Decentraland, Luxury Marketplace UNXD to Host Metaverse Fashion Week

Luxury marketplace UNXD, which is built on the Polygon network, and Decentraland, a virtual reality platform built on the Ethereum blockchain, plan to offer a metaverse fashion week with catwalk shows, pop-up shops and afterparties in March.

• The fashion program, Decentraland’s first, will take place March 24-27. The show will allow users to view fashion in a virtual environment and purchase outfits for their online avatars.
• In a Sunday tweet, Decentraland called for designers, brands and fashionistas to have their virtual collections ready to present in the metaverse.
• Interest in the metaverse, an environment generated by the convergence of virtual worlds, augmented reality and internet services, has exploded in recent months. By offering a collective virtual experience, it has introduced new opportunities to creators, gamers and artists.
• The metaverse may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant Grayscale said in a report earlier this year. (Grayscale is a subsidiary of Digital Currency Group, which also owns CoinDesk.)
• In another signal of increased interest, Facebook recently changed its corporate name to Meta and announced its metaverse will support non-fungible tokens (NFTs).
• In September, UNXD worked with Italian haute couture label Dolce & Gabbana to launch its NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.
• With the show, Decentraland is treading a path already opened by South Korean metaverse social media app Zepeto, according to a BBC report.

Read more: Dolce & Gabbana’s First NFT Collection Sells for $5.7M