Over the past year, the meteoric rise of NFTs and the metaverse paved the way for new talent, new perspectives, and new creativity. But the argument over just how sustainable the virtual dimension is — and can be — lives on.
But with great success comes great responsibility and a high price. According to Digiconomist, the power needed for a single Ethereum transaction exceeds what an average US household uses in more than a week. The buzz surrounding the metaverse’s technological possibilities is wearing off; now, all eyes are on how Web3 can be navigated responsibly.
Luxury brands have the power to drive a shift in the rapidly-developing field. But fashion’s track record in sustainability paints an uncertain picture.
“Greenwashing” is already prolific in the mainstream fashion industry, but similar tactics are already being adopted in the virtual space. Simon Waterhouse, CEO of sustainable strategy partner Eco-Age and founder of EBIT, describes the concept as “Metawashing”: a process where a brand “spends more time and money on marketing its virtual products, metaverse ideas, and NFTs as sustainable rather than on actually minimizing its sustainability impact.”
Are we seeing Greenwashing 2.0? Or can brands scrap the misleading marketing gimmicks in favor of innovative digital efforts? Here, Jing Daily explores the firms paving the way for an eco-friendly future and those that are falling short in the metaverse market expected to reach a value of $122.3 billion.
Luxury’s efforts point to more to be done
Luxury doesn’t have the best of reputations when it comes to environmental impact. But now, the odd name is using the metaverse as an opportunity to rectify their actions. For example, earlier this year, French beauty house Guerlain released an NFT collection of 1,828 “cryptobees” in an attempt to fund biodiversity conservation. Proceeds of the token sales supported a rewilding project in France’s Vallée de la Millière nature reserve. Guerlain also used XTZ, the Tezos blockchain cryptocurrency that claims to use less energy than most.
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