Social gaming and NFTs may offer significant potential for fashion to expand digitally, as the Web3 sector of the internet takes years to develop. The metaverse might be the next step in how you communicate, use the internet, work, play, and eventually dress online. The fashion industry’s digital transition has accelerated significantly in recent years. The goal of fashion houses is to continue to be relevant in the digital age.
Keep reading this article to discover everything you should know about Metaverse Fashion.
The Metaverse Fashion Overview
The metaverse, which can be informally defined as hyper-interactive, creative digital spaces where people work, play, socialize, and shop, is generating a lot of attention. While the metaverse is still in its infancy, there is a lot of excitement about its potential. It may provide new opportunities for businesses and the broader fashion industry to reach Gen Z and other tech-savvy, young customers.
The Metaverse no longer requires a formal introduction because it has joined the mainstream. Virtual and augmented reality have combined to create a digital replica of the physical world that has influenced every aspect of daily living. Fashion is no exception, as the Metaverse attracted the interest of major fashion businesses.
Famous fashion brands and their followers throughout the world are now traveling to metaverse virtual worlds.
NFT in fashion
Getting a foot in the door of video games is a start, but being a pioneer in creativity within the metaverse is critical to gaining traction. Indeed, using NFTs to produce digital replicas of clothing is a fantastic tool that is no longer limited to artists or blockchain professionals.
In the fashion world, NFTs can be used to authenticate products or act as collector objects in their own right. And there has been a surge in participation in the last year, notably among premium players and through the gaming universe.
Brands can add digital value to their collections by combining their physical and digital collections. NFTs are creative because they allow marketers to create the most outlandish products without regard for materials or logistics. Furthermore, the psychology of scarcity and limited editions that appears to be driving the NFT craze could be a valuable asset for premium brands.
Top Fashion Brands in the Metaverse
The easiest approach to understand how fashion will function in the metaverse is to look at the fashion brands that are already involved.
Gucci – the first luxury fashion business to sell NFTs.
Gucci was the first premium brand to venture into the world of NFTs.
The legendary Italian fashion house’s NFT was inspired by their “Aria” collection in cooperation with Alessandro Michele, rather than fashion items. This 4-minute clip was auctioned off for 25,000 million USD at Christie’s.
Louis Vuitton and the NFT collecting game
Louis Vuitton introduced “Louis the Game,” an adventure-style game where players had to navigate around a dollhouse belonging to Vivienne, to commemorate its founder’s 200th birthday on August 4th.
In addition, gamers visited various locations to gather 200 candles to symbolize the 200th anniversary birthday.
The quest included 30 hidden NFTs and 10 NFTs created in association with well-known NFT artist “Beeple.”
In this game, NFTs are free to gather and are not offered for sale to the public.
RTFKT – luxury fashion brand with virtual sneaker drops
The RTFKT brand was founded in 2019 and quickly became a leader in the sale of virtual sneakers. Early in 2021, the company worked on a project with “Fewocious,” a popular crypto artist who was only 18 at the time.
He created three virtual sneakers that bidders could “try on” via Snapchat before entering an auction to purchase.
The highest bidder may even get a tangible pair of sneakers to wear in real life. The cooperation lived up to the hype, with 600 pairs of sneakers sold in under 7 minutes, generating USD3.1 million in sales.
Dolce & Gabbana – Alta Moda Collezione Genesi NFTs on UNXF
During Venice Fashion Week, D&G debuted the 9-piece collection, which was auctioned off for USD5.56 million. Buyers of each NFT received not only the NFT but also actual copies of the items as well as special access to D&G events.
Furthermore, the luxury NFT platform UNXD intends to develop a USD10 million “Culture Fund” to expand the usage of NFTs in the fashion business.
H&M Looop Island – Recycling Machine on Animal Crossing
In recent years, the fashion behemoth has shifted its focus to ecological measures, launching the Looop in-store recycling system.
H&M Looop collaborated with Animal Crossing to create the game’s first recycling station. The brand launches a program encouraging customers to reuse, remake, and recycle not only in the physical world, but also in the digital realm, where ethics and values may be shared and communicated.
Conclusion,
The digital shopping experience is evolving into a rich ecosystem that integrates different online channels, and digital spaces are borderless, opening up a plethora of creative potential that cannot be recreated on-ground.
Metaverse fashion is limitless, yet NFTs are the backbone of Metaverse revenue creation. As a result, both are working together to transform the digital fashion business.
The transition from the physical fashion world to the digital fashion world has resulted in a parallel fashion progression in Web3.
Virtual spaces are now a platform for brands to connect with an engaged audience, as well as media places for advertising and visibility.
As of now, Metaverse is not for everyone. To join, you must have a decent internet connection, computer systems, and a wallet. As a result, bridging the gap between publicity and adoption is difficult.
Several businesses are repositioning themselves to be early entrants in the race. As a result, experts cautioned brands against naively entering the Metaverse due to its hype.
Notably, smaller firms who lack the necessary technical resources and funding cannot enter the Metaverse as soon as the big brands.
Leaving aside the quandary, the parallel fashion world has been thriving in Decentraland’s fashion area since last year. The same motivation has driven various platforms to use NFTs to connect Web3 to Fashion.
When physical buying transitioned to E-commerce during the pandemic, customers were concerned about their clothing and envisioned how they would appear. In true Metaverse flair, customers may test on the fit for their avatars in seconds utilizing VR and AR technologies. Direct purchase and storage in their digital wardrobe.
Customers can trace the sources of raw materials used to make their purchases, search for a certain item within a single store, and monitor trading activity in the used market to determine product histories and authenticity.
Looking back at the history of the garment and accessory industry, physical purchasing has mostly given way to eCommerce, which is fast increasing right in front of our eyes.
Most Metaverse collaborations now come with tangible collections. In a word, Metaverse fashion is still naive or is currently a space for huge names, but it is rising rapidly. As a result, this period will certainly see more use of the Metaverse in the future.
