Strategic Change· 2022Q1
Digital future of luxury brands: Metaverse, digital fashion, and non‐fungible tokens
- 343citations
- Q1SCImago
- 2022year
Short summary
Luxury brands are integrating technologies like AI, ML, VR, blockchain, and NFTs to reinvent consumer experiences, with digital fashion and NFT collectibles representing an irreversible trend.
AI-generated from the title and abstract; the full text is not read.
Key points
- Luxury brands are adopting technologies like AI, ML, VR, blockchain, and NFTs.
- Digital fashion and NFT collectibles are identified as an irreversible trend.
- The metaverse is emerging as a new social platform influencing luxury.
- Research questions the potential for digital fashion purchases to exceed physical ones among young consumers.
- Strategic planning is needed for the coexistence of digital and physical luxury goods.
AI-generated from the title and abstract; the full text is not read.
Abstract
Abstract Leading luxury brands have incorporated technologies to recreate brand images and reinvent consumer experience. The fashion industry is experiencing a historic transformation thanks to emerging technologies such as blockchain and non‐fungible tokens (NFTs) along with impactful technologies such as artificial intelligence (AI), machine learning (ML), and virtual reality (VR). With metaverse as a new social platform around the corner, academics and industry alike are querying how these new technologies might reshape luxury brands, reinvent consumer experience, and alter consumer behavior. This research charts new academic territory by investigating how newly evolved technologies affect the fashion industry. With practical examples of luxury brands, this article has theorized the irreversible trend of digital fashion: the attraction of NFT collectibles. It then proposes intriguing questions for scholars and practitioners to ponder, such as will young consumers, essentially living online, buy more fashion products in the digital world than in the real world? How can the fashion industry strategize for the coexistence of digital collections and physical goods?
The authors' abstract, as published at the source. Strategic Change, 2022 · DOI ↗
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Field: Museology
MuseologyArts and Humanities