A study from Virtue, the creative agency powered by VICE, has revealed that more than 80% of respondents currently own a virtual good such as NFTs.
The survey, which compiled over 3,000 responses, showed that digital fashion is by far the most popular method of purchase moving forward, with 94% saying they expect digital fashion to become mainstream and one in three saying they would purchase a digital outfit.
While most standard purchases are built on functional necessity, digital fashion will instead prioritise social and emotional needs, with half the respondents saying that they believe it will increase creativity in fashion.
Given the responses of the survey, it is increasingly clear that virtual goods represent one of the biggest untapped markets for brands, and could help companies increase their footprints and more effectively connect with the APAC regions’ youth population.
Huiwen Tow, head of strategy at Virtue APAC, said that despite the financial potential of virtual goods such as NFTs: “the biggest motivator for many buyers is identity”, adding that: “For a region with such a large youth population, this represents a massive opportunity for brands to play a relevant and influential role in helping a coming-of-age audience express their unique individuality and deep exploration of other potential selves beyond digital twinning.”
Personally, I cannot wait to deck myself out in digital clothes for a night out on the town.
