The focus on governmental advocacy and industry-wide awareness to aid in the development of environmental, ethical and social standards as the metaverse develops. Eco-verse will help brands assess the environmental and social impacts of potential partners and products. This month, Eco-Age - a sustainability focused consultancy that helps Stella McCartney, Reformation, Gucci and Matchesfashion with carbon offsetting, ESG reporting and supply chain improvement - is opening a division dedicated to NFTs and the metaverse, called Eco-verse. Some brands, for example, buy carbon offsets with NFT profits, and Ethereum (the most popular blockchain) is transitioning to a new “proof of stake” consensus protocol in efforts to lower carbon emissions. The environmental impact of NFTs and cryptocurrencies is unclear but because they require considerable, ongoing computing power, many have expressed concerns that the long-term environmental impact is being overlooked. “Brands are all looking to expand their product lines because the physical world contains physical costs,” he says, adding that if this offsets or replaces some physical purchases, or helps better inform the assortment to decrease waste, that’s intentional. Next, is “Roblox Day” drops on the 21st of each month before physical lines hit stores with the option to also buy the matching Roblox outfit and for the Roblox community to influence which items are made in real life.
For Forever21, Virtual Brands Group launched a Roblox world in December that included the community selling Forever21 products in virtual stores and virtual drops that mimicked physical drops. No one wants to arrive and look like they are jumping on the bandwagon,” says Charles Hambro, CEO and co-founder of three-year-old, London-based Geeiq (pronounced “geek”) who helps Tommy Hilfiger, L’Oreal Group and Gucci with esports and gaming partnership strategies. It’s important to be endemic to the industry, and having the internal teams up-skilled and ready for that space. “Gaming is so much a part of mainstream culture now. That’s why in December, Al Dente began developing its own estate in The Sandbox to create spaces in which brand executives can explore, and it is currently working on studies to define “metaluxury”, in addition to other metaverse spaces owned by luxury brands. To help brands become familiar with metaverse platforms - some of the most popular are The Sandbox, Decentraland and Roblox - he advices that brands spend time exploring those spaces.
Similarly, The Futures Intelligence Group brings clients on guided metaverse tours. Paris creative agency Al Dente is currently developing real estate in The Sandbox to host brand clients, in addition to developing additional real estate for certain luxury brands.
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