After the spread of the pandemic, we realize that there is a development around another digital world called the metaverse.

The Metaverse is a digital, three-dimensional, parallel universe. Everything that happens in the real world is also possible there. A virtual, imaginary world in which the boundaries between real and digital life are particularly blurred.

“The metaverse is an embodied internet that you’re inside of instead of just looking at” – Mark Zuckerberg.

Consumers’ reliance on tech is growing. More than three-quarters (76%) of global consumers say their everyday lives and activities depend on technology, rising to 79% of Gen Z (ages 16-26), and 80% of millennials (ages 27-41).

And this dependence is informing every aspect of daily life:

  • 64% of global consumers say their social life depends on technology
  • 61% say their livelihood depends on technology,
  • 56% say their creativity depends on technology,
  • 52% say their happiness depends on technology
  • and 50% say their well-being depends on technology (Wunderman Thompson Intelligence,2021)

However, with the recent emergence of the metaverse, the parallel world in virtual reality, a new horizon of digital fashion has opened. The fashion sector has surprisingly emerged as one of the most willing to adopt digitization and virtual realities and transform its business model, motivated by the apparent abundance of options and benefits they have to offer.

Astralon-Blogpost-MetaverseIn this new world, virtual fashion is being sold in a variety of ways: from gaming platforms and digital photos to videos that use augmented reality and even NFTs; representing an interesting opportunity for the industry to reach new horizons and increase its revenue.

The apparent amount of advantages the Metaverse has is turning an industry that has always relied heavily on physical interactions, into one of the most interested and ready to bridge the gap between the digital and physical world. Thus, the relevant technologies are adapted in such a way as to allow a more comprehensive presentation of products, such as in 3D, or the operation of electronic showrooms, where the user has access to a digital store corresponding and similar to the real one. A step further, the meta enables virtual testing of clothes through avatars with the shape and characteristics of each user. Therefore, online shopping becomes even more efficient as the need to buy products to test them is eliminated.

In the second stage, the meta can be a new, powerful weapon for shaping new trends. Fashion evolved by broadcasting shows online, mixing realities on short videos, or incorporating avatars and other 3d animations. Burberry became the first luxury fashion brand to partner with Twitch, signifying a new era for the fast-growing live-streaming platform for gamers.

Astralon-Burberry-Fashion
(Vogue Business, Inside Twitch’s Play for Fashion, 2020)

And last but not least, fashion is now turning to the creation and distribution of intangible products. For example, intangible fashion products can be made available in various telecommunication and interconnection applications. Just imagine being at home in your pajamas and during your video meeting, you are wearing a beautiful dress from your favorite brand.

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(Balenciaga, Afterworld, 2024, Source: https://videogame.balenciaga.com/en/)

Another outstanding example of how fashion entered the metaverse world is Balenciaga which is the most forward-thinking brand when it comes to integrating digital technologies. For the Fall collection of 2021, the brand created its own game called Afterworld: The Age of Tomorrow to showcase the entire collection. This idea not only was an innovative way to market clothes, but it also hallmarked an entire era for the fashion industry.

One more remarkable example is the luxury Italian brand, Gucci. In collaboration with the popular gaming platform Roblox, they launched a digital experience called Gucci Garden, which was inspired by the label’s real-life Florence show. Users were able to explore the immersive themed rooms, try on, and even purchase Gucci NFTs to wear in the game.

Astralon-Gucci-1
(Gucci, 2024, Source: https://www.gucci.com/us/en/st/stories/article/gucci-gaming-roblox)

“As visitors enjoy the interactive, virtual exhibition inspired by Gucci advertising campaigns, their digital avatars transform into dress-up dolls that absorb exhibition elements and become unique digital art themselves. In the process, visitors can choose from a limited collection of items for their avatars, created solely for the experience.” (Gucci).

Astralon-Gucci
(Gucci, 2024, Source: https://www.gucci.com/us/en/st/stories/article/gucci-gaming-roblox)

At the same time, a lot of fashion brands have signed partnerships with various video game applications, intending to make their products available for the needs of the avatars that star in them. It is also characteristic that fashion brands have already started to have NFT digital intellectual property certificates that can be stored via blockchain to secure their products.

Let’s see some statistics that promise a fruitful fashion metaverse future.

  • It is expected to reach $6.61 billion by 2026.
  • As of now, Nike has made $185 million in NFT sales.
  • Dolce & Gabbana has generated a revenue of $25.6 million in NFTs
  • Gucci made $11.56 million in NFT revenue and $31 million in secondary sales.
  • Adidas saw 51,000 transactions in the secondary market with over $175 million in NFT sales volume. (Linkedin, 2023)

In conclusion, the emergence of the metaverse represents a profound shift in the digital landscape, opening up new possibilities for the fashion industry. With the undeniable truth of real and digital life merging closer together, virtual fashion is quickly gaining traction, offering unique opportunities for sales and the integration of digital technologies. It’s an evolution that calls for continued exploration, creativity, and adaptation. As we step into this new digital world, the opportunities and challenges it presents will undoubtedly redefine the future of fashion.

References
LinkedIn, Top Fashion Brands Leveraging The Metaverse, 2023
Vogue Business, Inside Twitch’s Play for Fashion, 2020
Vogue Greece, Fashion and metaverse: The future is already here, 2022
Wunderman Thompson Intelligence, Into The Metaverse, 2021

 

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