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Here’s why a Metaverse Fashion Week designer features a Genius Bar Web 3.0, NFT Museum in his new store

“My mission is to make the Metaverse accessible to normal people.” said Philipp Plein, CEO and maverick showman behind the eponymous label. “The Metaverse will be truly successful when my mother enters it.”

It’s a good sound bite. He is good at sound bites. But he also has a lot of money.

According to Morgan Stanley

MRS
Web 3.0 revenue opportunities for the fashion and luxury industries could reach $50 billion by 2030, with analysts at the bank predicting NFTs and social games to present the main growth areas.

Plein, who remembers the beginning of the internet and watched it grow over the past 20 years, believes its successor Metaverse, an evolution suited for space experiences, will grow much faster with today’s technology.

BACK TO SCHOOL WITH THE GENIUS BAR WEB 3.0

To address this vast untapped market — according to a study by Finder.comonly 2.8% of US Internet users currently own an NFT — he’s embarking on an education campaign to make the metaverse more accessible to everyday people.

Like the rest of the population, the majority of his consumers don’t have crypto wallets, so when he launched NFTs, he sold them on his own website where people could pay with regular credit cards or ApplePay as well as with cryptocurrencies.

He recently rented a new store in London’s Old Bond Street – the townhouse once occupied by Michael Kors – but while awaiting the necessary permits to officially open, he will launch a pop-up this spring.

“When you enter, we will help you create a Metamask wallet; we want to be kind of a clearinghouse for people who want to get into that world and crypto is part of that because one is tied to the other,” he said.

One floor will be a dedicated museum experience with screens showing its branded Crypto King $NFT artwork by creator Antoni Tudisco alongside collectors of physical sculptures acquired as utilities “because right now you don’t can mainly only buy NFTs online”.

Last year, it began offering cryptocurrency as a payment option for physical goods on e-commerce and in-store. He is honest about his original motive. “I did it because I wanted to be cool and create hype,” he said, “but it was a huge hit; we now take $100,000 in crypto every day. Customers can pay in 20 different cryptocurrencies with rates updated every 10 minutes based on market fluctuations.

LET’S GO TO PHYGITAL

His strategy of tying NFTs to physical components paid off. He developed a game involving the NFT characters ‘Lil Monsters Gang Crypto King$ from Tudisco. Buyers who collected all six could exchange them for a rarer 3D version, and six of them gave them a physical sculpture worth $20,000. He made 80 of these sculptures, all of which have since been claimed.

At its fashion show in Milan in January, Plein also sold NFTs, redeemable five months later for its new Plein Sport sneaker. In what was effectively a pre-sale for the shoe, he took in over $1 million within days – something he says would never have happened without the NTF in the mix.

During the holiday season, it will sell NFTs in stores that come with physical versions in frames “so people can take them home and put them under the Christmas tree and open a box because people always want touch something and they want to feel something. ”

Another plan is upselling – offering digital wearables to customers of physical goods. “You will go to the checkout and as you pay, the trade assistant will encourage you to buy the same cap for your avatar in the Metaverse,” he said.

Alongside other designers including Dundas, Plein showcased his first full collection of decentralized, specific digital apparel at a show during the recent Metaverse Fashion Week on the real estate he purchased. in the virtual world. Glances emerged at the elongated tongue of a custom-created digital robotoid.

His best-selling item on the Decentraland market was a reassuringly $17,610 digital down jacket in gold, complete with an ultraviolet backpack and a monster accessory floating on a snowboard. Because accessories are everything.