Now let’s rewrite, rephrase, expand, and add more information to the article:
In both the virtual world and the physical world, there are multiple realities that exist, all depending on one’s perspective. This raises the question of what realities and perspectives luxury brands can experience in the metaverse. The concept of the “metaverse” has been presented on a global scale by a dominant player, often hiding behind good intentions. However, it brings about infinite questions on various levels, including economic, societal, and universal, for both citizens and brands. Could the answers to these questions already lie in the world of Dune?
During the month of October, the announcement of Facebook’s holding company, “Meta,” has been hard to overlook. It promises a better life, one that can potentially be eternal, but it may not necessarily be a “good life” in the true sense of the word. Meta offers the possibility of time travel, space, and escape from our current reality into a metaverse. This coincides with the release of the highly anticipated Dune movie, which explores themes of instant space travel, transhumanism, and a tumultuous world.
Dune depicts a conflict between an eco-conscious nomadic group and a colonizing force that seeks to exploit a valuable resource called “spice.” This spice is not only a source of life, wisdom, and spirituality for the natives but also desired by the rest of the universe, much like black gold. Drawing a parallel between the spice and the collection, exploitation, and distribution of personal data in the real world is not far-fetched. Personal data has become a valuable commodity, often referred to as the black gold of the 21st century, resulting in global wars, acts of piracy, and speculative cryptocurrency bubbles. It has become a resource that impacts states and individuals, yet citizens are unwilling to give up the convenience and user-friendly services that come with it.
The place of luxury brands in the metaverse raises important questions about their environmental, social, and societal responsibilities. Deciding whether to be present in the metaverse and how to contribute ethically and responsibly will be a challenging task for these brands. Luxury brands can claim to be naturally sustainable, as their physical products are designed to last and have multiple lives. But how does this translate into a virtual world?
Balenciaga’s foray into virtual reality and their collaboration with The Simpsons demonstrate the potential for hybrid fashion weeks that transcend limitations of time, space, and location. This innovation opens up new possibilities for interactivity, different formats, and the reimagining of hospitality and interplay. However, the promises and controversies surrounding the metaverse raise similar issues that emerged with the advent of the internet, e-commerce, and platforms like Second Life nearly two decades ago. If the metaverse can address concerns related to personal data protection, reducing carbon footprints, promoting ethics, and moderating harmful behavior, it may regain prominence in society.
Luxury brands face numerous questions when considering their role in the metaverse. Here are 10 important considerations:
1. Should luxury brands have a presence in the metaverse, and if so, in what form and with what purpose?
2. Should brands create their own metaverse? What skills should they develop to fully utilize this platform?
3. Which customers will be granted access to the metaverse, and should luxury brands provide virtual reality or augmented reality glasses to enhance the experience?
4. How can virtual experiences be translated into physical stores, and what is the role of physical stores in the metaverse?
5. What is the return on investment for luxury brands in the metaverse? How much control do they have over rules and behaviors? What strategies can be employed to engage with communities and audiences?
6. What currency will serve as the medium of exchange in the metaverse, and what products and services are suitable for this environment?
7. Who will determine the valuation of luxury brands’ existence, products, and customer experiences: the brands themselves, the metaverse platform, the blockchain, or an algorithm?
8. How can luxury brands effectively manage the scarcity and timelessness of their brand in a metaverse, and how does this impact their image and valuation?
9. What additional carbon footprint will luxury brands create in the metaverse, and does it align with their values, mission, and purpose?
10. If a physical luxury brand ceases to exist, can it still thrive and be transported into the metaverse?
Drawing another parallel to Dune and the transfer of governance of the spice trade, one must question the intentions and potential societal impact behind the promises of freedom, democracy, and infinite wealth in the metaverse. Silicon Valley has often drawn inspiration from dystopian science fiction to shape its technologies and monetize personal data. Collaboration between luxury brands, science fiction authors, and virtual reality game designers may lead to the creation of scenarios for free or paid experiences and services in the metaverse. While the metaverse offers exciting opportunities for brand experiences, events, and virtual interactions with diverse audiences and communities, a single, all-powerful metaverse would likely be detrimental to our democracies, economies, and businesses.
It is crucial not to rely on outdated answers to address these questions, but rather to build our own future with utopian ideas. It is time to get to work and shape the path forward!
Jean-Pierre Levieux, the President of Holisteam and a marketing and communication professor at the Paris School of Luxury and Green Luxury, presents these reflections on luxury brands in the metaverse.
Useful links:
1. The Concept of Metaverse Explained
2. How Second Life Shaped Virtual Worlds
