The Latest Fashion

One man has a brand new vision for the metaverse, and it could make a world of difference to the luxury scene

- Jacqueline Tsang

Luxury brands are flocking to the metaverse, but what are they actually doing there? Richard Hobbs, the man behind Animoca-invested company Brand New Vision (BNV), appeared on an episode of Tatler TV: Meta Versed to discuss how far digital fashion has come in virtual worlds, and how much further there is to go.

Hong Kong-based BNV aims to be a gateway for luxury brands and fashion designers looking to enter the metaverse, by working with them to create digital wearable collections that will be interoperable across different virtual worlds.

“It’s relatively easy for people to enter this space, but there’s a lot more to it now: it’s not just about creating or selling an NFT; it’s about the whole metaverse and Web3 experience,” Hobb explained. He pointed out that while brands are keen to enter the metaverse and get involved, to offer better customer service and obtain additional engagement with their fans and community, one danger is that what these people see in the space so far “may not live up to their standards and expectations”.

“All the elements that go into creating and building a fashion brand—the DNA, the history, the passion— are not always synonymous with technology, which is often about speed and scalability,” he said.