Selling virtual fashion in the metaverse: Behavioral evidence from blockchain transactions

Abstract

As virtual economies expand and brands explore new opportunities, digital fashion emerges as a promising retailing vector. This study investigates the factors driving the purchase and retention period of digital wearables in metaverse marketplaces, using behavioral blockchain data from 65,000 real transactions over a 21-month period. Grounded in the Theory of Consumption Values and the Theory of Luxury Value, we examine how item rarity, utility, aesthetic escapism, and seller popularity influence consumer behavior. The results reveal that rarity does not operate as expected: Common items with escapist aesthetics and sold by popular sellers achieve higher sales. The retention period is primarily linked to aesthetics, with no significant effect from rarity or utility. These findings demonstrate how established consumer value frameworks apply to blockchain-based retail environments, and reveal how social visibility and aesthetic appeal substitute for material scarcity. The study provides actionable insights for brands and digital creators seeking to design, position, and market virtual fashion effectively within metaverse marketplaces.