Meta to Take 47.5% Cut From Selling in Its Metaverse
  • Meta has announced partnerships with luxury fashion brands, including Prada, Balenciaga, and Thom Browne.
  • This move was to bolster the products of the platform to launch a digital fashion marketplace.
  • Luxury brands and the likes of it have seen potential in crypto space amid crypto crash.

The tech company Meta Platforms, formerly known as Facebook Inc, has partnered with three iconic fashion brands, including Prada, Balenciaga, and Thom Browne. The partnership was announced by the company’s CEO and Founder Mark Zuckerberg on Friday.

Relatively, the partnership with these companies was part of Meta’s moves to bolster its products on its recently launched digital fashion marketplace called “Meta Avatars Store.”

Zuckerberg was accompanied by the director of fashion partnership at Meta for Instagram, Eva Chen, during an instagram live.

“I’m really grateful and proud that these brands are joining us to kick off fashion in the metaverse,” the Meta Chief said during the session. 

These three brands will join Meta to sell fashionable avatars. The feature will be added to Meta’s social media platform subsidiaries including Instagram, Facebook, and Messenger, within the next few months.

Chen said:

Fashion is ultimately a form of art and self-expression. And now being able to wear Balenciaga, Prada, and Thom Browne, I can’t wait to see what comes from this.

The blooming interest of top fashion companies to enter the NFT and Metaverse signifies that these firms have seen the potential of the crypto space, amidst the crypto meltdown.Fashion brands such as The Gap, Tag Heuer, Gucci, Off-White, Michele Franzese Moda, and many more have incorporated their firms within the NFT and crypto space.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.