sell to and what you are going to sell.

Regarding artists, Huerta considers that we are at a time when “they can dream”, since “technology is at the service of art”. In addition, he commented that what is working is the ‘phygital’, “many artists work both ways”.

Finally, Sofía Martínez-Almedia, partner at Gómez-Acebo y Pombo, spoke with Emilio Capela, Digital partner at McKinsey, and they addressed the issue from a legal perspective.

“What do I want to achieve, who do I want to impact, and what underlying value am I going to provide?” are three questions Capela believes should be answered before venturing into these projects. Martínez-Almeida added, “we must be clear about the project we want to carry out”.

In addition, they reviewed the legal issues that companies should pay attention to before launching into virtual environments.

Finally, Xandra Falcó closed the event and gave way to a cocktail and a virtual experience for the attendees to enjoy.

Source – https://www.elespanol.com/mujer/actualidad/20230208/sector-metaverso-comprarias-vestido-digital-intercambiable-fisico/739426225_0.html