Victoria’s Secret has filed several trademark patents related to the metaverse.
Lingerie company going virtual reality
If the Australian Open can enter the metaverse, then Victoria’s Secret definitely can.
The well renowned lingerie company filed several trademark patents through Mike Kondoudis, its trademark attorney. He said the lingerie giant could be on its way to present products using blockchain technology. Specifically, one of the applications registered the following:
“Downloadable virtual goods, namely, computer programs for the creation and trade of digital collectibles using blockchain-based consensus protocols and smart contracts, featuring information, photos, images, videos, recorded footage, highlights, and experiences in the field of fashion, clothing, fashion accessories, and style.”
In other words, you shouldn’t be surprised by virtual NFT bras and underwear with the VS brand soon.
Several fashion brands entering the metaverse
Victoria’s Secret is following a trend that has been playing out in the fashion industry for a while.
Ralph Lauren and Gucci are looking to get involved in the metaverse, with Gucci buying virtual land in Decentraland, a metaverse platform. Dolce and Gabbana has dipped its toes in NFT trading, and sports apparel company Nike is reportedly making its move into the space as well.
It seems like buying virtual real estate could be a trend that many fashion brands will start to follow soon. As popular metaverses like Decentraland draw in users, fashion brands will look to get their logos and designs in front of these users’ faces. Soon, virtual fashion shows could be more popular than real-world fashion shows as they democratise access to high-end fashion and open up new potential revenue streams for brands.
Metaverse token price performance
The market tends to agree with a bullish outlook on metaverse tokens. Amazingly, Decentraland (MANA) was trading below $0.10 AUD at the end of 2020. It set an all-time high of over $7 AUD in November 2021, against a particularly bullish news backdrop of Microsoft and Facebook entering the metaverse. The price of MANA has since corrected somewhat, but is still trading north of $4 AUD, an impressive performance year-on-year. The same is true for other metaverse-related projects like The Sandbox.
However, analysts are wondering if the hype can continue and whether metaverse tokens will be punished even more than other cryptocurrencies if a bear market looms. As a rule of thumb, altcoins correct even more sharply than Bitcoin, and metaverse are a particular hype-dependent altcoin sector. Even though the technology is promising, much of it is still based on promises and roadmaps, and not many actual metaverse products are out there.
That should keep investors on their toes, as Bitcoin enters a particular uncertain market phase dominated by macroeconomic news. Even though metaverse tokens are highly bullish on high timeframes, investors should tread carefully if they are looking for profits over several days or even weeks. Those who are in it for the long run can be sure: Victoria’s Secret is not the last fashion brand to board the metaverse train.