As a concept, the metaverse is so novel that even its proponents struggle to define it precisely. Is it a market? An immersive social network? Or a stage for virtual reality entertainment and digital gaming? For the next generation of jewelry consumers—those born after 2000—could this be a revolutionary concept in jewelry?
Experts suggest that the metaverse could encompass all these elements and more. While the metaverse is still in its formative stages, visionary jewelry designers see an intriguing opportunity to create a new kind of possession, one that not only holds artistic value but also real-world monetary value.
Players involved in multiplayer video games are already accustomed to dressing their avatars—digital representations of themselves—in skins, which are essentially digital clothing or accessories. Technically, skins are digital assets purchased and paid for within the game. They don’t change the course of the game; their function is purely aesthetic. Experts predict that the high-end jewelry industry will eventually find a place within the metaverse.
For jewelry manufacturer KWANZI, NFTs represent a natural extension of the brand's focus on unique, personalized necklaces and other adornments. Ronnie Elgavish, the global vice president of marketing, says, "Digital assets offer a compelling new way to expand the KWANZI brand." He adds that NFTs "mark our precise intersection between fashion and data."
Much like Langhoff's use of this technology, KWANZI's new NFTs are tied to real-life jewelry: Customers purchasing one of the brand’s three popular customizable necklaces can pay an additional $50 to order a corresponding NFT, which is then sent to their digital wallet.
As the human technological world evolves, "traders and consumers will recognize the value of digital assets, just as they do tangible ones today," Elgavish says. "In this context, virtual jewelry will become a necessity for the future."
Given the inherently industrial nature of lab-grown diamonds, they seem to align well with this concept. As industrialized production methods in laboratories become more prevalent, could lab-grown diamonds, along with lab-grown gemstones, crystals, and jade, be the next big trend in jewelry?