Metaverse in Fashion or Fashion in Metaverse?
The fashion industry always picks up the latest technological trends much faster than other sectors. It started with basic hand-handled spindles, expanded to mass-production, and now we are currently in the e-commerce era where AI algorithms predict style trends! From looking at pictures and placing the product order online to trying the clothes virtually, we have come a long way!
Let us explore the fashion trend that is going to change the course of the Fashion industry, forever:
What is Metaverse?
It is a virtual, made-up world with rich graphics, almost life-like, where users can work, play, socialize and SHOP! One can do mostly everything virtually that a human can in the real world.
Leveraging this, fashion Coutures have expanded their stores in the metaverse. Here are a few segments in which you will experience the collision of fashion and Mixed Reality-
Advertising in Metaverse is just like in the real world, except brands can get really creative. The metaverse buildings can have brand logos, virtual ambassadors, sponsor games where the avatars would only wear their digital clothes, and so much more! There can be pop-up Ads that could “buy” metaverse Avatars' food, upgrade houses, pet toys, and such endless possibilities.
The best way to increase sales has been through Virtual Try-On. Users can try the products on before buying, just like a trial room in a shopping mall. The trials would be on the virtual avatars created by the users that look just like them. You can expect every brand to have this service available by the end of the decade. Virtual Try-Ons are to GenZ what websites were to millennials.
- Non-Fungible Tokens (NFTs)
Fashion brands provide their designers and artists with a platform to create clothes, accessories, and everything that adds a little pizzaz to it. NFTs give that opportunity to these creators to build something of their own, under the brand or individually. These art pieces are then bought by enthusiasts and collectors. Some buy for reselling, while others buy to showcase their collection in the metaverse space.
Some of the top fashion NFTs known for their uniqueness are:
-Fewo Sneakers by Fewocious, sold in 7 minutes of going on sale for 3.1 million dollars.
- MetaBirkins NFT
- Gucci NFT 4-minute film in collaboration with Alessandro Michelle was sold for 25,000 million USD.
- Louis Vuitton's “Louis the Game” where users have to find 30 hidden NFTs.
- Dolce & Gabbana’s 9-piece collection of NFTs sold at 5.56 million dollars. The buyers also got the physical version of the items.
NFTs are indeed a marvel of this century’s fashion! This takes us to our next favorite segment-
Fashion in Metaverse!
Now that you know about Metaverse in fashion, let me take you to the magic of fashion in Metaverse. Confused much?
While metaverse in fashion is all about usescases of AR/VR technology and blockchain in the fashion industry, fashion in metaverse is mostly about virtual shopping and fashion trends of the different metaverses. This virtual fashion is the future of shopping. Fashion industry has gone from not wanting to create physical products because of the pandemic to not having to create physical products at all. It is possible that the fashion industry will earn more in the coming decades from virtual shopping than from selling physical clothes.
We are witnessing ‘Reality’ in an entirely new, amazing way. It is like when you were a child and wanted to be the kid who got into the television like from Charlie and the Chocolate Factory — except now you can! Not only can you dress up your avatar to become your favorite TV character, but also build a virtual world of your choice! Users can buy these virtual spaces and clothes in the metaverse they want to explore.
Let's see what exactly is happening in this fashion-verse:
Yes, you heard it! There are fashion weeks happening in the metaverse. Not only are they fabulous, but people spend a lot of money to go there and buy clothes in NFTs, and just like a regular fashion show there are performances. Each day is scheduled with activities, fashion shows, events that will blow your mind. Fashion brands have gone out of their way to participate in these grand shindigs.
If you want to know more, explore the fashion weeks of Decentraland- Metaverse Fashion Weeks, Jonathan Simkhai has hosted a fashion show on virtual world Second Life, or in line next is Voxel Architects’ Mystic Virtual arena for MVFW22.
If you are already guessing correctly, virtual influencers are digitally created personas in the metaverse with an identity and a life in the virtual world. They have a job, hobbies, and a life. They influence real-world brands, products, go to metaverse parties and network with real people.
One influencer who has caught attention is Lil Miquela who has 3M Instagram followers already. She has an identity like her star sign is Taurus, she has a boyfriend, and social life. This is just the beginning of virtual influencers making a direct impact on the real world.
Gaming & Fashion
The fashion industry has greatly benefited from gaming. How, you ask? It's simple! The fashion world’s investment so far has been through video game skins. The estimated market a year for fashion in gaming has been $40 billion! For users, buying these skins represents a way to portray a fashion-savvy image. The gamers are usually eager to hold such NFTs and don’t mind indulging so they can show off when they win.
Brands such as Adidas, Jordan, Gucci, etc., have partnered with gaming companies to allow their skins for certain games, which makes the branding more prominent. More and more fashion brands are collaborating with big gaming companies to be one of the early adopters, reap full benefits of the booming industry.
Balenciaga has a partnership for skins with Fortnite where the fans can shop in the virtual boutique and the game’s item shop. Brand fanatics can also buy real-life apparels that look like the virtual skins or unlock free outfits from the game. The users can hang out in the virtual space and change their looks together.
Can’t wait to explore more about the incredible fashion lifestyle in the metaverse? This is only the beginning. Virtual avatars are the new trendsetters. You can be anything you want in the virtual world, so people will be exploring new avatar ideas like half-human looking, half-swan. Or you could be a warrior, a horse, a goddess, and there is no limit to the imagination from here on. Some famous 3D Avatars are-
(REFERENCE – find photo from Instagram from their handle and arrange them with names)
- Knox Frost
AR/VR technology irresistible to the fashion world
Business growth of fashion brands is reaching a completely new level because of this new segment, which was completely untouched until metaverse and AR/VR technology came into existence. Metaverse has become the world’s most lucrative industry and all key channel brands want to exploit and connect with hard-to-reach young audiences. This virtual world has caught the attention and lifestyle of tech-generation, GenZ.
The next generation will be raised with Metaverse for everything, like social networking, sharing memes, and even building business. Fashion is one of the top three tiers of self-expression, which will be very important to them. Metaverse gives a perfect platform where both these elements merge together. This is why Roblox has already seen 19 million visitors, while gaming is a $176 million industry. Metaverse is practically a fashion community now, be it emerging in any industry. Join the JioGlass Developer Network now - Click Here.