The idea behind digital fashion can be difficult for many to understand, as buying/trying on clothes that only exist in a virtual world can seem quite strange at first. However, with this niche market continuing to gain a lot of traction recently, many pundits are starting to take the idea of the Metaverse reshaping the future of fashion much more seriously.
For example, according to a recent study, clothes that exist only in the digital world were found to be much more environmentally friendly than their physical counterparts, emitting 97% less CO2 and consuming approximately 3,300 liters of water. water less per garment. Not only that, but there is also data to suggest that by replacing physical samples with digital samples during the design and development phases of a company, it is possible to reduce a brand’s carbon footprint by 30%.
Furthermore, the use of digital clothing can be very useful during the various steps that precede the actual physical production of a garment. For example, these virtual items can be used for modeling, testing, and merchandising before their physical iterations are shipped to production, greatly minimizing the overall environmental impact of a fashion item’s entire life cycle.
Lastly, when it comes to the sales side, digital clothing models can help alleviate the problems associated with overproduction, something that is seen as a major hurdle within the fashion industry today.
The lure of digital fashion
To get a better idea of whether the idea of digital fashion is just another fad or a phenomenon that is here to stay, Cointelegraph reached out to Lokesh Rao, CEO of Trace Network Labs, a project that allows brands to explore products and services. from Web3. In his opinion, as the Metaverse continues to evolve, it will influence and revolutionize the fashion industry, adding:
“The industry has realized that the virtual world, despite being based on imaginary creations, actually has great utility when it comes to clothing. The evolution of design technologies allows creative freedom for all designers, but some clothes they design can never be worn in the real world. The Metaverse removes this hurdle: a digital avatar can wear any garment with no restrictions on type, design, fabric, and use.”
He further added that the intangibility aspect of fashion when it comes to the Metaverse, such as no need for physical clothing, makes it easier for wearers to experiment and create luxurious wardrobes for themselves, far grander than would be possible in The real world. Also, since the clothes are in the form of digital collectibles or non-fungible tokens (NFTs), they can be freely traded on open NFT markets, increasing their long-term value that many physical or second-hand clothes do not possess.
However, Rao believes that the most important utility of the Metaverse in relation to the fashion industry is that, in a digital world, users can deploy their avatars to visit different stores and try on different clothes before making a purchase decision. “This is much better than having a physical store in multiple areas, which is an expensive proposition,” he noted.
From the outside looking in, Metaverse enables companies, brands, and fashion houses to gain a number of benefits, such as having a borderless presence that transcends physical limitations, building global brand awareness using digital media, and selling clothing. “phygital” retail while providing convenience to your customers.
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On the other hand, consumers also get many benefits. For example, they can try on clothes at their convenience, time and place, order clothes in a virtual store, either in physical format or as NFT, process physical deliveries from anywhere in the world and keep their property on 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 the merger of these two worlds could have a massive impact on the fashion industry. He told Cointelegraph:
“From new streams of revenue generation to shaping what fashion looks like in the real world based on what happens in the Metaverse, it will be a cultural revolution not only in fashion but also within the art industry.”
Fitzgerald noted that the younger generation is the key demographic for digital fashion, especially those people who see their digital representation as an integral part of their social identities.
He said that while older generations (30+) may find these ideas difficult to digest, there is reason to believe that over time, more people will join. “Over the next decade, I can see a whole generation of people in their 20s and 30s being very conscious of their digital representation and what that says to their colleagues and friends,” he said.
Not everyone is sold on the idea.
Stepan Sergeev, founder of OneWayBlock, the company behind the blockchain-based game Clash of Coins, doesn’t believe in the idea that the digital craze is taking over the world any time soon. He told Cointelegraph that as it stands, most people who indulge in fashion, high street or otherwise, are not yet hanging out in the Metaverse, adding:
“The point of buying a designer dress, for example, is for people to see you wearing it. If the Metaverse still doesn’t have enough people to watch it, its social value is lost. So unless there is a mass migration of people to the Metaverse, I don’t see that happening. Maybe we can see it changing fashion in the sense that people can see more detailed designs of real-life pieces, but I don’t think we all buy NFT dresses the way we do regular ones.”
He compared the current state of the digital fashion industry to gamers buying custom skins in video games, making items relevant only within specific settings. “If things really get better for the fashion sector and the average person rushes out to buy fashion NFTs the same way they buy the latest sneakers or handbags, then it might be possible.”
Sergeev believes that the metaverse fashion phenomenon is probably a fad that major clothing houses and brands have adopted to keep up with the latest digital developments.
Sasha Tityanko, Deputy CEO and Art Director of social virtual reality platform Sensorium Galaxy, told Cointelegraph that while the Metaverse may add to the fashion industry’s existing experiences, it will not come close to revolutionizing it. In her opinion, fashion brands thrive on change and bold moves, and setting new standards is simply the essence of their business. She noted:
“Virtual worlds offer creative opportunities: a blank canvas free from stereotypes and social constraints. At its core, the Metaverse is an environment that encourages people to experiment and be creative in their endeavors.”
Fashion brands are entering the Metaverse at a fast pace
Over the course of 2022, several major brands such as Adidas, Nike, and Gucci were reportedly able to generate $137.5 million in NFT sales alone. Dolce & Gabbana took the record for the most expensive suit ever sold, a digital crystal suit, which netted the fashion giant a whopping $1 million at the end of last year.
Additionally, D&G’s NFT collection was able to amass $6 million, while Gucci’s virtual Queen Bee Dionysus bag recently sold for 350,000 Robux (a popular in-game currency used to purchase skins and accessories) or $4,000, more than the actual stock market valuation.
During the fourth quarter of 2021, Louis Vuitton released a video game that allows players to search for 30 hidden NFTs within its metaverse. Once collected, these items granted their owners access to various exclusive events and private parties. Similarly, Balenciaga recently joined forces with Fortnite, a video game with more than 300 million users, to sell high-fashion skins to gamers. Meanwhile, Ralph Lauren has partnered with South Korean social media app Zepeto to launch a virtual fashion collection for gamers.
Tityanko believes that as the gap between the real and the virtual continues to narrow and Web3 brings with it new technological advances, average consumers will have more and more options to express themselves.” one for you in the digital world,” he added.
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He further noted that many fashion houses such as Gucci, Burberry and Louis Vuitton already have sizable teams dedicated to exploring and testing the Web3 space as many brands realize the potential of the digital marketplace. “According to research by the Vice Media Group, Generation Z spend twice as much time socializing in digital spaces as they do in real life,” said Tityanko.
So, as we head into a future dominated by decentralized technologies, it will be interesting to see how the future of the fashion industry unfolds, especially as more and more brands continue to enter the Metaverse with each passing day.
Source: cointelegraph.com