Fashion Industry's Exposure To The Metaverse

It's exciting to live in this time.

There are so many inspiring new ways of living, working, playing, and shopping with the use of Web3 technologies and the metaverse, an immersive and dynamic virtual environment.

Metaverse

As a consequence of the most recent technological revolution, known as metaverse (meta + verse meaning beyond universe) our way of life is anticipated to shift.  In the metaverse, the physical world coexists with virtual reality, augmented reality, and the internet, all of which interact with one another. It enables us to mix the real and digital worlds together while remaining fully present in both. 

Though it is too early to make precise forecasts about what the fast-changing digital world will imply for fashion, the prospects it offers are intriguing. It does indicate a fundamental shift that will provide customers with new, inventive ways to interact with high-end goods and businesses.

One may argue that the metaverse, despite its youth, is already altering how we see clothing. Moving freely between various 3D worlds and communities will also become commonplace with the aid of virtual and augmented reality.

Everyone is curious to see how the convergence of the physical and digital worlds will change how we perceive reality. 

What Effects Will The Metaverse & Web3 Have On The Fashion Sector?

The majority of us are used to residing in and operating out of shared digital environments. However, in Web2 a few extremely powerful companies, like Google and Amazon, can control our digital lives. Web3 makes use of blockchain technology and enables users to access the metaverse, a shared virtual world, that is decentralised and is thus more democratic.

The Digital Fashion Group spoke with a panel of different metaverse figureheads from a variety of disciplines to get their perspective on what the term "Metaverse" means to them and to find out what implications their definitions have for the approach brands take to make sense of this new space.

The Target Audience Of The Metaverse & Metaverse Fashion

The metaverse allows people to express themselves totally through avatars in a virtual world, with the objective of producing a generation that never logs off. The metaverse's major emphasis is Generation Z. In 2020, they spent an average of eight hours each day online. According to one survey, Gen Z spends twice as much time online as they do in-person socialising.

The younger generation, especially those who view their digital representation as an integral part of their social identities, is the key demographic for digital fashion, according to Frank Fitzgerald, the inventor of Pax World, a platform that enables users to create their own metaverse. While older generations (30 and higher) might find it challenging to understand the notion of the metaverse, he has said that he has reason to believe that more people will eventually come on board.

Fashion & The Metaverse Are Related.

This generation values the capacity to express one's thoughts, opinions, and identity. Fashion businesses are attempting to increase their presence in the metaverse. It is likely that it will also spread into the digital domains of social media and e-commerce.

Robert Triefus said: "Second worlds where you may express yourself are multiplying. ....Unquestionably, there is an underestimation of the number of individuals who want to express themselves in a virtual environment with a virtual identity and virtual goods."

Modern design tools have made enormous advancements, providing creators with what seems to be limitless creative freedom. However, the majority of these ensembles aren't appropriate for everyday wear. This is a unique factor in the metaverse. Any style of clothing can be worn by an avatar, which frequently represents actual people in the digital world, regardless of type, fabric, design, or even practicality. 

Expensive costumes that are beyond what is actually possible can be made by experimenting with designs in the metaverse. Because of their non-fungibility, or classification as digital collectibles, these goods can have a higher long-term worth and may be traded on open NFT marketplaces.

Digital technology may be used by companies and organisations to market their brands internationally, sell "phygital" apparel, and maintain a presence in the metaverse that knows no boundaries. Customers may try on virtual clothing using their avatars at their convenience, and they can keep track of ownership on the blockchain permanently.

Toward A Sustainable Fashion Industry

A significant impact on the fashion industry might result from the intersection between metaverse and fashion. It may launch the world of fashion into a reality that transcends physical limitations and takes it into a completely different realm.

A variety of options are available for businesses interested in adopting virtual fashion owing to augmented reality and artificial intelligence. The use of 360-degree viewing technology has allowed online stores to display seasonal collections. On 3D fashion runways, models have even been shown in virtual reality.

Daniella Loftus stated: "Our ideas of ourselves and how others see us are shaped by our clothing. Designers and makers have a special location in the metaverse where they create rules to make you feel as though you are participating in other realms that would otherwise feel foreign. Clothes also influence how you feel about your surroundings."

Final Considerations

Businesses and brands have realised that if they don't make plans for the future, they will disappear. As a result, companies and fashion firms are experimenting with fusing the metaverse with fashion.

The advent of fashion companies into this digital environment offers unique opportunities for consumer engagement, community building, personal expression, and the ability to create significant revenue.

A lot of people have had magical clothing experiences, such as the way specific materials feel or the powerful feeling of wearing something that boosts our self-esteem, status, or comfort.

The metaverse need not lessen that. If anything, it could make us more willing to think about how we see and use clothes in many parts of our lives. We can find ourselves wearing highly advanced textiles or unexpected fashions that weren't possible in the past.

Van Herpen says that is where the beauty is: "When there is a blurring of the physical and digital boundaries."