METAVERSE for Fashion Brands
In my Metaverse and Fashion article, I talked about the concepts in general, what has changed in the fashion industry, and the future of digital fashion. Before reading my article, you can read my other articles on the subject!
In this article, I want to go into a little more detail. After briefly reviewing the concept of Metaverse and the projects made so far, I will give examples from the projects of the world's leading luxury fashion brands and talk about the benefits for designers.
So What is the Metaverse?
“Meta” is a Greek word meaning “after, beyond.” Thus, Metaverse, derived from combining the word meta and the words “universe” in English, means “beyond the universe.”
The Metaverse is loosely defined as an extensive online word where people interact via digital avatars. Companies like Meta platforms Inc formerly known as Facebook Inc. have touted plans to develop Metaverse experiences, services, and hardware.
The Metaverse concept is rooted in science-fiction novels like "Snow Crash" and "Ready Player One." In the latter, the world has been ravaged by climate change and a fossil fuel crisis, and the metaverse is an escape.
In the Metaverse that tech companies are aspiring to create, people would be able to watch a UFC fight from any angle- including from the perspective of the fighter. It also would be possible to do new, unimaginable things like walk on the moon.
Some metaverse experiences already exist. Roblox Corp. and Epic Games Inc.'s "Fortnite" have hosted virtual concerts with stars like Ariana Grande and other immersive experiences.
Eventually, the idea is that people will be able to do almost anything in the metaverse: go shopping, attend school, participate in work meetings.
Fashion in the Metaverse
As I mentioned in my Metaverse and Moda article; In the fashion industry, the metaverse has become an expensive playground, with the world's biggest, most profitable luxury brands rushing to quickly gain ground in the metaverse.
Apart from individual artists embracing virtual reality to showcase their talent, enormous luxury conglomerates such as Balenciaga, Kering, Burberry, and Louis Vuitton are adopting technologies that enable a metaverse-like experience.
Kering, LVMH, and Richemont, for instance, have taken to virtual reality showrooms and trade shows, while Dior and Gucci have partnered with the parent company of Snapchat to create AR sneakers for users.
What's more, Balenciaga is working with Epic Games (makers of Fortnite) to create virtual wearable accessories and weaponry that players could buy in the Fortnite metaverse.
Simply put, the implications of the metaverse for brands and independent fashion designers in a Web 3.0 internet are huge. In addition to the metaverse, NFTs (non-fungible tokens) in a Web 3.0 metaverse experience are capable of enabling people to completely immerse themselves in the artistic culture espoused by the fashion industry while having true ownership of the fashion and luxury items they purchase.
A new revenue stream for fashion brands
By using NFT in a metaverse, fashion brands will have access to a new revenue stream. Instead of only selling physical products and charging people for every visit to the virtual showroom, fashion brands will be able to make money by selling their virtual items and clothing on a decentralized market. They will also be able to reach out to a larger pool of fashion enthusiasts who will be able to partake without being in physical proximity to the brand.
For instance, a fashion enthusiast in a remote part of the world will still be able to enjoy the showrooms and virtual wearable items the fashion brand produces. Distinguished brands will also be able to stand out more with unique editions of fashion and luxury products in the virtual world as well as in the real world. Fashion brands and fashion designers will also receive royalties for secondary trades of their products throughout a Web 3.0 internet.
An environmentally friendly industry
As Gen Zers become more conscious of the environment, the traceability inherent in NFTs will enable fashion brands to give their conscious customers confirmation of environmentally friendly products.
NFTs, therefore, become an easy way for brands to show their customers they are working towards sustainable goals and practices. More importantly, consumers will be able to verify whether a product is truly sustainable or not by checking the NFT's authenticity and origin on the blockchain.
A personalized touch
Fashion brands and independent designers in a Web 3.0 world will be able to connect better with their customers by offering them a more personalized and immersive experience. Customers who are digital natives, as well as millennials and Gen Zers, prefer to associate themselves with brands that offer unique experiences which can't be found anywhere else.
NFTs and Web 3.0 metaverse world allow fashion brands cheaper and creative ways to market their products as they won't have to worry about shipping physical inventory and setting up physical shops or showrooms. Fashion brands will be able to create truly unique shopping and entertainment experiences for their customers.
In an NFT-driven virtual world, brands and designers will be able to offer personalized experiences and special editions in a one-on-one manner. Established fashion brands will be able to offer customized clothes for their customers, while smaller brands and independent designers will still stand out by offering limited edition designs.
The metaverse through NFTs will continually push the fashion industry into what is known as "the experience economy" where the key value proposition is based on offering experiences to customers as opposed to physical products.
THE STRENGTHS OF DIGITAL FASHION
Creating digital fashion is more Accessible.
There is no material and production cost.
Your creativity has no limits.
You have unlimited scalability. You can make 1 million prints of a garment at no additional cost.
Users can Personalize their clothes as they wish.
It is sustainable, you do not leave waste to nature.
And It is Immortal. Nft clothing will survive as long as you want them to.
In my next article, we'll talk about early innovators in the fashion world and their metaverse impact on e-commerce. Don't forget to subscribe to be informed about the latest articles!