11.17.22 |
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After taking a brief hiatus from the virtual limelight, this week the sportswear market is back with a bang on the Web3 scene. Nike’s announcement of its latest Dot Swoosh platform, which aims to bring traditional fans of the brand into the digital world, broke headlines across the globe as it moves towards solidifying its own standalone metaverse project alongside the long-term partnership with RTFKT. Meanwhile, Adidas is hoping to give its competitor a run for its money as the group launches its first-ever NFT wearables collection under its Adidas Originals label.
The enthusiasm of these two is no exception: major houses across the globe are laser-focused on strengthening their digital presence, beauty group L’Oréal being one of them. The conglomerate has teamed up with metaverse gaming channel Ready Player Me to bring its ambitions of a multi-brand initiative to life through a series of virtual interoperable hair and makeup styles.
As for China, we take a look back at how Alibaba Group tapped the Chinaverse for its Double 11 festivities this year in a bid to bolster its virtual marketing efforts and explore new avenues of generating sales. With more and more brands shuttering their stores across the mainland, can the metaverse offer these companies a second chance at survival?
As always, please keep sending your launches, projects, and exciting new developments to NFT@jingdaily.com.
Thanks for reading!
- Bethanie Ryder, Metaverse Editor
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THE BIG STORY
Following its ongoing partnership with RTFKT, Nike has launched it's first ever standalone digital platform, aimed at targeting traditional followers of the brand to bring them into Web3.
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Nike Launches Dot Swoosh Community Programme
What Happened: While Nike continues to further consolidate its relationship with digital-native leader RTFKT, the brand has released its first-ever solo Web3 platform, designed to act as a community-based virtual ecosystem for traditional fans of the sportswear group.
Hailed Dot Swoosh, the ecosystem — which is part of the line’s “Nike Virtual Studios” — will be the official domain for all of Nike’s future digital projects and creations, and will launch its first digital collection drop in January 2023.
The channel will also provide its users with the opportunity to trade physical and online products, as well as access to future events and drops. To kick off the launch of the channel, Nike will host six events across the US, where access codes will be distributed.
The Verdict: Providing a dedicated space to its original audience base highlights Nike’s commitment to ensuring that its virtual domain is accessible and appealing to all — not just the recent flurry of crypto and NFT enthusiasts who have adopted the label.
It’s thanks to long-term focused initiatives like these that the titan has established its title as the leading runner in Web3, after generating more than $185.3 million (1.3 billion RMB) in revenue on digital products, compared to Adidas’ $11 million (78.6 million RMB).
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OUT THIS WEEK
Jing Meta's top Web3 digital fashion drops to add to your calendar.
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META BITES
The brands making their name known in the Web3 space this week.
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L'ORÉAL x READY PLAYER ME
- Beauty group L’Oréal has teamed up with metaverse platform Ready Player Me for its first-ever multi-brand beauty partnership: to release a series of hair and makeup looks that take cues from the gaming aesthetic. Both Maybelline and L’Oréal Professional will premier the exclusive styles that have been created in collaboration with a number of renowned hair and makeup stylists and 3D artists. The designs are available now on Ready Player Me and can be used on more than 4,000 apps and platforms worldwide.
BLOCKBAR
- Luxury beverage NFT marketplace BlockBar has launched a new gifting platform, making it easier to not only collect its rare liquids on offer, but gift them as well. With the holiday season in full swing, the platform will appoint an expert team to help businesses choose from a selection of personalized gifts, including champagne, cognac, and tequilas, as well as offering audiences the opportunity to purchase dedicated BlockBar gift cards to send to loved ones, and gift exclusive bottles of wine and spirits to anyone in the world.
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ON OUR RADAR
The latest digital project catching Jing Meta's attention this week.
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Adidas Originals Launches Its Inaugural NFT Wearables Collection
Adidas Originals has unveiled its limited collection of blockchain-based virtual wearables, which will be released as NFTs. Revealed following a teaser campaign that was showcased to the Adidas Discord community, the collection will be available to those who own an existing Phase 2 Capsule NFT from the brand. The tokens are designed to be worn by virtual avatars and will be fully interoperable with other Web3 projects and worlds.
Although the line has spent the past year building a strong community and presence within the virtual space, this is the first time that Adidas Originals as a standalone label will launch a project in the metaverse.
As part of the launch, Adidas has also announced that it will be introducing a new category to its brand, titled “Virtual Gear,” demonstrating the sportswear giant's commitment to accelerating its community-based, member-first, open metaverse strategy’. As part of its community focus, the launch will also include three limited-edition wearables from its collaborations with Bored Ape Yacht Club, Gmoney, and Punks Comics. But with Nike generating more than $185.3 million (1.3 billion RMB) in revenue in virtual products, Adidas has a long way to go in overtaking its main contender in the online space.
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INTERVIEW WITH AN EXPERT
This week, Jing Meta sat down with Stefan Hauswiesner, CEO and co-founder of digital fashion channel Reactive Reality, who’s creating photorealistic virtual dressing rooms for the likes of Hugo Boss, to discuss how the metaverse is shaping self-expression, and how Web3 is impacting luxury retail as we know it today.
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How do you think the metaverse, and Reactive Reality in particular, are impacting how we use fashion as a form of self-expression and identity?
I think that's an interesting one. Because this concept of expressing your personality through fashion was always part of fashion. The clothes that we buy are maybe 10% to stay warm and 90% to express wealth, tastes, and personality, and to differentiate ourselves from other people. Naturally, people are now seeking to do that online. If there are millions of avatars running around online, you’re not going to want to look the same as them. I think what is also interesting is that fashion has become more about abstract codes, but in Web3 you don’t have these physical boundaries. There are no limitations in the way the cloth can be manipulated and designed in the metaverse.
What do you think that the metaverse is bringing, and can bring, to luxury fashion, and vice versa?
Luxury brands that are wanting to invest in the space as pure retailers don’t always understand these metaverse-first technologies because they’ve survived on selling physical goods. We're selling virtual dressing rooms to companies such as Hugo Boss, and it’s excellent to have a virtual dressing room on your website. Not just because you can try items before you buy them online, but it also prepares you for a transition into digital as you’re able to collect data and equip customers with 3D avatars that have their body shape, and even get a sense of how people dress. It’s a very unique situation.
What would you say to the brands that are cynical about entering the metaverse to encourage them to invest in Web3?
I’d say there are multiple things you can do, such as NFTs and digital collections which will always be good PR opportunities. But then you could also look towards creating collector’s items that will have long-term value for enthusiasts. A lot of it is about learning how to implement digital fashion rather than focusing on revenue generation. The companies that are embracing change today and are taking the time to understand it will ultimately come out on top in the long run. These are technologies that come in waves. If you come in late, you’re probably out of luck.
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BY THE NUMBERS
Breaking down the brands making waves in the metaverse this week.
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The Metaverse Fashion Market To Reach New Heights With 6.61 Billion Dollar Estimation
Market research firm Technavio has released its latest report, which estimates that the global metaverse fashion market size is expected to grow by $6.61 billion (47.2 billion RMB) from 2021 to 2026, accelerating at a compound annual growth rate (CAGR) of 36.47 percent.
The analysis suggests that the rise comes due to the increasing number of fashion brands entering and utilizing metaverse platforms, as well as a growing interest in non-fungible tokens, augmented reality, and virtual reality projects.
Technavio added that its growth will be further bolstered by the demand for highly personalized digital experiences, with the metaverse exploiting this by enabling users to explore and communicate within platforms.
North America will account for 38 percent of the market's growth, thanks to the US’ importance in bolstering the landscape. The report also highlights the several key players that are currently occupying the majority of the market share, including Adidas and Alibaba.
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CHINA'S METAVERSE MOVES
The latest virtual developments taking the Chinaverse by storm.
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As Beauty Brands Shutter Stores In China, Can The Metaverse Offer A Second Chance?
Like many brands, Maybelline is phasing out physical China stores and prioritizing digital expansion. Can the metaverse offer struggling beauty labels a road to revival?
Read the full story on Jing Daily here.
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HOW ALIBABA TAPPED THE CHINAVERSE FOR DOUBLE 11
During China’s annual Double 11 shopping extravaganza, it’s all systems go for top players to show off their marketing chops. Over the past year, that’s meant utilizing the technological and digital advancements surging through the country’s e-commerce landscape, as well as tapping the changing behavior of local consumers — particularly the spending power of Gen Z.
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Read the full story on Jing Daily here.
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