The new year brings a new cycle of trends. And with it, new potential for creativity, innovation and more projects that push the boundaries of style and technology. Many luxury players have yet to reveal the next step in their roadmaps, but key themes for the 2023 virtual landscape are already emerging, indicating what could prove popular in the next twelve months.

The pace of digital drops slowed over the holiday season, but that didn’t stop Prada from releasing the eighth installment of its Timecapsule NFT series. In addition to this ongoing campaign, we’re excited to see what other metaversal efforts the powerhouse has up its sleeve. Meanwhile, Tiffany Cryptopunk owners are finally receiving their coveted diamond pendants that rocked the luxury world in August, while rising brand Steel is betting on a combination of craftsmanship and blockchain technology to break into the market.

We’re just days away from 2023. But with promising growth and acceleration opportunities on the horizon, it’s already shaping up to be an exciting year for Web3.

The Italian luxury house has brought its long-running NFT project into the new year. Photo: Prada.

Prada’s Timecapsule NFT series continues to deliver high-value benefits to its community

What happened: Prada continues its coveted Timecapsule NFT series into the new year. The house launched its eighth installment of the collection last week, with a shirt decorated with optical prints that had been designed in 1969 by the Italian photographer Enzo Ragazzini. The 50-piece release also came with an NFT giveaway along with the opportunity for the owners to attend the Prada Menswear Fall 23 fashion show in Milan on January 15.

The verdict: Since the launch of its Timecapsule NFT series, Prada has fostered a strong community of fashion and Web3 enthusiasts who are willing to invest in its virtual products. This is undoubtedly due to the attractive benefits that each token arrives with: in the most recent edition, an exclusive invitation to one of the most anticipated luxury exhibitions. As a brand at the top of the industry, the stakes are high. One false step would be disastrous. But the last year has shown that Prada is quite capable of pulling off an impressive long-term strategy in the metaverse.

H&M is targeting its colossal Gen-Z consumer base through its latest collaboration with the Roblox social platform. Photo: H&M.

H&M Unveils “Loooptopia,” a New Immersive Virtual Experience on Roblox, With an Ambient Twist

What happened: Fast fashion conglomerate H&M has launched its first digital project of 2023: an online universe where players can create virtual clothes and wardrobes for their avatars. The interactive world is an extension of the clothing giant’s “Looop” recycling system, which aims to turn old clothes into new ones. In the digital space, users can learn about circularity in fashion and sustainable commitments, as well as participate in styling sessions, games and more. The platform also encourages a greener approach to fashion consumption by allowing players to trade clothes with each other and upcycle their old outfits to unlock special in-game benefits.

The verdict: The association aims to provide an educational outlet for Gen Z audiences through interactive and incentivized activities. In that respect, it’s a success: the project has a solid strategy of bringing purposeful entertainment to a younger generation (not to mention Roblox boasts of 58.8 million daily active users worldwide, making it one of the most impressive platforms today). But H&M’s virtual efforts will only go so far in addressing the broader implications of its business model, such as the three billion pieces of clothing it produces every year. Is this, then, just more greenwashing? H&M will need to show that its Web3 effort is more than just a diversionary trick.

The latest accessories brand to enter the luxury scene is committed to blockchain technology to take advantage of the experience of its customers. Photo: Steel.

Steel Brings Blockchain Technology to Luxury with a New Range of High-End Accessories

What happened: Palm Beach-based luxury accessories brand Steel combines craftsmanship with blockchain technology for a pioneering new approach to handbag design. The label, a rising star that produces each vessel hand-sewn in a Swiss-based workshop, is creating a series of sculptures complete with its own digital twin. Every NFT is minted on the Polygon Blockchain, and the group has put measures in place to ensure their process is accessible and seamless for potential buyers by using technology like Apple Wallet to prove authenticity and QR codes.

The verdict: As a small business facing big competitors like Prada and H&M, it will be hard to build significant Web3 appeal or cultivate a meaningful presence in the online world. But Steel’s accessibility-focused approach gives it an edge. Using existing software instead of new technological innovations means the company can spend less time educating its audience on how things work and more time focusing on creating high-quality pieces with supreme value.