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NFTs and Metaverse as the backbones of luxury 3.0

VivaTech 2022
Viva Technology fair Paris 2022

From June 14th to 17th, SmartPixels had the opportunity to take part in VivaTech, one of the most exciting start-ups and innovation fairs in Europe.

 

We had the chance to be part of the event where “business meets innovation” with Microsoft as a strategic partner. 

 

In fact, Viva Technology represented the perfect occasion to discover how far the boundaries of innovation can be broadened. 

 

NFTs (Non-Fungible Tokens) and Metaverse were the chief characters of the fashion and luxury industries’ most recent strategies.

NFTs : the face of innovation

Iridescent dress NFT by the Fabricant
NFT of the Iridescent dress, by The Fabricant

Luxury brands have developed several outstanding solutions in the wake of Web 3.0. The latter refers to an advanced phase of the Internet that includes a blockchain technology ecosystem. People can use Web 3.0 as a foundation to create, buy, and sell goods such as NFTs.

 

High-end labels have been pioneers of the Metaverse and NFTs market from the early stages. To illustrate, the first recorded sale of a fashion NFT was the Iridescent dress. It was realized by The Fabricant and sold for the equivalent of $9,500 in May 2019. NFTs and Metaverse constitute a fast-growing market, they are expected to bring $56 billion to the luxury sector by the end of 2030 [1]. 

 

But what is their role within a luxury experience?

 

In comparison with Web1 and Web2, it seems that it is finally Web3 that is revealing a meaningful source of value for luxury. According to Joel Hazan, Associate at Boston Consulting Group, the Metaverse will provide the luxury industry the opportunity to bring its raison d’être to life in digital environments.

 

The Metaverse’s potential continues to be a popular issue among digital natives. However, one thing is clear: the main purpose of Augmented Reality, 3D technologies, and NFTs, is to provide customers with more immersive experiences. 

How luxury NFTs enhance products features

Guerlain's Cryptobees NFT
NFTs Cryptobees collection by Guerlain

Among the various applications of NFTs, great popularity has been gained by the strategies of selling them as digital twins of physical items. However, last year confirmed that applications are endless. 

 

For example, NFTs used as digital copies can be dropped alongside limited-edition collections to boost customer loyalty. The exploitation of these digital assets may encourage people to buy physical products and own unique assets.

 

At VivaTech we remained pleasantly amazed by the NFTs drop realized by LVMH’s owned brand Guerlain. The collection consisted of 1828 Reaverse (real and virtual) digital artworks called “Cryptobees”. Each NFT is completely different from one other. Guerlain’s initiative had the purpose to provide its environmental-conscious community with valuable assets. 

 

SmartPixels is an expert in product personalization. If your brand intends to generate a unique capsule collection showcasing the works of an artist, craftsman, or designer, SmartPixels can assist you by utilizing Artificial Intelligence. Thanks to 3D modeling technology, your NFTs collection will be exceptional and unreproducible.

Learn more about SmartPixels NFTs creation

NFTs as the passepartouts to enter the Metaverse

3D digital avatar realized by SmartPixels

One of the challenges for the luxury sector within Web 3.0 is efficiently transferring their products’ desirability  from the physical to the virtual environment. This explains why an increasing number of brands are embarking on a more profound organizational transformation by betting on Web 3.0. This need echoes the luxury world’s strategic threshold of gaming and virtual experiences.

 

Among some of the most widespread strategies, we can list the entrance of fashion brands into the gaming industry, due to its increasing potential. To exemplify, it has reached a total figure of £222 billion, in particular, due to younger generations’ involvement [2]. 

 

SmartPixels can help your brand to go further with its Metaverse blueprint. The NFTs created using our 3D technology can be used as virtual fashion and skins for avatars in the Metaverse. Users can use these 3D assets on platforms such as Roblox, Sandbox, and Horizon world.

 

At VivaTech we had the opportunity to discover what Dior Beauty developed to respond to increasing Gen Z’s expectations. To celebrate the iconic Miss Dior perfume, the brand proposed an immersive journey where users can create their digital twin simply by uploading a photo. Once this avatar is created and customized, it is propelled into the dreamlike world of Dior. Therefore, the brand is able to create a highly immersive customer experience. 

3D hyperrealistic visuals help brands to keep their savoir-faire in Web3

3D digital collectible realized by SmartPixels
3D modelling of a Paco Rabanne parfume by SmartPixels

Luxury, which is commonly associated with the concepts of exclusivity, tradition, and savoir-faire, is one of the leading areas for Web 3.0 and precisely for the introduction of NFTs. However, a question might arise spontaneously. How can luxury brands reinvent traditional codes while continuing to maintain the values that have set them apart to this day?

 

One of the characteristics commonly associated with the prestige of luxury brands is the attention to detail, even the tiniest. How to convey this characteristic in the digital universe?

 

SmartPixels’ 3D systems allow brands to thrive even in the Metaverse. We are able to digitalize your collection in three dimensions and generate its relative NFTs. Our 3D product configurator allows the creation of “digital twins” of real products. These virtual assets carry with them every single detail, including the imperfections of the real item, in order to maintain the uniqueness of the craftsmanship of a luxury product. 

 

Bulgari, the luxury jewelry brand, does not shy away from the digital universe. Especially when it comes to care and attention to its savoir-faire. High-end jewelry and haute horologerie in Web 3.0 was present at VivaTech. Bulgari showcased a cutting-edge interpretation of its iconic necklace in a completely virtual environment. The main purpose was to elevate the brand experience in the Metaverse, while maintaining the same level of expertise and savoir-faire of the real world.

*Sources:

[1] https://markets.businessinsider.com/news/currencies/luxury-nfts-metaverse-56-billion-market-revenue-2030-morgan-stanley-2021-11

[2] https://www.gamesindustry.biz/articles/2022-05-25-global-gaming-market-to-hit-usd222-billion-this-year-data-ai

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