How much will you pay for a virtual Gucci bag?

Chatterbox Moo wrote a column · Dec 9, 2021 09:59

Roblox has a marketplace where its users can sell all sorts of accessories, from funky haircuts to entire outfits, to dress up their avatars. Many items are non-collectibles, meaning as many people can buy them as they want.

One of these, a Gucci Queen Bee Dionysus bag, was initially sold for a mere 475 Robux (around $5). But due to only being available for an hour a day on two days, the price hiking began immediately. The highest successful listing sold the bag for $4,115, though some reportedly attempted to shill it for over $10,000.

How much will you pay for a virtual Gucci bag?

In November, $Nike(NKE.US)$ announced a partnership with Roblox to offer a free virtual playspace called Nikeland. In its current iteration, Nikeland includes minigames such as tag, dodgeball and lava floors.

In addition, $Ralph Lauren(RL.US)$ will debut The Ralph Lauren Winter Escape on $Roblox(RBLX.US)$ to show off its holiday fashion themes.

Our engagement in the metaverse is a natural extension of our lifestyle brand which, at its core, has always been about stepping into the worlds of Ralph Lauren. Our partnership with Roblox builds on years of digital innovation and underlines our belief in the opportunity that virtual spaces and economies present — especially when it comes to the next generation of consumers.”
—— said Alice Delahunt, chief digital and content officer at Ralph Lauren, in a statement.

Universes like Roblox are attractive to companies because they introduce younger users to their brands and give them a chance to see their marketing vision before graduating to real-world products. And traffic has been booming: VF Corp.’s Vans World in Roblox has had more than 50 million visits since its April launch. Nikeland, which Nike Inc. announced last month, has had more than 6 million visits.

Morgan Stanley analysts including Edward Stanley said last month that luxury NFTs, which include digital fashion, may reach 50 billion euros (about $56 billion) by 2030, with collectible items growing in popularity. Luxury brands like Louis Vuitton and Burberry have also been dabbling in the space.

Mooers, what do you think and will you pay for these in a virtual world?

Source: GamesBeat, FORTUNE, Polygon, engadget

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