Shivani Singh
Would you ever pay money for a product that does not exist in the real world?
In a recent incident, a Gucci bag with no real-life use or transferability was sold on a gaming site at a price higher than its physical value.
A Gucci Dionysus bag with bee embroidery was released as part of a virtual two-week event dubbed “Gucci Garden Experience,” and is claimed to have commanded a high price due to its limited availability. One user on the game site Roblox paid 350,000 Robux (approximately $4,115) for a Gucci Dionysus bag, despite the fact that it has no monetary worth outside of Roblox. It has earned a resale price of 350,000 Robux ($4,115), which is more than the $3,400 retail value attributed to the bag. But it’s not just the rising markup that’s important; it’s also the fact that the labeled purse isn’t available in physical form, Instead, it is a digital-only asset (rather than a non-fungible token NFT) that lives solely in the Roblox universe. Despite this, someone paid upwards for the chance to acquire the entirely fictional bag.
Reddit founder Alexis Ohanian annotated the news. “Remember: this Roblox purse is not an NFT and thus has no value/use/transferability outside the Roblox world-yet it’s worth more than the physical one. Watch this space,” he tweeted.
Roblox users flocked to Twitter to explain that their online avatars are “extremely significant” and “[it’s] a means of showcasing riches to others you encounter online,”. The landscape is beginning to seem extremely different, reminding us all that the fashion business is evolving and merging with VR technology.
THE BRAND BENEFIT
On a digital platform, the only access one has to others is just the virtual avatar or the digital persona which one has created for itself. Due to technology and pandemic hitting our lives, everyone has turned towards social media, gaming sites, and other online sites to maintain social touch with the outside world. But they have an identity to maintain and thus helping brands to flourish. Because of technology and virtual avatar, the possibilities ushered for the brands are:-
Attracting Audiences: Business Opportunities
The long-term viability of digital fashion is also a cash generator. Digital fashion goods, such as Gucci’s, Louis Vuitton, can appeal to the Gen-Z youth, which are environmentally and socially conscientious and has spending power.
Breaking Free from Physical Restraints in Artistic Expression
Designers can explore unlimited possibilities with digital-only products that do not exist in real-world, allowing digital fashion to transcend beyond traditional fashion design constraints. The Fabricant examined what identity may mean when a body was unbound from physical restrictions and there were unlimited bits and bytes to personality. Furthermore, as bits and bytes join together to produce truly global, genderless, and size-less clothes, digital fashion can give a new meaning of size, body, and gender inclusion. The digital product industry is expanding, including everything from small startups to premium companies like Gucci. Digital fashion is a new way of thinking that is set to restructure the fashion sector in a world where the digital footprint is an extension of the real self, thanks to blockchain and augmented reality technologies.
In these modern times, a new perspective is framed that epidemic has driven most facets of our life digital and thus the digital product industry is expanding, including everything from small startups to premium companies like Gucci. Digital fashion is a new way of thinking that is set to restructure the fashion sector in a world where the online identity is an extension of the real self, thanks to blockchain and augmented reality technologies
