Meta in partnership with Balenciaga, Prada & Thom Browne launches digital fashion store

On June 17, Meta announced it had partnered with three fashion brands, Balenciaga, Prada, and Thom Browne to launch a digital fashion store called the Avatars Store.

On June 17, Meta CEO Mark Zuckerberg discussed with Eva Chen – Instagram’s fashion director, and confirmed the partnership with three major fashion brands to open iconic avatars.

During the live session, Zuckerberg emphasized that:

“I’m grateful and proud of the brands partnering with us to launch fashion in the metaverse.”

This feature will appear on Instagram, Facebook, and Messenger in the coming months. On Instagram, users have been able to create their digital avatars.

Eva Chen also commented:

“Fashion is ultimately an art form and a way to showcase yourself. And it’s great that users can now have newer digital experiences with Balenciaga, Prada, and Thom Browne brands. I’m excited.”

Items sold in the avatar store range from $2.99 to $8.99. Currently, Meta offers more than 100 sets of free avatar wings on the platform and supports many forms of payment.

This week alone, there have been pretty several names broadcasting announcements of further progress in the crypto sector, especially the potential NFT sector. Typical Swiss watchmaker Tag Heuer will soon integrate NFT into several exclusive watch models, crocodile fashion big Lacoste will launch the NFT collection, and Dolce & Gabbana has embarked on a digital fashion startup. Many fashion houses have also officially included cryptocurrencies as payment options. Farfetch, Gucci, and Balenciaga are just a few of the nominations for this long list.

Although the market is moving badly, NFT floor prices also plunge, and even the top of the NFT collection of the era has to subdue, falling into a long slip. However, sales are still a bright number, and many big bosses are still actively bottoming out.

All of the above partly reflects the long-term outlook for the industry. According to a report published by McKinsey earlier this week, metaverse could be an industry worth $5,000 billion by 2030. Through this, consumers will see the unique value of fashion in this digital world. This is the environment for creativity, name positioning, and, most importantly, self-expression. That is the essential role users need when stepping foot into the metaverse.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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