RETRACTED: Metaverse in fashion industry development: applications and challenges

Abstract

See the retraction notice E3S Web of Conferences 420, 00001 (2023), https://doi.org/10.1051/e3sconf/202342000001

Full text

Metaverse in fashion industry development:
applications and challenges
Elena Alexandrova1*, and Marina Poddubnaya1
1 Kuban State University, 350040 Krasnodar, Russia
Abstract. This article studies the peculiarities of using metaverse in fashion
industry. Given the technical limitations, the metaverse is being considered
as a marketing tool in this industry. There are several key areas for fashion
brands in virtual worlds: branding, goods, virtual fashion, and digital skins,
distribution channels and logistics, interaction with consumers, and
customer information. Fashion companies using the metaverse are aiming to
promote their products and connect with consumers by creating and/or
expanding product concepts in a virtual world, building brand trust and
attracting new customer groups. Increased costs of customer acquisition
through paid digital marketing increase brand interest in the metaverse as an
alternative channel. Benefits of the metaverse for the fashion industry
include limitless online format for product and brand concept development,
reaching new customer groups, a new level of multi-channel approach
companies are developing, expanding the space for testing new products,
developing customer experience, holding their attention, etc. In spite of meta
universe's advantages for the fashion industry, at the moment it doesn't have
a mass application in the sphere of fashion brands, there are only a limited
number of active clients in virtual worlds. The article marked some problems
of the development of the technology in the industry. The results of the
research let us conclude that the metaverse is perspective for the fashion
industry development, and it is necessary to solve the mentioned problems,
as well as to work out concrete mechanisms on the legislative level and on
the level of company strategy, which minimise the risks of fashion brands'
presence in metaverse and maximally will satisfy the consumers' desire in
virtual reality.
1 Introduction
The digitalisation of various areas and spheres of the economy [1] contributes to significant
changes in the fashion industry. The Covid-19 pandemic has further reinforced the key role
of digital technology in the industry [2-5], increasing the digital interaction of fashion
shoppers with brands online: 72% of shoppers in 2021 interacted with brands online. Of the
shoppers who switched from offline channels to online shopping in 2021, 48% stated that
they did so due to the Covid-19 pandemic, 27% cited convenience, 11% cited product
availability and another 11% cited promotions [2, 6]. McKinsey predicts that fashion brands
* Corresponding author: al-helen@mail.ru
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
© The Authors, published by EDP Sciences. This is an open access article distributed under the terms of the Creative
Commons Attribution License 4.0 (https://creativecommons.org/licenses/by/4.0/).
RETRACTED

will increase their investment in technology from 1.6-1.8% of their revenue in 2021 to 3-
3.5% by 2030 [7].
The most promising innovations for the development of the fashion industry include
metaverse, which includes a number of technologies - expanded reality (XR) (avatars, virtual
(VR) and augmented reality (AR)), blockchain, non-interoperable tokens (NFT), game
"skins", etc. Growing interest in the metaverse determines the relevance of studying the
characteristics of digital substitutes and digital fashion [8]. Thus, it is pointed out that the
importance of the meta universe is growing in all areas of retail, but at the same time, very
little is known about it from a customer, retailer, or brand perspective. There are therefore
several dimensions of the metaverse: online collaboration, high immersive consumers,
unique digital assets and digital identities [9].
The metaverse is an extension of the online presence of fashion brands, which began with
mobile devices, online sales, and social media. A number of authors emphasise the various
benefits of the metaverse.
 Customer interaction with a fashion brand in a unique immersive environment that tells
the brand's story and differentiates it from its competitors. The virtual environment,
taking advantage of the limitless possibilities and advantages of the online format,
maintains the brand look and makes it accessible to more consumers;
 The metaverse is a promising marketing platform for presenting brands in an interactive
3D digital space where users come together through avatars that look like them [10];
 allows customers to interact with an immersive retail experience by seamlessly
navigating between virtual and physical environments, fostering a multi-channel
approach for companies [11];
 unlike conventional websites and mobile apps, detailed, interactive 3D spaces encourage
shoppers to linger longer when shopping in an immersive environment [12]. Consumer
evaluation of products in a metaverse is more profitable for companies than in 2D
environments;
 companies have almost limitless options for designing virtual retail environments,
thereby enhancing the consumer experience;
 testing digital designs on avatars in virtual worlds before investing in production for
physical shop sales; and developing the ability to co-create products with consumers,
thus increasing the level of personalisation of brands [13, 14].
In spite of the fact that the meta universe has obvious advantages for the development of
companies in the fashion industry, there are also some problems, including data security
issues, privacy of consumers, the negative impact of technology on the mental and physical
health of consumers [15]. Among other problems of fashion brands development in the meta-
virtual reality are the high cost of equipment and technologies of virtual reality for end users,
the security of intellectual property rights in the virtual world, and potential competition
between brands for consumers' attention.
The first part of the paper investigates the possibilities and directions of metaverse
development in the fashion industry, and considers the problems associated with its use in
the activities of fashion brands. The second part of the paper presents key conclusions and
results, as well as directions for further scientific research on the selected topic.
2 Applications and challenges for the fashion industry
companies in the metaverse
Bloomberg Intelligence estimates that by 2024, the metaverse market will reach $800 billion,
forcing fashion retailers to look for ways to effectively adapt their strategies to compete in
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
2
RETRACTED

the 'virtual' future of the metaverse [16]. By 2030, metaverses could reach 5 billion permanent
users, with commercial opportunities estimated at around $13 trillion US.
For companies in the fashion industry, the potential of the metaverse relates to the creation
and customisation of virtual retail spaces, attracting new consumer groups. In the metaverse,
they can adapt the virtual world to emphasise their brand vision, engage consumers in the
retail environment and break down the boundaries between the physical and online spaces.
A strong sense of realism and immersion allows companies to draw customers into a positive
and personal online experience that keeps users coming back to the virtual world. For
example, luxury brands are creating a stronger online and digital footprint by developing a
metaverse as they seek to engage with younger consumers.
According to McKinsey's research, the metaverse is seen in the fashion industry as a
marketing tool. A fully formed metaverse, including an interconnected virtual ecosystem that
intersects or offers an alternative to physical reality, is not yet possible due to technological
limitations [7].
Current developments of fashion brands in existing virtual worlds (virtual fashion, games,
NFT, digital skins, etc.) such as The Sandbox, Decentraland, Roblox, etc. suggest several key
areas of company development in the metaworld (Table 1) [7, 17]. As follows from the data
presented in Table 1, the activities of fashion brands in the metaverse boil down mainly to
various marketing activities.
Companies' interest in the metaverse as a marketing tool is growing against the
background of stricter privacy rules and technological changes, as well as the rising cost of
paid digital marketing.
Table 1. Key areas of fashion brand development in the metaverse.
N
Development
sector
Features
1
Branding
Expanding real-world positioning, moving a brand into a new virtual
environment that allows for a new appreciation of its benefits, interacting with
potential and current customers, engaging consumers by providing virtual
products, building brand equity through gamification, creating synergies
between the virtual and real worlds.
2
Product
NFTs enable the acquisition, possession and trading of unique virtual artefacts
that are identified using blockchain technology. NFTs expand brands' product
portfolios with virtual offerings and increase interaction between the virtual
and real worlds. NFTs as digital twins that store information about the history,
authenticity and ownership of a physical or digital product, which is especially
important for the luxury segment in the fight against counterfeits. NFTs as
"loyalty tokens" offering additional benefits to consumers, such as access to
new NFT releases and physical products.
3
Virtual
fashion and
digital skins
Generating sustainable revenues in the short term by changing the appearance
of avatars in gaming and online platforms. In many countries (US, China),
more than 70% of consumers show a high demand for creating and adapting
online identities, acquiring virtual assets.
4
Distribution
channels and
logistics
Breaking down the boundaries between the physical and virtual worlds
through NFT
5
Interaction
with
consumers
Interaction with artificial intelligence designed for learning through repeat
customer interactions. Personalised customer interactions through virtual 3D
agents of artificial intelligence in VR or a hologram in AR.
6
Customer
information
Data availability - in terms of quality and quantity - on consumers. Extensive
opportunities for experimentation in order to obtain information on consumer
reactions to new product concepts or ideas.
Source: The State of Fashion Technology 2022, McKinsey& Co. 2022. Dwivedi Y.K. et al. (2022).
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
3
RETRACTED

In 2022, for example, brands spent more than three times as much per customer on popular
social platforms as they did in 2013: respectively, $29 in 2022 compared to $9 in 2013. [18].
The metaverse is seen as an alternative marketing channel. As of August 2022, the online
gaming platform Roblox has attracted almost 60 million active users per day, an increase of
24% over the previous year. Leading fashion brands, such as Vans, are launching virtual
worlds on the platform. Several brands have experimented with NFT collections such as NFT
Adidas' 'Into the Metaverse' and NFT Prada's 'Timecapsule'. Companies are also
implementing projects in the metaverse aimed at extending metaverse users' offers of added
value or utility, such as rewards in the form of exclusive access to limited-edition collections
or experiences, which in turn creates a stronger brand affinity [19].
Recognising the benefits of a metaverse for brand development, companies in the fashion
industry are now actively investing in virtual worlds, creating and developing them. For
example, luxury brands are inviting shoppers to explore and play in innovative virtual spaces.
For the fashion brands themselves, the metaworld can be profitable. For example, Gucci
promoted a virtual handbag on the popular and well-established Roblox gaming platform and
sold it for US$4,100, well above its physical price [20]. Other fashion brands - Louis Vuitton,
Dior - also go along the way of developing their own virtual games, virtual shops, etc., thus
expanding their presence in the meta universe.
In 2021, global spending on virtual goods by the fashion industry reached around US$110
billion, more than doubling the total in 2015. In the first few months of 2022, investment in
the metaverse more than doubled compared to 2021 ($57 billion), exceeding US$120 billion.
[21]. By 2024, spending is expected to be at least $135 billion. Innovative fashion brands
could get as much as 5% of their income from the metaverse over the next five years. Virtual
skins in digital worlds will be a big driver of this revenue stream, while NFT can help address
industry pain points (e.g. authentication of goods) and increase customer loyalty.
In March 2022, one month after Real World Fashion Weeks, Decentraland held its first
Fashion Week (MFW): a four-day digital fashion week with virtual shows, talks, events and
collections available for purchase directly from the runway or pop-up galleries. Dolce &
Gabbana, Etro, Tommy Hilfiger, Philippe Plein and Estée Lauder are just some of the 60
brands attending MFW, proof that more and more luxury and premium brands are seeing the
potential of this virtual dimension and that it can become as important as the physical.
The fashion industry's increased focus on metaverse technologies (NFT, blockchain, Web
3, etc.) is due to the fact that they are exclusive and scarce in addition to their functional
characteristics, thus matching the nature of fashion brands. Blockchain provides a more
secure and transparent record of transactions, which reduces the risk of fraud and provides
greater visibility and sub-accountability in the premium buying process. Balmain announced
in 2022 the creation of the Non-Fungible Thread, a fashion ecosystem supported by NFT,
catering to Balmain clothing owners [22].
Some pioneering fashion companies are collaborating with video game developers to
retail in a metaverse world. For example, fashion brand Uniqlo worked with Minecraft
developer Mojang Studios to create a line of Minecraft-themed T-shirts, which they then also
made available in Minecraft digital shops and physical Uniqlo shops [23]. Gucci collaborated
with Zepeto, a social network and avatar modelling app, to create paid digital skins [24].
There is a growing interest among fashion brands in mergers and acquisitions to expand
opportunities to enter the world of the metaverse. These focus on brands exposed to the
younger generation [25]. Nike has acquired RTFKT, which offers cutting-edge innovations
to create next-generation collectibles that integrate culture and gaming, NFT, blockchain
authentication and augmented reality, as it seeks to expand the metaverse [26].
Despite the fact that the concept of metaverse is being actively implemented in the
development strategies of fashion brands, there are also some challenges to the mass adoption
of this technology in the industry.
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
4
RETRACTED

Firstly, for fashion brands, especially premium and luxury brands, consumers who have
come to them through regular interaction with video games will be an unfamiliar or even
non-target audience for them.
Secondly, as more and more brands adopt the metaverse in their strategies, there will be
more competition between them to attract and retain new consumers.
Thirdly, the cost of VR equipment (glasses, tactile gloves, headsets) and the level of
telecommunication networks development (5G, speed of connection) will have a significant
impact on the metaverse development. A survey in 2022 showed that half of US consumers
are not ready to use the metaverse because of expensive VR technology [27]. In addition, XR
technologies are at a relatively early stage of development, and often glitchy or cumbersome
applications have a negative impact on the user experience.
Another problem is that the concept of digital assets and associated intellectual property
rights is not fully understood in the metaverse [17]. For example, brand, design, use of avatars
to represent and/or act on behalf of people as their digital twin in the metaverse environment
and hence related human rights, legal and ethical issues. In addition, brands, especially in the
luxury sector, need to be aware of the sale of 'cheap' digital goods that can weaken the
exclusivity of their brand image.
The lack of physical interaction can also hinder the mass adoption of metaverses in the
fashion industry. This problem is already being pointed out by 78 % of customers who are
present in virtual worlds.
Another concern is ensuring the security and privacy of personal data in virtual worlds.
Personal information and content stored on a metaverse platform can be stolen. For example,
avatar information such as voice and video recordings can be hacked while the user is using
the platform, or an intruder can tamper with the avatar and abuse it. The metaworld also has
the potential to accumulate more sensitive information than traditional systems, which can
significantly compromise user privacy: headsets with live microphones can record all
conversations; HMDs with always-on cameras can record video in private spaces; eye-
tracking technology can record what a user looks at [28]. Security breaches in the metaverse
involve not only personal data, but also financial assets, including crypto-assets [29].
3 Results
As technology advances, virtual environments become more compatible and socially
accepted, the metaverse will increase the revenue opportunities for fashion companies. At the
moment, only a few fashion brands are using this tool to promote and communicate with a
still limited number of active consumers. Technology players, as well as start-ups and fashion
brands, need to develop technologies that can help transform today's raw virtual experience
into a mature, immersive reality [7].
The future development of the fashion metaverse clearly depends on a number of factors
and conditions:
 increasing the number of active customers, including through public recognition of the
virtual world as an important part of human life;
 solving the problems of metaverse development with regard to the risks of fashion
brands' presence in the virtual environment;
 Increasing cooperation between fashion brands and gaming and technology start-ups,
as well as mergers and acquisitions - where a fashion brand acquires a technology start-
up or company that has some kind of advantage in the virtual environment;
 More active targeting of companies' strategies towards the younger generation,
including Z and millennials;
 Identifying the competencies that fashion brands need to develop or acquire in the
metaverse;
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
5
RETRACTED

 Developing companies' own ability to attract people with technology-related skills,
along with a deep understanding of the metaverse and its communities. For example,
Balenciaga created a metaverse business unit, which is actively engaged in marketing
and commerce of the metaverse [30].
These factors require the development of specific mechanisms, both at the legislative
level (intellectual property rights protection, security and data privacy, etc.) and at the level
of companies (metaverse strategies) that would minimize the risks of fashion brands'
presence in the metaverse, and maximize consumer satisfaction with effective applications
and available technologies. Because of the close relationship between fashion brands and
consumers' self-expression, status and creativity, the fashion industry is well placed to benefit
from interaction with virtual worlds.
4 Conclusion
The study has shown that the metaverse is currently a promising direction for the
development of fashion brands in the virtual world. Considering its technical capabilities and
limited number of active users, the metaverse at this stage appears to be a marketing and
communication tool for fashion companies with specific groups of consumers (mainly the
younger generation who are into online games). Companies also show a growing interest in
the metaverse as the efficiency and costs of targeting consumers through digital marketing
technologies diminish. We are talking about the rising cost of engaging customers through
social networks.
Fashion brands are using the metaverse as a marketing tool to achieve greater cost-
effectiveness in marketing spend and to collect personal and unique data about their target
group, which can be used to deepen customer relationships and develop personalisation.
Among the key areas of fashion brand development in the metaverse are branding,
merchandising (NFT, digital assets), virtual fashion and digital skins, distribution channels
and logistics, customer interaction and customer intelligence.
Despite the promise of the metaverse for the fashion industry, there are risks and problems
that prevent it from being used on a mass scale. Problems concern different aspects, such as
the protection of intellectual property, the risk of reducing the brand image by selling cheap
fakes, the security and confidentiality of personal data in a virtual world, etc. There are
significant risks of technical failures, consumers are also stopped by the high cost of
technology and the cumbersomeness of virtual reality applications. Existing problems allow
us to determine that the usefulness of the metaverse for the end consumers of the fashion
industry should be natural. Not only in the physical world, but also in the virtual world,
fashion brands need to stand out (have a distinct competitive advantage) and broadcast to
consumers the reason why they want to associate with them. It is important to maintain the
uniqueness and identity of the brand within the metaverse.
Growing economic uncertainty in developed and developing countries, as well as the
competition of fashion brands for consumers' attention and attraction, increases the
importance of metaverse strategies. The latter provides a unique opportunity to enrich the
existing fashion companies' relationships with customers and to attract new ones (above all
from the younger generations - millennials, Generation Z). Various forms of cooperation with
gaming and technology start-ups as well as mergers and acquisitions in this area look
promising. Regardless of the path chosen for entering the virtual world, companies should
clearly define their competencies and the expected benefits of their presence in the metaverse.
The conducted research doesn't pretend to fully explore all issues and areas of fashion
brands development in the meta universe, which is due to relative novelty and lack of study
of some aspects of this topic. The vector for further research seems to be in the direction of
specifying the rent-benefit areas of development and systematization of new opportunities
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
6
RETRACTED

for marketing fashion brands in the metaverse, as well as assessing the potential
consequences of business transformation in virtual world.
References
1. E. Alexandrova, Digital Economy in Competitiveness of Modern Companies, in Digital
Science 2019, DSIC 2019, Advances in Intelligent Systems and Computing 1114, 114–
125 (2020) https://doi.org/10.1007/978-3-030-37737-3_11
2. S. Schauman, S. Greene, O. Korkman, Sufficiency and the dematerialization of
fashion: How digital substitutes are creating new market opportunities (Business
Horizons, 2023) https://doi.org/10.1016/j.bushor.2023.03.003
3. M. Cho, H. Yun, E. Ko, European Management Journal (2022)
https://doi.org/10.1016/j.emj.2022.12.005
4. M. Beech, COVID-19 Pushes Up Internet Use 70% And Streaming More Than 12%,
First Figures Reveal. Forbes, March 20, (2020)
5. A. Noris, L. Cantoni, COVID-19 outbreak and fashion communication strategies on
Instagram: A content analysis, in Design, user experience, and usability: Design for
contemporary technological environments 12781, 340-355 (2021)
https://doi.org/10.1007/978-3-030-78227-6_25
6. J. Holmqvist, J. Wirtz, M.P. Fritze, Journal of Business Research 121, 747-756 (2020)
https://doi.org/10.1016/j.jbusres.2020.05.038
7. The State of Fashion Technology 2022. McKinsey& Co (2023)
https://cdn.businessoffashion.com/reports/The_State_of_Fashion_Special_Edition_Tec
hnology_2022.pdf?int_campaign=sof22_040522&int_content=v1&int_medium=article
_embed_asset&int_source=onsite_marketing, last accessed 2023/04/21
8. M. Kilzi, The new virtual economy of the metaverse. Forbes, October 19, 2022,
https://www.forbes.com/, last accessed 2023/04/21.
9. K. Yoo, R. Welden, K. Hewett, M. Haenlein, Journal of Retailing (2023)
https://doi.org/10.1016/j.jretai.2023.02.002
10. S. Hollensen, P. Kotler, M.O. Opresnik, Journal of Business Strategy 44(3), 119-125
(2023) https://doi.org/10.1108/JBS-01-2022-0014
11. O. Dogadkina, Transformed By The Metaverse, The Virtual Retail Experience Grows
More Immersive And Engaging Than Ever Before. Forbes (2022)
https://www.forbes.com/sites/forbestechcouncil/2022/07/26/transformed-by-the-
metaverse-the-virtual-retail-experience-grows-more-immersive-and-engaging-than-
ever-before/?sh=69cbb4227683, last accessed 2023/04/27
12. T. Hennig-Thurau, D.N. Aliman, A.M. Herting, et al., J. of the Acad. Mark. Sci. (2022)
https://doi.org/10.1007/s11747-022-00908-0
13. H. Anderson, Unique Ways Retailers Can Embrace the Metaverse. Publicissapient
(2022) https://www.publicissapient.com/insights/unique-ways-retailers-can-embrace-
the-metaverse, last accessed 2023/04/27
14. E. Gadalla, K. Keeling, I. Abosag, Journal of Marketing Management 29 (2013)
https://doi.org/10.1080/0267257X.2013.835742
15. L.H. Lee, et al., arXiv 2110, 05352 (2021) https://doi.org/10.48550/arXiv.2110.05352
16. Metaverse may be $800 billion market, next tech platform. Bloomberg Intelligence,
(2021) https://www.bloomberg.com/professional/blog/metaverse-may-be-800-billion-
market-next-tech-platform/, last accessed 2023/04/27
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
7
RETRACTED

17. Y.K. Dwivedi, et al., International Journal of Information Management 66, 102542
(2022) https://doi.org/10.1016/j.ijinfomgt.2022.102542
18. Brands Losing a Record $29 for Each New Customer Acquired. Business Wire, July
19, 2022, https://www.businesswire.com/news/home/20220719005425/en/Brands-
Losing-a-Record-29-for-Each-New-Customer-Acquired, last accessed 2023/04/07
19. The Year Ahead: Digital Marketing in the Age of Privacy. The Business of Fashion
(2023) https://www.businessoffashion.com/articles/marketing-pr/the-state-of-fashion-
2023-report-digital-marketing-privacy-customer-acquisition-retention/, last accessed
2023/04/17
20. Clothes That Don't Exist Are Worth Big Money in the Metaverse. Bloomberg (2021)
https://www.bloomberg.com/news/features/2021-06-16/non-fungible-tokens-and-the-
metaverse-are-digital-fashion-s-next-frontiers, last accessed 2023/04/17
21. Meet the metaverse: Creating real value in a virtual world. McKinsey (2022)
https://www.mckinsey.com/about-us/new-at-mckinsey-blog/meet-the-metaverse-
creating-real-value-in-a-virtual-world, last accessed 2023/04/07
22. S. Lutz, Balmain Seeks ‘Omnichannel’ Immersion for Fashionistas With Help of
MINTNFT. Decrypt. May 29 (2022) https://decrypt.co/101599/balmain-seeks-
omnichannel-immersion-for-fashionistas-with-help-of-mintnft, last accessed
2023/03/29
23. Visiting MINECRAFT Creators at Mojang Studios in Stockholm. Uniqlo,
https://www.uniqlo.com/jp/en/contents/feature/ut-magazine/s75/, last accessed
2023/04/09.
24. Zepeto x Gucci. Gucci, https://www.gucci.com/uk/en_gb/st/stories/inspirations-and-
codes/article/zepeto-x-gucci, last accessed 2023/04/09
25. Why 2021 Will Be a Bumper Year for M&A. Vogue Business, Jan. 1 (2021)
https://www.voguebusiness.com/companies/why-2021-will-be-a-bumper-year-for-
manda, last accessed 2023/04/09
26. Press Release Nike, Nike Acquires RTFKT. Nike, dec. 13, (2021)
https://about.nike.com/en/newsroom/releases/nike-acquires-rtfkt, last accessed
2023/04/09
27. E. Ahmed, Consumers Want Cheaper VR Tech Before Entering the Metaverse.
Insiderintelligence (2022) https://www.insiderintelligence.com/content/consumers-
want-cheaper-vr-tech-before-entering-metaverse, last accessed 2023/04/09.
28. B. Fineman, N. Lewis, Securing Your Reality: Addressing Security and Privacy in
Virtual and Augmented Reality Applications (2018)
https://er.educause.edu/articles/2018/5/securing-your-reality-addressing-security-and-
privacy-in-virtual-and-augmented-reality-applications, last accessed 2023/04/09.
29. R. Merre, Security Will Make or Break The Metaverse. Nasdaq, 29.04.2022,
https://www.nasdaq.com/articles/security-will-make-or-break-the-metaverse, last
accessed 2023/04/09
30. R. Williams, Balenciaga to Launch Metaverse Business Unit. The Business of
Fashion, December 2 (2021)
https://www.businessoffashion.com/news/technology/balenciaga-to-launchmetaverse-
business-unit/, last accessed 2023/04/15
E3S Web of Conferences 420, 06019 (2023) https://doi.org/10.1051/e3sconf/202342006019
EBWFF 2023
8
RETRACTED