Retail and crypto analysts dread a gloomy 2023, yet Gen Z buys virtual dreadlocks, sneakers and streetwear in just a few minutes to use in the metaverse
MetaJuice, trustee of one of the metaverse’s most popular on-platform native wallets, revealed virtual U.S. retail trends for December 2022 and early January 2023 that buck retail trends for physical goods. The popularity of these NFT-based digital collectible goods has also propelled the number of Web3 wallets on IMVU past 1 million in less than two years. Millennials and Gen Z (18-35-year-olds) are driving this trend, with virtual fashion, beauty and streetwear items priced at between $3-100 selling out in the tens of thousands in an average of 7.5 minutes per release. In the first month, MetaJuice reached the top 10 in global NFT collectible transactions on DappRadar, which tracks all blockchain transactions.
“We want to make NFTs affordable to the masses and have true utility so owners can use, wear, trade, and gain social currency to improve their daily digital lives,” said John Burris, President of MetaJuice. “Sales of digital goods in games and metaverses have grown steadily and NFTs will further propel their popularity through scarcity, uniqueness, and proof of ownership.”
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With JP Morgan analysts estimating $54 billion spent annually on virtual goods, and McKinsey & Company predicting the metaverse could generate up to $5 trillion in value by 2030. The 10 fastest-selling goods on IMVU are:
- Pop Neon Hair
- Idol Fade Hair
- Streetwear Blue Sneakers
- Streetwear Pink Hoodie
- Streetwear Dreadlocks
- Idol Undercut Hair
- Pop Bob Hair
- Idol Slicked Hair
- Glam Dress Shoe
- Streetwear Skater Hair
Based on previous survey data a large number of users have engaged with crypto for the first time on IMVU in the form of purchasing VCOIN or NFTs, with 25% of NFT buyers engaging with the blockchain for the first time.
IMVU users recognize the value of NFTs and are willing to pay an order of magnitude more than the average non-NFT product due to their additional on-platform benefits and qualities.
“We are bringing non-crypto users into crypto without them realizing it,” Burris said. “Users care less that they are NFTs and more that they are unique, ownable, resellable and provide social currency. They are creating wallets, using VCOIN, and buying and selling NFTs. This trend will greatly increase our revenue from catalog sales.”
Although many users enjoy using the NFTs with their avatar on IMVU, many items are being collected and re-sold by buyers on the IMVU marketplace. The hottest item collections on the secondary market (based on the total percent of collections sold) are:
- Idol Hair
- Blue Streetwear
- Pink Streetwear
- Pop Hair
- Grunge (Male)
- Grunge (Female)
- Y2K (Male)
- Glam Dress
- Glam Suit
- Y2K (Female)
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“Do you want to feel special? Check out the NFT shop. there is always something to wear that makes you feel special and unique,” said user a1i5.
“They say you can’t buy happiness but you can buy shoes. Me: I buy #IMVUNFT shoes,” said user mike_ moon007.
“My experience with NFT Exclusives has been great! My name stands out in gold and I have made new friends because of NFT Exclusives!,” said user karina64257.
More than 80% of these virtual goods have been bought and sold by 18-35-year-olds, with 18-24-year-olds (Gen Z) representing over 60% of this demographic. In November 2022, MetaJuice introduced NFTs as digital collectibles in IMVU, a metaverse platform created in 2004 with nearly 1M daily active users spending 55 minutes on the platform, 65% of whom self-identify as female.
Wearables in the IMVU metaverse are a large part of avatar customization, allowing users to stand out in the virtual world. IMVU NFT sales layer on top of the platform’s 20M virtual goods sold monthly. In the next phase launching soon, IMVU will unlock the ability for their 200,000 active creators, who currently add 346,000 digital items to the catalog each month, to also mint NFTs. With both options offered in a seamlessly integrated way unique in the metaverse space, the million NFT milestone isn’t far behind.
MetaJuice has released weekly drops of NFTs on IMVU starting November 30, with all drops selling out. The most recent drops have sold out in under 10 minutes.