How the Metaverse can revolutionize the fashion industry

Brands and their customers stand to benefit greatly from combining the worlds of fashion and the Metaverse.

Many people need help understanding the concept of digital fashion because buying/trying on items that only exist in a virtual environment seems bizarre at first. However, as this niche sector continues to pace, many experts are taking the idea of the Metaverse altering the future of fashion more seriously.

According to one recent study, clothing that exists exclusively in the digital world is far more environmentally benign than its physical equivalent, generating 97% less CO2 and utilizing approximately 3,300 liters of water per piece. Not only that, but evidence suggests that replacing biological samples with digital ones during a company’s design and Metaverse development phases can lower a brand’s carbon footprint by up to 30%.

Furthermore, the utilization of digital clothing can be beneficial during the many processes leading up to the actual physical creation of a garment. These virtual things, for example, can be used for modeling, sampling, and marketing before their physical iterations are sent into production, drastically reducing the overall environmental effect of a fashion item’s whole lifecycle.

Finally, when it comes to sales, digital clothing models can assist ease problems connected with overproduction, which is commonly seen as a key barrier in today’s fashion business.

The appeal of digital fashion
To further understand if digital fashion is a passing craze or phenomenon that will last, Cointelegraph got out to Lokesh Rao, CEO of Trace Network Labs. This project allows firms to explore Web3 products and services. According to him, as the Metaverse evolves, it will undoubtedly affect and transform the fashion business, adding:

He went on to say about the intangibility of fashion in the Metaverse. Such as the lack of physical clothing allows users to explore and design lavish wardrobes that are far greater than what would be conceivable in the real world. Furthermore, because the clothes are digital collectibles or nonfungible tokens (NFTs), they may be freely traded across open NFT marketplaces, increasing their long-term worth, which many physical or second-hand clothing items lack.

However, Rao feels that the Metaverse’s most essential function regarding the fashion business is that in a digital world, people can deploy their avatars to visit multiple stores and try on different garments before making a purchase choice. “This is considerably superior to having a brick-and-mortar store in several locations, which is a costly undertaking,” he said.

From the outside looking in, the Metaverse allows companies, labels, and fashion houses to reap a slew of benefits, such as having a borderless presence that transcends physical boundaries, creating global brand awareness through digital means, and retailing “phygital” clothes while providing convenience to their customers.

Consumers, on the other hand, have numerous advantages. For example, customers can try on items at their leisure, time, and location, order garments from a virtual store in physical format or as an NFT, have physical delivery handled from anywhere in the world, and retain ownership on the blockchain in perpetuity.

Fashion’s future could be rewritten.
According to Frank Fitzgerald, founder of Pax, the combination of these two worlds. World, a platform that allows users to create their Metaverse, could have a tremendous impact on the fashion industry. He started to Cointelegraph:

Fitzgerald stated that the younger generation is the most important group for digital fashion, particularly those who regard digital representation as an intrinsic component of their social identity.

While older generations (30+) may find these notions difficult to accept, he believes that more individuals will join in the future. “I can see a whole generation of 20 and 30-year-olds becoming very concerned of their digital representation and what that says to their colleagues and friends over the next decade,” he said.

Only some people are sold on the idea.
Stepan Sergeev, the founder of OneWayBlock, the firm behind the blockchain-based game Clash of Coins, does not believe digital fashion will take over the globe soon. According to him, most people who indulge in style – high street or otherwise — aren’t hanging around in the Metaverse yet, adding:

He compared the current status of the digital fashion sector to gamers purchasing custom skins in video games, which make things meaningful only in specific settings. “It’s possible if the fashion industry speeds up and people rush to buy fashion NFTs like they do shoes and handbags.”

Sergeev feels that the metaverse fashion phenomenon is a transitory craze that large clothing firms and brands have adopted to stay current with the latest digital advances.

Sasha Tityanko, deputy CEO and art director for social VR platform Sensorium Galaxy told Cointelegraph that while the Metaverse will enhance existing experiences in the fashion sector, it will not revolutionize it. Fashion brands thrive on change and bold actions, and setting new standards is at the heart of their business. She mentioned:

Virtual worlds offer creative options without stereotypes and social constraints. The Metaverse encourages experimentation and creativity.

Fashion labels are rapidly entering the Metaverse.
Several prominent brands, including Adidas, Nike, and Gucci, had reportedly generated $137.5 million in NFT sales alone by 2022. Dolce & Gabbana set the record for the most expensive suit ever sold when it sold a digital Glass Suit for $1 million late last year.

Furthermore, D&G’s NFT collection amassed $6 million. At the same time, Gucci’s Queen Bee Dionysus virtual bag was sold for 350,000 Robux (a popular in-game currency used to purchase skins and accessories), or $4,000 – more than the bag’s real-life value.

Louis Vuitton released a video game in Q4 2021 that allowed players to hunt for 30 NFTs concealed within the Metaverse. When these things were collected, their owners gained admission to various special events and private parties. Similarly, Balenciaga has partnered with Fortnite, a video game with over 300 million users, to sell high-fashion skins to players. Meanwhile, Ralph Lauren collaborated with Zepeto, a South Korean social network app, to create a virtual fashion line for participants.

Tityanko believes that as the boundary between real and virtual continues to close and Web3 introduces new technology advances, normal customers will have more opportunities to express themselves.

“While not everyone can afford to buy a Balenciaga dress in person, you might be able to find one for yourself in the digital world,” she continued. If you know more about Metaverse, then contact our Metaverse consulting team today.

She also mentioned that major fashion companies, such as Gucci, Burberry, and Louis Vuitton, already have large teams dedicated to investigating and testing the Web3 domain, indicating that many businesses recognize the potential of the digital market. “According to Vice Media Group research, Gen Z spends twice as much time socializing in digital environments as they do in real life,” Tityanko said.

As we enter a future controlled by decentralized technologies, it will be intriguing to observe how the fashion industry’s destiny unfolds, especially as more and more firms embrace the Metaverse with each passing day.