How Metaverse can revolutionize the fashion industry

How Metaverse can revolutionize the fashion industry – Mail Bonus

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The idea behind digital fashion can be difficult for many people to realize buying / trying on clothes that only exist in the virtual world may seem rather strange at first. However, as this niche market has continued to gain a lot of popularity recently, many experts have begun to look at the idea of ​​Metaverse reshaping the future of fashion much more seriously.

For example, a recent study found that clothing that existed exclusively in the digital world was far more environmentally friendly than its physical counterpart, as the former emits 97% less CO2 and consumes approximately 3,300 liters of water less per item. Not only that, but there is also evidence to suggest that replacing digital content samples with the design and development stages of a company can reduce a brand’s carbon footprint by as much as 30%.

Furthermore, the use of digital clothing can be very helpful in the various steps prior to the actual physical production of the garment. For example, these virtual products can be used for modeling, sampling and marketing before their physical replicas are sent into production, thus minimizing the overall environmental impact of the entire life cycle of a fashion product.

Finally, when it comes to the sales side of things, digital clothing types can help alleviate the problems of overproduction, something that is generally considered to be a major obstacle in today’s fashion industry.

The attraction of digital fashion

To get a better idea of ​​whether the idea of ​​digital fashion is just another fashion or phenomenon that has come to be, Cointelegraph reached out to Lokesh Rao, CEO of Trace Network Labs, a project that allows brands to explore Web3 products and services. In his opinion, as Metaverse continues to evolve, it will surely influence and revolutionize the fashion industry, adding:

“The industry has realized that the virtual world, despite being based on imaginary creations, actually has a profound utility when it comes to clothing. The development of design technology allows all designers creative freedom, but some of the clothes they design can never be worn in the real world. Metaverse removes this barrier – a digital avatar can wear any garment without any restrictions on type, design, material and use. “

He further added that the intangible aspect of fashion when it comes to Metaverse, such as no need for physical clothing, makes it easier for users to experiment and create an elegant wardrobe for themselves, much more elegant than would be possible in the real world. Furthermore, since the clothes are in the form of digital collectibles or inflexible symbols (NFT), they can be traded freely on open NFT marketplaces, which adds to the long-term value of those who do not have many physical or used clothing.

However, Rao believes that the most important utility of Metaverse in the fashion industry is that in the digital world, users can use their avatars to visit different stores and try on different clothes before making a purchase decision. “This is much better than having brick and mortar storage in many areas, which is an expensive proposition,” he said.

Looking ahead, Metaverse enables companies, brands and fashion houses to reap a number of benefits such as having a borderless presence that transcends physical limitations, creating global brand awareness using digital methods and retailing “organic” clothing at the same time. time and it delivers convenience to them. customers.

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On the other hand, consumers are also provided with many benefits. For example, they can try on clothes at their own convenience, time and place, order garments from a virtual store either in physical form or as an NFT, get physical shipments processed from anywhere in the world and maintain their ownership of the blockchain forever.

The future of fashion could be redefined

Frank Fitzgerald, founder of Pax.World – a platform that allows users to create their own metaverse – believes that merging the two worlds could have a huge impact on the fashion industry. He told the Cointelegraph:

“From a new revenue stream to shaping what fashion looks like in the real world based on what’s happening in Metaverse, there’s going to be a cultural revolution not only in fashion but also in the art industry.

Fitzgerald pointed out that the younger generation is the key demographic for digital fashion, especially those individuals who see their digital representation as an integral part of their social identity.

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He said that although older generations (30+) may have difficulty digesting these ideas, there is reason to believe that in time more will come on board. “In the next decade, I can see a whole generation of 20- and 30-year-olds being very aware of their digital presentation and what it means to its colleagues and friends,” he said.

Not everyone is sold on the idea

Stepan Sergeev, the founder of OneWayBlock – the company behind the blockchain-based game Clash of Coins – does not buy the idea of ​​digital fashion taking over the world any time soon. He told the Cointelegraph that as things stand, most fashionistas – highways or otherwise – are not really hanging out with Metaverse yet, adding:

“The purpose of buying a designer dress, for example, is to let people see you wearing it. If Metaverse does not yet have enough people in there to see it, its social value is lost. So, unless there is a mass migration of people to Metaverse, I do not see it happening. We may see it change fashion in that people can see more detailed designs on real things but I think we will not all buy NFT dresses like we usually do.

He likened the current state of the digital fashion industry to players buying custom skins in video games, which only makes things relevant within a given environment. “If things are going well for the fashion industry and the average person is in a hurry to buy NFT fashion as he is buying the latest sneakers or handbag, then it could be possible.

Sergeev believes that the metaverse fashion phenomenon is most likely a fashion phenomenon that major fashion houses and brands have adopted to keep up with the times and keep up with the latest digital developments.

Sasha Tityanko, vice president and art director for the social VR platform Sensorium Galaxy, told the Cointelegraph that while Metaverse could add to the current fashion industry experience, it will not come close to revolutionizing it. In her opinion, fashion brands thrive on change and bold movements, and setting new standards is just the core of their business. She pointed out:

“Virtual worlds offer creative opportunities – a white canvas free from stereotypes and social constraints. At its core, Metaverse is an environment that encourages people to experiment and be creative in their endeavors. “

Fashion brands are entering Metaverse at high speed

By 2022, a number of major brands such as Adidas, Nike and Gucci have managed to return $ 137.5 million in NFT sales alone. Dolce & Gabbana set the record for the most expensive suit ever sold, digital glass, which brought the fashion giant $ 1 million at the end of last year.

In addition, D & G’s NFT collection raised $ 6 million, while the Gucci Queen Bee Dionysus virtual bag recently sold for 350,000 Robux (the game’s popular currency used to buy skins and accessories), or $ 4,000 – more than the actual value of the bag.

In the fourth quarter of 2021, Louis Vuitton released a video game that allows players to search for 30 NFT images hidden in its metavers. Once these items had been collected, their owners were given access to various private events and private parties. Similarly, Balenciaga recently teamed up with Fortnite – a video game with more than 300 million users – to sell high-end skins to players. At the same time, Ralph Lauren partnered with the South Korean social networking program Zepeto to release a virtual fashion collection for players.

Tityanko believes that as the gap between real and virtual reality continues to narrow and Web3 brings new technological advances, average consumers will increasingly have more options to express themselves. ”Although not everyone can afford to buy a Balenciaga dress in in reality, you could choose one for yourself in the digital world, “she added.

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She also pointed out that many fashion houses such as Gucci, Burberry and Louis Vuitton already have a significant team dedicated to exploring and testing the Web3 space where many brands realize the potential of the digital market. “According to Vice Media Group research, Gen Z 2X spends more time socializing in digital spaces than in real life,” said Tityanko.

Thus, as we move into a future characterized by distributed technology, it will be interesting to see how the future of the fashion industry continues to play out, especially as more and more brands continue to enter Metaverse with each passing day.

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