An undated handout image of virtual clothing piece "The Blue Dragon Warrior" kimono, a wearable item in the digital world of "Decentraland, " which according to its creator Hiroto Kai it's his "first mythic wearable creation, one out of 10 ever created." (Hiroto Kai/Handout via Reuters)
The free-to-play gaming industry started the trend and the rest followed suit – literally. People care how their avatars look and are willing to pay for it.
When the virtual world Decentraland said in June users could make and sell their own clothing for avatars to wear on the site, Hiroto Kai stayed up all night designing Japanese-inspired garments.
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While the idea of spending real money on clothing that does not physically exist is baffling to many, virtual possessions generate real sales in the "metaverse" – online environments where people can congregate, walk around, meet friends and play games.
After making as much in those three weeks as he'd earn in a year at his music store job, he quit to become a full-time designer.
"It was a new way to express yourself and it's walking art, that's what's so cool about it... When you have a piece of clothing, you can go to a party in it, you can dance in it, you can show off and it's a status symbol."
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In Decentraland, clothing for avatars – known as "wearables" – can be bought and sold on the blockchain in the form of a crypto asset called a non-fungible token (NFT).
NFTs exploded in popularity earlier this year, as speculators and crypto enthusiasts flocked to buy the new type of asset, which represents ownership of online-only items such as digital art, trading cards and land in online worlds.
The niche crypto assets are also capturing the attention of some of the world's biggest fashion companies, keen to associate themselves with a new generation of gamers – although most of their forays so far are for marketing.
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LVMH-owned Louis Vuitton launched a metaverse game where players can collect NFTs, and Burberry has created branded NFT accessories for Blankos Block Party, a game owned by Mythical Games. Gucci has sold non-NFT clothing for avatars within the game Roblox.
"Your avatar represents you, " said Imani McEwan, a Miami-based fashion model and NFT enthusiast. "Basically what you're wearing is what makes you who you are."
McEwan reckons he has spent $15, 000 to $16, 000 on 70 NFT wearable items since January, using profit from cryptocurrency investments. His first purchase was a bitcoin-themed sweater and he recently bought a black beret designed by his friend.
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The overall size of the NFT wearables market is difficult to establish. In Decentraland alone wearable sales volume totaled $750, 000 in the first half of 2021, up from $267, 000 in the same period last year, according to NonFungible.com, a website that tracks the NFT market.
"Instead of scrolling through a feed and shopping online, you can have a more immersive brand experience by exploring a virtual space – whether you are shopping for your online avatar or buying physical products that can be shipped to your door, " said Julia Schwartz, director of Republic Realm, a $10 million virtual real estate investment vehicle which has built a shopping mall in Decentraland.
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But Paula Sello and Alissa Aulbekova, co-founders of the digital fashion start-up Auroboros, say it could be an environmentally friendly alternative to fast fashion.
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Digital render of the "Atokirina" full look made by the digital fashion company Auroboros, obtained by Reuters on Aug. 10, 2021. The Atokirina look consists of the Mandrake Bodysuit, the Atokirina Coat and the Shishigami Heels in Light. (Auroboros/Handout via Reuters)
Sello argued that the virtual garment concept could limit the waste of consumers buying clothes to wear on social media, citing a 2018 Barclaycard study which found 9% of British shoppers have bought clothes for social media photos, then returned them.
Virtual sneaker company RTFKT sells limited-edition NFTs representing sneakers that can be "worn" in some virtual worlds or on social media via a Snapchat filter.
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A virtual sneaker made by digital fashion company RTFKT in collaboration with the fund A16z is seen in this render obtained by Reuters on Aug. 10, 2021. (RTFKT INC/Handout via Reuters)
The company has posted $7 million of sales, with limited-edition sneakers selling in auctions for $10, 000-$60, 000, he said. While the majority of customers are in their 20s and 30s, some are as young as 15.
RTFKT's NFTs can also be used as a token to get a free physical version of the shoe, but one in 20 customers do not redeem that token.
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"I didn't do the redemption stuff because I couldn’t be bothered, " said Jim McNelis, a Dallas-based NFT buyer who founded NFT company, nft42.
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