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What does the future hold for fashion brands in the Metaverse?

What does the future hold for fashion brands in the Metaverse?, Crypto Trading News

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Some say we’re already in the Metaverse. The Covid-19 pandemic has ushered in the era of a digital universe where we meet via Zoom, shop online, and care more about our online social media extensions than the physical world.

The Metaverse creates its own world of possibilities through immersive virtual reality one where we can work, play and of course shop. The fashion industry is embracing virtual clothing with luxury fashion brands like Burberry, Gucci and Balenciaga teaming up with leading video game designers to launch digital collections to customize the avatars of people in the metaverse.

Just as the runway is filled with over-the-top and outlandish creations, the metaverse can be a place where anything can be worn and people can be as weird and wild as they choose. Digital fashion serves the need for endless self-expression without harming the environment or producing waste.

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Digital fashion is sustainable fashion

The age of influencers has resulted in millions of people buying outfits to appear digitally online. Virtual clothing can deliver that clout without impacting the environment through shipping, returns, and potentially throwing away the garment after just a few wears to end up in a landfill. Digital fashion is environmentally friendly as it is zero waste and carbon neutral.

Another digital fashion use case allows consumers to virtually try on garments in a digital showroom before purchasing their physical product. The application will drastically reduce returns from online purchases, which currently send five billion pounds of waste to landfill each year.

Metaverse Fashion Week (MVFW)

Last March, the first-ever digital fashion week was held in Decentraland instead, a decentralized virtual social platform built on top of it Ethereum. Brands like Dolce & Gabbana and Hèrmes Birkin Bags have embraced the metaverse by opening digital boutiques where users can show off their status. Forever 21 recently unveiled its collection of wearables for the Metaverse. Estée Lauder’s wearable bestowed avatars with their “Little Brown Bottle”serum a golden glow and was a smash hit with virtual attendees.

Gucci’s first digital sneaker

In 2021, Gucci released its first digital sneaker the Gucci Virtual 25 in social media or in augmented reality (AR) can be “carried” at the bargain price of $9-$12 quite a steal when their physical sneakers retail for over $1,000. Like a filter, these shoes appear in an app where users unlock access to take photos of themselves wearing them to share online.

As opposed to one NFT these virtual garments do not belong to the buyer through Blockchain-Certificate of Ownership. Nonetheless, buyers are permitted to access or wear the shoes.

This digital sneaker isn’t Gucci’s first virtual garment, as previous virtual wearables were designed for Sims 4 and Pokémon GO. Gucci is also working to allow shoppers to try on real sneakers virtually through their branded app.

NFT hoodie sells for $26,000

The self-proclaimed and prophetically named world’s first NFT fashion brand “Overpriced” sold the most expensive hoodie ever for $26,000. The artists, whose motto is “F*ck your money,” created a physical hoodie with a scannable QR code to display the NFT, taste it, and authenticate with proof of ownership.

The actual value of the garment resides in the digital token, essentially when purchasing wearable art. This exorbitant hoodie is a prime example of how the metaverse’s decentralized virtual space is disrupting the industry, allowing smaller, lesser-known fashion brands to compete with the big names in this even playing field of digital fashion.

High fashion is capitalizing on this popular virtual asset trend in the metaverse, with predictions that a large percentage of fashion brand revenue will come from digital products over the next five to 10 years. Geared toward Gen Z, these younger consumers are already advocates for sustainable fashion and have a high propensity for self-expression through social media.

In the age of influencers (with some being avatars themselves, like Miquela Sousa), people are already showing off online, so the transition to using digital fashion as a way to demonstrate influence and status to the world at large is relatively small.

Anastasiia Ageeva is a PR specialist working in crypto and art projects. Anastasiia has been working in technology, art and digital media for over five years, with a strong focus on business development and strategy.

Featured Image: Shutterstock/KDdesignphoto/Natalia Siiatovskaia

The post What Does the Future Hold for Fashion Brands in the Metaverse? appeared first on The Daily Hodl.

Source: Crypto News Deutsch

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