Mainstream corporate interest in NFTs and the Metaverse has continued going into February.
This is in spite of a sharp fall in NFT trading activity through the early part of February. NFT trading activity had hit an all-time high in January, with OpenSea leading the way.
Major Brands Continue to Go NFT and Metaverse
In recent weeks, a number of major brands and corporations have filed for NFT and Metaverse-related trademarks.
Last week, we reported Gucci’s LAND purchase in the Sandbox (SAND). Back in 2021, Gucci had already collaborated with Roblox to host the “Gucci Garden”. This was a virtual version of a real-world installation in Italy, offering themed rooms in commemoration of Gucci’s centenary.
Major brands have also been embracing non-fungible tokens (NFTs) in rising numbers.
Gucci was among the first luxury fashion houses to sell NFTs, with Louis Vuitton, Prada, and sports brands Adidas and Nike also active in the NFT space. The rise in interest has been so significant that Nike purchased digital collectibles and sneakers creator RTFKT last year.
With Gucci and the likes of McDonald’s and Warner Music Group entering the Metaverse, it was only a matter of time before fashion week took to the Metaverse. Last week, Vogue Business announced on Twitter a 4-day digital fashion week in Decentraland (MANA) commencing 24th March.
Front rows and after parties are in, but tickets are out. Your digital outfit matters, but seasons aren’t relevant. Welcome to fashion week in the metaverse.https://t.co/iPjbUCkas6
— Vogue Business (@voguebusiness) February 4, 2022
Global brands and visitors will be able to virtually experience fashion shows, attend live music sessions and the after-parties. Attendees can also buy and wear digital clothing directly from catwalk avatars.
Some of the digital catwalk collections can be redeemed to receive the brand’s physical pieces. Buyers will need an Ethereum (ETH) wallet to purchase clothing.
Following last week’s news, beauty and lingerie powerhouse Victoria’s Secret joins the growing list of leading brands to enter the Metaverse.
Victoria’s Secret Plans Metaverse Debut
On Sunday, Mike Kondoudis, a trademark attorney, announced on Twitter trademark applications made by Victoria’s Secret.
According to Kondoudis, Victoria’s Secret “plans to offer digital collectibles and media created with blockchain tech and online clothing and media for use in virtual environments”. Victoria’s Secret filed the applications on 8th February.
Victoria’s Secret is coming to the Metaverse!
New trademark applications filed on Feb. 8 indicate @VictoriasSecret plans to offer digital collectibles and media created with blockchain tech and online clothing and media for use in “virtual environments”#NFTs #metaverse #web3 pic.twitter.com/VrbEniqdtP
— Mike Kondoudis (@KondoudisLaw) February 13, 2022
The Sandbox Price Action
On Sunday, SAND slid by 3.79% to end the day at $4.06. Risk aversion stemming from the rising risk of Russia invading Ukraine weighed on SAND and the broader crypto market.
At the time of writing, SAND was down by 3.59% to $3.916. A move through February’s high $4.87 would bring January’s high $6.03 into play. SAND would need plenty of support from the broader market, however, for a breakout from $5.00 levels.
A move back through to $6.00 levels would then give SAND a clear run at November’s ATH $8.48. Breaking down resistance at $7.00 would be key, however. Geopolitical risks will need to subside to support the more bullish SAND price predictions.