Nike, Roblox and the billion-dollar business of virtual fashion

Virtual sneaker drops and digital fashion are emerging as a lucrative new revenue stream for designer brands. Shoppers spend real money dressing their online avatars, while brands sidestep factory, shipping, and warehouse costs entirely. CGTN's Karina Mitchell spoke with Christine Russo, Insight Provider for Retail, Brands and Tech, about what is driving the virtual fashion economy. 0:00 Digital sneakers: Why virtual fashion is taking off 0:58 Why would anyone pay thousands for sneakers they can't wear? 2:06 Can digital sneakers become a major revenue stream? 3:00 Is virtual fashion hype over — or just getting started? 3:47 What happens to your digital sneakers if a platform shuts down? 4:29 Virtual worlds vs. physical stores: Where should brands invest? #bizshow #virtualfashion #digitalsneakers #gaming #AR #retail #economy Watch CGTN LIVE on your computer, tablet or mobile https://cgtnamerica.vhx.tv/videos/hd-live-broadcasts Subscribe to CGTN America on YouTube Follow CGTN America: Twitter: @cgtnamerica Facebook: @cgtnamerica Instagram: @cgtnamerica TikTok: @cgtnamerica.tiktok This material is distributed by MediaLinks TV, LLC on behalf of CCTV. Additional information is available at the Department of Justice, Washington, D.C.