The metaverse is emerging as the next digital environment for people not only to interact and collaborate with others, but also to have virtual consumption experiences. In this study, virtual fashion items for the consumer's digital self are deemed significant products with consumption value. Drawing from the regulatory focus theory, this study examines how consumers’ promotion and prevention focus influence value perception and buying behaviors of virtual fashion items in the metaverse context. The data were collected through an online survey. A total of 546 consumers in their twenties who are aware of the metaverse responded to a self-administered questionnaire. The results showed that promotion focus influenced all the perceived consumption values of virtual fashion items such as the economic, visual authority, hedonic, and social value, whereas prevention focus influenced only the visual authority value. Visual authority value negatively affected both purchase intention and willingness to pay premium price, while others had a positive effect. The findings provide theoretical evidence that consumers’ regulatory focus is critical in buying virtual fashion items and suggest that marketers devise effective strategies to stimulate consumers’ regulatory focus and to emphasize the economic, hedonic, and social value of the items in the metaverse context.