Ever since Facebook transitioned to Meta, the buzzy term is all anyone can talk about. And now, some of the biggest names in the fashion business are placing their bets on it by creating digital clothes and accessories that will be exclusively available only in the metaverse. Ahead, we take a deep dive into the metaverse and find out why fashion is so keen to join the bandwagon.Key Takeaways:
Late last year Facebook rebranded itself as Meta; a big move on its part that involves transitioning from a social media company to a metaverse company within the next 5 years. But what does the term even mean?
The ‘metaverse’ is a broad term that refers to online spaces that allow people to interact in a more immersive way as opposed to a traditional website. This can be achieved through the help of a VR or AR headset and alternatively through virtual environments where you have an avatar representing yourself in a video game like Roblox.
There is also another type of metaverse that translates to a digital economy, where users can create, sell, and buy goods. Backed by the same technology that powers bitcoin, Decentraland operates on the Ethereum blockchain in order to allow its users to buy and sell virtual land, estates, and avatar wearables (read: clothing) among much more.Fashion’s foray into the metaverse
With the opportunity of cashing in on digital clothing in plain sight, fashion brands have been keen to jump on the bandwagon. Even before the pandemic brands had been toying with the idea of digital live streams and virtual reality experiences, so stepping into the metaverse seemed like a logical next step.
Starting March 24, Decentraland will host its first-ever Metaverse Fashion Week, with dozens of global brands including the likes of Tommy Hilfiger, Paco Rabanne, Etro and Dolce & Gabbana have joined the lineup. Unlike exclusive access-only fashion weeks, thousands of visitors will be able to virtually experience fashion shows, attend live music gigs and also buy digital clothing directly from catwalk avatars. Last year alone, avatar wearables in Decentraland reached $1 million in sales while reaching a whopping 500,000 monthly active users in December 2021.
With the growing value of cryptocurrency investments and NFTs, the fashion industry can expect to see immense potential in the metaverse — especially from a sustainable standpoint. Producing a digital garment emits 97% less CO2 than a physical garment, so long as they are minted and mined using eco-friendly and energy-efficient methods.
Since we wear clothes to ultimately show it off in the digital space (read: social media), the ability to wear and own digital clothes as easily as swiping on a filter is the next frontier.
If you find the metaverse fascinating, read more about NFT's here: What Are NFTs and Why Are They so Controversial for the Planet?
Published by: Vibhuti Vazirani/ 2022-02-27