Selfridges launches world-first metaverse department store

Selfridges has announced the opening of a virtual department store in the virtual world of Decentraland, as part of Metaverse Fashion Week.

Over 70 brands, artists and designers took part in creating “a new experience at the intersection of fashion and technology’.

“For the first time, you’ll be able to view the exclusive universe NFTs by Paco Rabanne and Fondation Vasarely in-situ in our flagship metaverse store,” Selfridges said in a LinkedIn post.

“This is the first meta department store in the history of Web3 and anybody can visit. Interact as a guest or attach your crypto wallet to access all features, while keeping your in-world progress and digital assets safe.”

Fashion retailer DYNY joined fellow brands Privé Porter, Charles & Keith, and WyldFlwr in opening a virtual store at Decentraland’s metaverse fashion week.

The companies showcased their products and brands, during the inaugural virtual fashion show from 24 to 27 March.

Privé Porter announced it would offer authenticated NFTs of its exclusive handbags that can be able to be used in the metaverse.

Meanwhile, metaverse brand incubator Phygicode will also be launching festival wear brand WyldFlwr through a digital capsule inspired by the brand’s physical line.

“Those expecting the transactions in the metaverse to look like today’s online transactions could be in for a surprise,” Digital River director or strategy and corporate development Jackie Kyle told Charged.

“Payment methods will evolve, and things like tokens or cryptocurrencies could become preferred payment options.

“Brands will need to have the infrastructure to adapt quickly and accept the rapidly evolving payment types and virtual currencies customers will come to expect.

“Purchases are going to be taxed, and it’s likely that physical location is still going to dictate which taxing jurisdiction to apply to transactions. While fully virtual transactions may not tie directly to the physical world, a user’s physical location is the easiest way for governments to ensure that no purchase goes untaxed.

“Current regulations stipulate that the taxation of services is based on the location or habitual residence of the buyer, while the taxation of physical goods is based on the ship-to location or jurisdiction.

“No matter how tax regulations evolve, brands selling in the metaverse will need a way to ensure that appropriate taxes are collected.

“This means gathering sufficient information from the end consumer purchase and applying the right tax decision, so brands will need to be sure that they’re receiving accurate location information from customers.

“In the event of an audit, brands would be wise to keep a record of the baseline information used in the tax decision, as regulatory agencies will certainly be watching the metaverse with a keen eye.”

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