The Web 3.0 — driven metaverse is here to meet fashion. Get Ready for a complete makeover!
Let me share that, and promise me this would be just between us.
Web 3.0 — the blockchain-powered, next iteration of the internet, is already in. Agree?
No? Yup, Metaverse, the immersive experiences that I enjoyed last week playing World of Warcraft, wearing my headsets, and many more comprise Web 3.0.
Yesterday, I happened to meet a friend on Oculus and a cousin of mine bought $SAND tokens to customize her avatar. Well, these all are the metaverse.
Until Web 2.0, we only used two of our senses — sight and hearing. With metaverse in action, we can touch, perhaps even smell and taste. Based on what I gather, I would call the metaverse a magical tool extending our sensory experiences to the next iteration of the internet. And, this would pave the way for fashion — which is nothing but a form of expression and a sense of liberty!
That being said, I thought to pen down my ideas on how the fashion industry would thrive in this mesmerizing space.
Let’s jump in.
Get ready. Web 3.0 brings a surreal experience
The Web 3.0 — driven metaverse is here to revolutionize fashion. Creators, create what’s purchased; buyers, make the ultimate choice!
Well, metaverse does come up with immersive experiences and the idea of dressing up in an avatar certainly seems other wordly. However, sometimes, I wonder, do I really enjoy all this? Can I actually forget real fashion, as in — formal wear, corporate attire, and such? Well, the metaverse is not just the digital avatars, it’s more. Let’s see the other side of it.
In reality, the experts and heads of fashion brands feel that the fashion industry is highly wasteful. As a matter of fact, in 2020, Mckinsey opined that by 2030, the fashion industry would be accountable for 2.7 billion metric tons of carbon emissions per year. And that’s outrageous!
Fashion designers are finding ways like deadstock fabrics and recycling old garments to deal with physical waste. However, there’s a better solution out there.
One option is to utilize the metaverse to create digital shopfronts and showrooms where people would view the products, as though in a real brick-and-mortar garment store. And, the product would be ordered for production only when they purchase it. This ensures there’s no guesswork or excess stock which may lead to unnecessary wastage. Besides, it narrows the gap between the creator and the item at nearly all stages of the supply chain.
Another option is instead of blurring the boundaries between the physical and virtual reality, the metaverse can be used differently. Often, people are more excited about new wearables when they have the opportunity to flaunt them on social media like Facebook or Instagram. And mostly, their final choice of selection depends on what reactions they receive on these channels.
Paula Sello, the co-founder of hybrid and physical fashion couture brand Auroboros, considers this ethical. She says, “In our couture physical collections, we focus on details and made-to-measure craftsmanship work.”
It redefines fashion by letting people enjoy a virtual vision of the clothing on social media, besides offering a vast expanse of creative possibilities, small product runs, and personalized garments to wear in a true sense.
Watch out for more fashion in the metaverse
There is a lot already happening in the fashion space on Web 3.0. Check it out.
To understand how brands operate in the metaverse, I provide some examples of leading companies already participating in this space.
Well, most of the fashion industry’s investments in the metaverse have been through video games, a $40 billion-a-year market. Another reputed brand that embraced the metaverse concept is Balenciaga. In 2021, they released a collection via a gaming app in partnership with Fortnite to create ‘skins’ for the characters in the games. Recently, Balenciaga launched a metaverse unit to explore the opportunities in this arena.
Dolce and Gabbana, another enthusiastic player in the metaverse fashion space released a nine-piece virtual garment tech drop on the USXD marketplace, for purchase in Ether(ETH). This collection was auctioned for $ 6 million!
Besides these players, one major company that transformed the fashion industry is Decentraland. Around 6090 square feet of digital land was sold to Tokens.com on Decentraland, which revealed that the virtual property would be used “by fashion brands to advertise, host fashion shows, and have e-commerce storefronts.”
I would add that the property is located at Decentraland’s Fashion Street District — a strategic location for customers to connect on the metaverse!
Metaverse embraces Fashion — How do they gel?
Well, fashion brands have already entered the metaverse arena. First things first. Let’s take a look at the strategies that brands need to adapt to acclimatize in the metaverse space.
Take a dive into Web 3.0’s vast expanse of limitlessness!
Metaverse opens multiple gateways — play, showcase, and socialize!
For brands yet to foray into the metaverse segment, the best option is to enter video game networks. Gaming platforms offer tremendous opportunities for brands to show up their digital creations and attract users through events like digital fashion shows and more.
As social gaming platforms proliferate, they offer more opportunities to digital brands to extend their products and presence to build more communities. These communities consist of members enjoying the spell-binding experiences of the metaverse who would like to connect virtually with the brands.
No paper tickets for the show. Come in NFT avatar.
Metaverse and Web 3.0 redefine identity profiles. NFTs are the key.
Non-fungible tokens or NFTs are the key drivers in the metaverse. As an NFT fiend, I might want to have digital collections of my clothes, while that’s not the niche for artists and blockchain experts.
Brands can leverage this aspect and blend the physical and digital replicas of apparel to deliver digital value to the collection. NFTs requires creativity; brands can use this to come up with their best ideas and wildest creations. No worries about logistics, storage, etc.
Above all, the concept of scarcity and value that surrounds the NFTs can be exploited by luxury brands to position themselves.
No more cash or card payments. Embrace Crypto.
Cryptocurrency serves to be a prominent mode of trade. Brands can benefit from this.
It makes sense that fashion brands must be open to cryptocurrency as a mode of payment. Blockchain is the technology underpinning the metaverse and cryptocurrency. So, to transact in such a virtual world, cryptocurrency is the sole medium. Luxury brands could benefit a lot by incorporating crypto, as they would attract top-notch customers.
Blockchain prevents brands from counterfeiting products and assures customers that they receive the right products. This helps brands gain customer loyalty and build a reputation.
Metaverse is a not-so-novel phenomenon, holding the immense potential to transform the world, including the fashion industry. With Web 3.0 being imminent, I strongly believe, the day is not far when the entire realm of fashion would undergo an absolute, inevitable ‘make-over’. We sit here watching this space, with our fingers crossed!