What Does The Metaverse Mean For The Fashion Industry?
The metaverse has gained extreme momentum this past year. With multiple social media platforms like Facebook and other global giants such as Microsoft turning to the metaverse and its potential, many are actually jumping on the bandwagon, trying to cultivate opportunities for their business future. With the metaverse still in the prime beginning of its prevalence in the digital realm, the question of how many industries can integrate their businesses in a way that can still maintain brand authenticity, as well as converting new leads is questionable. Some of the best casinos online in Canada for example, have jumped straight into the deep end when it comes to incorporating the metaverse in their live casino experience.
The fashion industry however is an example of what true flexibility in business is, as despite fashion being primarily geared around physical purchase and wear, the industry is about to take a quick turn into the future. Here is exactly how.
Luxury fashion is moving towards the Metaverse by incorporating technologies such as Blockchain and 3D for the immersive online retail experience. What fashion houses like Louis Vuitton, Prada, Gucci etc., are currently trying to cultivate, is the virtual attendance of shoppers online, to try on fashion goods, purchase them and have the opportunity to resell and trade within the online space. With aspects such as NFT collectables that drop periodically, this could see more engagement of various target markets, including Gen Z, who are proving to be more technically capable, in comparison to millennial age groups.
Bella Hadid, one of the top fashion models of the world, already tapped into the Metaverse by creating her own line of NFTs for the general public to purchase. Each NFT came in different character form and look, and Bella used this limited-edition line of NFTs as a way to network more with Web 3.0 designers, in addition to having a more intimate communication link to her consumer fans. Each NFT made to look like Bella comes with its own certification code, and direct contact details to contact Bella Hadid. Obviously, due to how rare the collection is, we see the possibility of these digital assets reselling on the market, for a much greater price. As a creator, Bella would not see some of these profits, as her share would just come from the initial sale of her creations, However up in the metaverse, her NFTs can continue to circulate, sell, and be traded.
With Nike already purchasing the rights to own RTFKT, it can be expected that they have multiple digital campaigns pending. This major investment will not only allow Nike to probably create virtual sneakers on the metaverse, but ultimately merge into other aspects of fashion too. We see multiple collaborations across the board for Nike, especially with RTFKT’s network of creatives and community of influencers in this sector. Nike will have strengthened their own digital footprint massively. Even though Nike did collaborate with Roblox in the past, now Nike wants to take centre stage and make their own line utilising blockchain technology.
This huge move from Nike is not only an economically huge leap forward for their future, but it provides openings for more jobs and employment to the general public. Nike have already started posting job advertisements for virtual designers and creators, so the pending NFT creations to come will be unleashed very soon, that we can be sure of.
While all this talk is all good and well, one thing that needs to be accounted for, is the speed that technology can actually catch up. With the metaverse, comes huge transmissions of data, and multiple technologies that have not even been manifested yet. While tech corporations are working on such developments as we speak, this will come with many challenges that will need to be addressed. Ethical and civil legal issues will most definitely arise in the process, and most likely affect the future generations and fabrication of how future youths develop. Humans come with the ability to take most things in their stride, but many are worried that this progression is happening far too quickly, without any moderation and proper regulations put in place.