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Crypto fashion: why people pay real money for virtual clothes

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Reuters

By Elizabeth Howcroft LONDON (Reuters) – People care what their avatars are wearing. When the virtual world Decentraland said in June users could make and sell their own clothing for avatars to wear on the site, Hiroto Kai stayed up all night designing Japanese-inspired garments. Selling kimonos for around $140 each, he said he made $15,000-$20,000 in just three weeks. While the idea of spending real money on clothing that does not physically exist is baffling to many, virtual possessions generate real sales in the “metaverse” – online environments where people can congregate, walk around, mee…

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