Interest in the Metaverse is growing rapidly and fashion brands across the globe are taking note. A new report from the technology research and advisory firm Technavio found that the Metaverse will hit a market value of $50.37 billion by 2026. Findings from Technavio further show that the Metaverse in fashion market share is expected to increase by $6.61 billion from 2021 to 2026.
Given this, a number of major brands have begun participating in Web3 initiatives. For instance, Metaverse Fashion Week hosted in Decentraland this year attracted more than 70 brands, artists and designers including Tommy Hilfiger, Estée Lauder, Philipp Plein, Selfridges and Dolce & Gabbana. Luxury jewelry brand Tiffany & Co also recently stepped into the Web3 space with the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk nonfungible token (NFT) holders.
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