coindesk.com
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.
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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.
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In a Sunday tweet, Decentraland called for designers, brands and fashionistas to have their virtual collections ready to present in the metaverse.
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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 an over $1 trillion annual revenue market opportunity, crypto investment giant Grayscale said in a report earlier this year. (Grayscale is a subsidiary of Digital Currency Group, which also owns CoinDesk.)
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In another signal of increased interest, Facebook recently changed its corporate name to Meta and announced its metaverse will support non-fungible tokens (NFTs).
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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.
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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