Metaverse is the rising digital platform that uses Virtual reality ( VR ) , Augmented reality ( AR ) and other advanced internet technology to allow people to have real life like personal and business experience. The latest study shows that the metaverse has the potential to generate upto $5 trillion in value by the end of 2030. That’s a huge scope for the business to ignore. The word Metaverse means different things to different people. For some people they believe it’s a digital gaming platform while others believe it’s an opportunity for the companies to grow.
Now let’s take a look in Fashion metaverse.
Fashion industry is constantly advancing with new designs , trends and style in every season. Now, the latest rising in fashion is the growth of metaverse. It allows new designers and brands to express their work and for consumers to experience fashion in a new expression. People can try virtual clothing, interact with other people and with brands as well.
As we all know now about RTFKT studios is a digital fashion founded in Jan 2020 by Benoit Pagotto , Chris Le and Steven Vasilev. This company has collaborated with the young artist Fewocious to sell virtual sneaker. Surprisingly , in five minutes they sold 600 Paris of virtual sneakers valued at $3.1M. This was a huge success in the virtual market and by visualising the growth , Guess what , Nike acquired RTFKT in 2021 to bring out virtual shoes in the market. On the other hand, Overpriced brand has released NFT- Powered Hoodie which sold for a price $26,000 USD at an auction. According to the designers, this represents “An Evolution in fashion where the value is placed in the digital token and not in the physical garment.”. By looking at these numbers , there is huge opportunities for growth and innovation.
Luxury brands are also trying to enter into metaverse.
Gucci is now hosting its own metaverse adventure in The Sandbox. This creates an experience of “Gucci Vault Land” an experimental space where users go through the journey of fashion brand history. This creates a new experience by virtually connected with the brand and customers can interact with the brand in a way. Gucci bag in Roblox resold for 350,000 Robux currency which is roughly $4,115. The same bag costs $3,400 in their stores.
Balenciaga is the first brand to collaborate with Epic Games which is the developer of Fortnite. Balenciaga offer to sell four signature items from its collection to serve as skin and accessories for the avatars in the game. By using this strategy it led to a 49% increase in the searches for the brand.
Prada enters a new dimension, an innovative way to directly experience virtual shows and events in the metaverse, which allows them to reach new audiences and engage with their customers.
Many brands are trying to take up the new opportunity to grow their business. But what metaverse can offer for a small brands to enter into the market. Lets look into the benefits of fashion Metaverse
Futuristic Marketing Opportunities : This opens up a new innovative way to market their brand using virtual fashion shows , events and exhibitions to showcase their collections. We are seeing new approach that brands can take part in and stand out on competition. Viewers can explore the virtual environment and also can interact with the models and try on clothing and accessories. This brings out , as brands don’t have to pay for a physical space to showcase their collection. In March 24 (2022) , Decentralised was hosted the first metaverse fashion week , as many brands were invited to present their digital clothing and virtual music sessions as they can experience virtual shows.
Metaverse Store : When the global pandemic fall out, People started to involve on technology. As the days were gone where people could wander into the store and try on clothing. This led to increase in online sales, the brands can open up into the metaverse to propose the best shopping experience virtually. The brands can give full view of the outfit and customers can try on their clothing virtually. Also the brands can make use of this platform to free up physical retail space , allowing brands to showcase more products and collections. Brands can also be accessible from anywhere in the world, 24/7. It allows the customers to purchase from the comfort of their own. Giving out an interactive shopping experience. This can attract many customers to click and view their collections. This leads to growth in sales.
Sustainable Implementation : In today’s world , People are trying to be more sustainable in fashion. As we are moving towards the end of environmental crisis , this leads to an opportunity to invest in digital fashion products which eliminates the need for physical samples and reduces waste related with the production process. Also , by conducting virtual events eliminates the need for travel leading to reduce the carbon footprint in the fashion industry. At last, it provides an opportunity to create an awareness about sustainability and the impact in the industry on the environment , inspire customers to make more sustainable solution.
Finally, the fashion metaverse is rising rapidly and becoming a new frontier for the industry. By creating a unique and amazing experience, it can become a major role in the future and provide various benefits for the brands to make it an exciting and dynamic part of the future.
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