As Retail Slumps And Many NFTs Cool, Virtual Good Sales Explode ... - PR Newswire

As Retail Slumps And Many NFTs Cool, Virtual Good Sales Explode … – PR Newswire

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

, /PRNewswire/ — MetaJuice, trustee of one of the metaverse’s most popular on-platform native wallets, today 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.”

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:

  1. Pop Neon Hair
  2. Idol Fade Hair
  3. Streetwear Blue Sneakers
  4. Streetwear Pink Hoodie
  5. Streetwear Dreadlocks
  6. Idol Undercut Hair
  7. Pop Bob Hair
  8. Idol Slicked Hair
  9. Glam Dress Shoe
  10. 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 cur