Condé Nast is developing ways to interact with consumers in the metaverse -- as immersive, computer-generated environments are collectively described. Assuming that many people will eventually work, play and socialize as avatars, it’s feasible they’ll want high-end digitized apparel from designers whose work currently appears in magazines like Vogue.
The publisher, whose media brands also include Bon Appetit, GQ, Vanity Fair, Wired and The New Yorker, sees a chance to partner with creators and build on its history of creating content.
“What is coming with Web3 is going to allow us to continue to do this in an even more engaging way,” Ciara Byrne, director of new business innovation at Condé Nast, said in a discussion at the Vogue Business and eBay Technology Forum on May 26. “Condé has always been about storytelling, about gathering like-minded and disparate people together and showcasing the most interesting, creative and engaging storytelling.”
The metaverse is one of the “Web 3.0” technologies that are predicted to revolutionize the global economy, and includes cryptocurrencies, non-fungible tokens, blockchain, augmented reality and virtual reality.
Meta Platforms, as Facebook renamed itself last year, is spending heavily on the metaverse, but isn’t likely to see a return on that investment for years. Its Reality Labs unit that’s developing metaverse technologies lost $10.2 billion last year.
Condé Nast is bringing together people from its editorial, design, product and research groups to develop the Web 3.0 strategy. The publisher also has teamed with creators and brands that are building virtual communities, Byrne said.
The virtual event was hosted a few days after Roger Lynch, CEO of Condé Nast, said the storied publisher is “no longer a magazine company” in a podcast discussion with technology journalist Kara Swisher.