Right before our eyes, the internet is evolving and driving that evolution are technologies that are steadily moving the toward Web 3, the midst talked about being the Metaverse.
The metaverse is where users can have immersive experiences via connected virtual spaces. These experiences leap from regular social media engagements to hanging out, shopping, dating, learning, working, and so on. In essence, it takes one deeper into the online world.
It may seem like the Metaverse is best suited to serve the gaming industry and tech giants but that’s not entirely accurate. Any brand can find its way into the Metaverse as in this case, it is fashion.
Digital fashion makes everything traditional fashion does—shirts, dresses, pants, hats, shoes, and accessories—but none of it is tangible. Instead, customers “wear” digital clothing through augmented reality and digitally altered photos.
Bridging gap between physical and digital
In recent years, the fashion industry has shown tremendous effort to digitally transform and adapt fashion in the digital era. Brands are using non-fungible tokens (NFTs) and Blockchain technology to attract, verify and connect with consumers from all over the world.
Due to the COVID-19 pandemic, a lot of things changed. The Digital world came into limelight and fashion week changed to a digital format with NFTs playing a big part. As brands and major fashion events went virtual in response to the pandemic, so did clothing as major clothing brands began to set up their digital showrooms.
Instead of consumers having to use their imaginations to visualize how a garment looks or how it would look on them, they can now virtually interact with any piece of clothing. Consumers now have the ability to even virtually try on items by dragging one or more products onto photos of themselves.
The future of fashion is not a limited shopping experience on an online store. It’s being able to virtually see, touch and experience products as if you’re really there.
The fashion industry is in a state of environmental emergency according to the United Nations Economic Commission for Europe. It is estimated that 20 percent of global wastewater is produced by the fashion industry, which also emits 10 percent of global carbon emissions. The textiles industry has been identified as a major contributor to plastic waste in the ocean.
Digital-only fashion houses can now be said to have found solutions to many of the industry’s problems, as it allows people “wear” new and exciting clothes as often as they want to, without the clothes having to be physically produced thereby reducing global waste and carbon emissions in the industry.
Fashion and metaverse
With the advent and increased popularity of NFTs and Metaverse, top fashion brands have now begun to make moves to showcase their designs on the Metaverse.
Late last month, virtual reality platform, Decentraland launched Metaverse Fashion Week, a completely digital fashion event where brands displayed their new clothing collections and users bought fashion items as NFTs.
The event which lasted four days between 24 to 27 March had Decentraland hosting a series of runway shows, pop-up shops, auctions and after parties. Unlike traditional fashion exhibitions with restricted access, the event was free to everyone with internet connection, thereby limitless in attendance.
The fashion items, purchased as NFTs could be worn on the buyer’s own avatar, kept in wallets, sold on a NFT market while some could even be traded for the physical version of the item.
It is all but evident that NFTs and Metaverse will continue to grow into the crypto market. Major companies are now jumping on the ship and even individuals are not left out. And this is also a clear indication that NFTs can do beyond just being a game token or Jpegs.