Adopting the Avatar: the Core of Consumer Customization
According to McKinsey, fashion companies are expected to double their investment in technology by 2023. This statistic was one of many released during 2021's digital assets boom, revealing an important truth: consumers — and especially Gen Z — care deeply about owning their digital identities. In the two years since "NFT Summer," we've learned a lot about the evolution of consumer habits in digitally-native spaces. These insights can help guide the future of how brands operate and consumers engage in virtual environments.
As a short follow-up to our last blog post on how web3 is driving a return to the internet's golden age of customization, we're sharing some additional thoughts on how you can build for the next wave of consumer adoption. This evolution is already showing signs of incredible value for forward-thinking brands like Gucci, Valentino, L'Oréal, Adidas, Nike, and many more.
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1) The metaverse hype of 2021 was an introduction, not an endgame
On the heels of NFTs’ $25 billion year, the metaverse was everywhere. In the years since, we’ve learned a lot about the future of virtual worlds. The technology is still early, and neither Facebook's rebranding to Meta nor Apple’s Vision Pro suggests we’ll be walking the streets in VR headsets anytime soon.
Rather, the metaverse is simply the next iteration of the internet and how we spend our time online — one supported by technology that enables ownership, customization, and portability of our digital identities. The opportunity for brands to do it right, building seamless end-to-end experiences for self-expression (not mere visitation or speculation), could not be greater.
2) The avatar is the "personalized atomic unit" of the metaverse
How do we feel like ourselves in the metaverse? It all starts with being able to really see yourself. To do that, you must gain the tools to customize and evolve your digital identity.
MySpace and Facebook did it with the profile page (status, profile picture, bio, etc), and in the metaverse, it all starts with the avatar. This technology isn’t just a feature; it’s a foundational building block to everything within.
Consumer Customization is a Massive Web3-Powered Use Case
From Gucci bags and shopping experiences to avatars dressed head to toe in Valentino, smart brands are giving consumers more customizable ways to flex their tastes, express loyalty, and, ultimately, spend money. These examples show just how powerful underlying web3 technology can be for powering customizable user-owned digital assets. It may just be web3’s next explosive use case.
Digital Identities Should Be Interoperable, Portable, and Hyper-Customizable
Consumers (especially Gen Z) can be notoriously fickle when maintaining their online identities. Young people want to be empowered to add things, lose things, move things, and adjust their fits according to their tastes.
Brands building experiences — and selling digital assets — must prioritize the ability to transfer assets (portability), enable compatibility in multiple environments (interoperability), and continue piquing consumer interest through endless customization options.
3) Not every brand needs to launch an avatar
Customization in the metaverse isn't a one-size-fits-all approach — and not every brand needs to launch an avatar to give people something to do and share. Maybe it's an avatar, a collaborative co-creation opportunity, or an interactive and editable room you can customize with colorful furniture. In the end, it all boils down to choice.
4) Brands can (and should) test & learn in virtual spaces
When leveraging next-generation technology, things move fast, and getting it entirely right is often challenging. Brands who understand the value of giving consumers, especially Gen Z, the tools they so clearly want to represent their most authentic selves online shouldn’t be afraid to experiment and explore the best strategies for showing up in the metaverse.
If you need a helping hand in building customizable consumer experiences using the strongest tools available, contact Mojito to discuss your project requirements and get a demo.
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How Mojito is Powering the Toledo Museum of Art’s Second NFT Drop
We caught up again with the museum's CEO to hear how they're leveraging Mojito's tech stack to engage new audiences.
This past spring, we had the honor of collaborating with the Toledo Museum of Art (TMA) on the Sankofa Carnival: a digital art experience that showcased a three-part collection of digital works from artists Osinachi and Yusuf Lateef.
This Mojito-powered activation marked TMA’s triumphant first foray into NFTs, where the institution seamlessly adapted to web3 technology, engaging its audience in a narrative about how art can connect people across cultures.
Now, on the heels of the Sankofa Carnival success, we’ve partnered with TMA once again, this time to present House of Yatreda: an immersive, multi-sensory exhibition by Yatreda ያጥሬዳ, the digital artist collective based between Ethiopia, Kenya, and the United States.
House of Yatreda — which will also spotlight Ohio-based painter Jordan Buschur — will be open to the public at TMA through November 10. As another exhibition that features a limited-time open edition minted on-demand exclusively at TMA, House of Yatreda is a testament to the melding of physical and digital art, and traditional art institutions adopting cutting-edge initiatives powered by Mojito's invisible web3 technology.
To check in on how TMA is feeling about the burgeoning new paradigm they've entered into, we spoke with Sophie Ong, the Assistant Director of Strategic Initiatives for the Toledo Museum of Art, and Adam Levine, the President of Edward Drummond and Florence Scott Libbey and Director and CEO of Toledo Museum of Art.
How Web3 can Boost Luxury Fashion Sales
Three ways web3 help ease the mid-year woes of some of the world's largest luxury brands — LVMH, Prada, Gucci, and more.
From CNBC to Vogue Business to Reuters, the expert analysts have spoken: luxury sales are down.
Hugo Boss reported a second-quarter sales slump of 1% (a cool billion euros), with brick-and-mortar retail revenue down another 3%.
Kering, Gucci's parent company, reported a 50% drop in net profits, while sales have slumped 11% to €9 billion. Gucci, Kerring's star child, dropped 19% in Q2.
The LVMH side of the jewel-encrusted collar is also feeling the squeeze, with slower sales due to decreased Q2 spending among Chinese consumers.
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Who’s hungry for zero-party cookies?
Welcome to the future of personalized consumer data.
Camilla McFarland isn't just a crypto OG who's been making moves onchain since 2013; she's also an advisor and member of Mojito's founding team, who's long been at the forefront of brand innovation in web3.
What better person to wax onchain poetic on the future of brands in web3 at one of the industry's largest global gatherings: EthCC?
Following her talk last year on Big Brands & Web3: NFTs and the consumer brand revolution, Camilla took the stage this week in Brussels to drop some more alpha on brands making moves onchain in a new talk, Zero-Party Cookies: the future of personalized consumer data.
