Report: Web3 and the Future of Luxury | Media.Monks

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Report: Web3 and the Future of Luxury

Virtualization 2 min read
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Inside the New Guild reshaping craft and self-expression.

Web3 is further spawning novel, ownable ways for self-expression—and the realm of fashion and luxury are paying attention. The British Fashion Council have introduced a Metaverse Design category and Decentraland launched the first-ever Metaverse Fashion Week. With coveted “verified” checkmarks, exclusive profile pics and more, what drives the desire to own or flex certain visual markers online? Do these new cues count as “fashion?” How much of it is just the emperor’s new clothes? Built on insights from some of the biggest names in both traditional and virtual fashion and luxury, this bulletin seeks to answer these questions and more by examining how fashion and luxury brands are experimenting in Web3, as well as the new generation of makers who are helping them.

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Monk Thoughts In Web3, brands become the platform for the creator economy. Understanding this new class of consumers is key to unlocking growth within the new era of customer engagement.
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The time has passed for flashy, disconnected activations or the cash grabs that once earned fleeting attention. How can brands relate to the tastemakers, innovators, entrepreneurs and investors of tomorrow? Now is the time for brands to build their understanding of what motivates people in this space, and how their continued activities will reshape the brand-customer relationship for the better.

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