BoF's guide to digital assets in fashion, examining the metaverse and underlying technological, social and consumer shifts, plus our playbook for companies to explore this new frontier.
We are entering an era in which social interactions and commercial transactions increasingly take place in virtual worlds, enabled by technological advancements and social shifts long in the making.
Today, companies are grappling with the existential implications of this evolution. Digital assets have existed for years, but engagement now seems to be at an inflection point, especially as NFTs — which prove authenticity and ownership and drive scarcity — could increase the utility and value of digital assets.
Are we at the precipice of a new digital frontier? Or are we facing a frenzy of hype, amplified by time spent at home during the pandemic?
BoF Insights believes companies in fashion and retail would be well-advised to understand the shifts taking place, in particular in consumer behaviour and purchase motivations. For an industry slow to adapt to platform shifts like e-commerce, some fashion companies are already taking note, with brands from mass to luxury experimenting with collaborations and activations and digital-first entrants rapidly emerging.
In "The Opportunity in Digital Fashion and Avatars" report, BoF Insights — a new data and analysis think tank from The Business of Fashion — offers its perspective on the staying power of digital assets: what consumers believe about digital identity and ownership, why they purchase digital assets and how companies should engage over the short, medium and long term.
Length: 107 pages File Format: PDF
Price:
£2,495.00
Table of Contents
Understanding Current Momentum:
NFTs
Gaming
Timeline of Fashion Activity
Case Study: Platform Shifts in Fashion
Detailed Breakdown of Underlying Technological and Social Shifts
Our Perspective Regarding the Metaverse
Timeline of Gaming Collaborations
Case Study: Fortnite, Roblox
Case Study: The Hundreds
Survey Insights (Representative Sample of US General Consumers, US HNWI Panel, Global Virtual Fashion Panel):
Time Spent in Virtual Worlds By Activity
Digital Games
AR Filters
VR Headsets
Online Worlds
Motivations to Participate in Virtual Worlds
Perceptions about Digital Identity
Valuing Digital Fashion versus Digital Avatars
Perceptions about Digital Ownership
Survey Insights (Representative Sample of US General Consumers, US HNWI Panel, Global Virtual Fashion Panel):
Familiarity with Digital Assets
Digital Skins/Costumes/Items
Virtual Fashion
Digital Avatars
NFTs
Prevalence of Purchasing Digital Assets
Motivations to Purchase Digital Assets
Interest in Different Categories of Virtual Fashion
Relationship Between Digital Consumption versus Physical Consumption
Preferences to Purchase Virtual Fashion from Different Types of Brands:
Physical-First versus Digital-First
Luxury versus Mass
BoF Community Survey on Company Engagement with Digital Assets
Overall Framework for Engaging with Digital Assets
Specific Considerations in Partnering with Gaming Publishers
Case Study: Gucci x Wanna
Case Study: RTFKT x Fewocious
Case Study: Balenciaga x Fortnite and Vans x Roblox
Case Study: Burberry x Blankos Block Party
Why Buy this Report
Offers a comprehensive overview of digital assets in fashion — including items in gaming, fashion, avatars and NFTs — that deepens the knowledge of all current or would-be industry participants
Identifies the underlying technological and social shifts driving interest in digital assets and examines the durability of these shifts
Analyses in-depth consumer insights measuring familiarity with, perceptions of and behaviours associated with digital assets broadly and digital fashion and avatars specifically
Provides a playbook that outlines how brands can tactically develop their data-driven digital asset strategies, including where and how to experiment within these new environments
The report is based on proprietary research inputs, including:
30 interviews with founders, CEOs, senior executives and investors across the following domains:
Gaming
Digital-first brands, retailers and marketplaces
Physical-first fashion and luxury companies
Four proprietary surveys:
Demographically balanced US General Consumer survey of Gen-Z to Gen-X, facilitated by Altiant on behalf of BoF
Altiant LuxuryOpinions® panel of US High-Net-Worth Individuals (each with a minimum of $1 million in investable assets) conducted on behalf of BoF
Global Virtual Fashion panel fielded by BoF across the communities of DressX and The Fabricant
Senior executive survey in BoF’s global community of fashion professionals
Companies and collaborations covered in the report include Altava, The Aura Blockchain Consortium, Auroboros, Balenciaga, Betaworks Ventures, Boson Protocol, Burberry, Digitalax, The Dematerialised, DressX, Epic Games (Fortnite), The Fabricant, Genies, Gucci, The Hundreds, Improbable, Louis Vuitton, Mythical Games (Blankos Block Party), OpenSea, Palm NFT Studio, Poplar Studio, Ralph Lauren, Retail Prophet, Riot Games (League of Legends), RTFKT, Roblox, Straiqr.ai, Substance, Truesy, Vans and Wanna
