March 24, 2023
By Anjali Kochhar
Fashion and the metaverse are two fields that are increasingly intersecting with each other. The metaverse is a virtual world that is being created through various technologies such as virtual and augmented reality. It is essentially a shared space where people can interact with each other and digital objects in a more immersive way.
Fashion brands and designers are starting to explore the metaverse as a way to showcase their products in new and innovative ways. Virtual fashion shows, digital clothing collections, and even virtual dressing rooms are becoming more common. In the metaverse, fashion is no longer limited by physical constraints, allowing for more creative and experimental designs.
In addition, the metaverse provides a new platform for fashion marketing and sales. Virtual storefronts and showrooms can be easily created, and customers can try on and purchase digital clothing items. This creates a new avenue for revenue for fashion brands and opens up the industry to new audiences.
As the metaverse continues to evolve, it is likely that fashion will continue to play a significant role. The intersection of these two fields has the potential to transform the way we think about and experience fashion.
In May 2021, the luxury brand Gucci collaborated with metaverse and gaming platform Roblox, launching a space called Gucci Garden.
Among other lux brands, Balenciaga, Jimmy Choo, Dolce & Gabbana, Louis, Prada, Balenciaga, Tommy Hilfiger, and Ralph Lauren have also entered the space. Sportswear giants Nike and Adidas have also forayed into the world of the metaverse in the last couple of years.
Experts call it a “natural progression” into the digital transformation going on in the fashion industry.
The metaverse offers several advantages for the fashion industry:
- Creativity and innovation: The metaverse offers an unlimited canvas for designers to create and experiment with new styles and designs without the limitations of physical materials or production costs. This can lead to more innovative and creative designs, which can differentiate fashion brands in the highly competitive market.
- Increased accessibility: The metaverse can provide access to fashion to people who may not be able to access physical fashion due to geographic or economic limitations. Virtual fashion shows, digital fashion items, and virtual try-ons can be accessed from anywhere in the world, allowing more people to experience fashion.
- Sustainability: The metaverse offers a more sustainable way to showcase and consume fashion. Instead of producing physical clothing items for fashion shows, brands can showcase their designs digitally, reducing waste and carbon footprint. Virtual clothing items can also be sold, reducing the need for physical production and transportation.
- Personalization: The metaverse provides a platform for personalized fashion experiences. With virtual try-ons, customers can see how clothing items look on them without physically trying them on. Brands can also use data to personalize their offerings and provide a more tailored experience for their customers.
- Revenue opportunities: The metaverse offers new revenue opportunities for fashion brands. Virtual clothing items can be sold, and virtual storefronts and showrooms can be created, providing a new channel for sales and marketing. This can help brands diversify their revenue streams and reach new audiences.
Overall, the metaverse has the potential to revolutionize the fashion industry, providing new opportunities for creativity, sustainability, accessibility, personalization, and revenue.
Piyush Gupta, CEO of tech startup VOSMOS, believes that the metaverse will undoubtedly become even more creative with the help of AI algorithms, allowing brands and designers to offer shoppers entirely new and exciting digital outfits.
“These digital outfits can be turned into physical outfits, complete with perfect fitting and a choice of designs. As technology advances, buyers on the metaverse can look forward to experiencing completely new fashion experiences that will be revolutionary and ‘futuristic’ in the true sense,” Gupta said.
As per statistics released by investment bank Morgan Stanley, digital fashion could help the industry’s sales to jump by $50 billion by 2030.
Well, not only through metaverse, people can buy virtual garments as non-fungible tokens, but also the overall idea is to push real-life sales of the brands. If a person is buying a virtual outfit by Gucci as they are short of cash at that particular moment, they might as well go on and buy the real outfit as time passes.
This is what the future of the collaboration will actually look like and how fashion will benefit financially from the metaverse.
While this collaboration is perfect to engage GenZs, the question is: are we ready yet? Maybe, we can see a world where virtual and physical fashion will coexist but how soon is tough to say.
“There are still some questions that need to be answered, such as how can brands effectively reach consumers in the metaverse and which groups have the most potential for engagement across multiple metaverses. The metaverse is still in its early stages and evolving rapidly, so it’s an exciting time for luxury brands to get involved and carve out their place in this brave new world. With the potential for significant revenue streams and the desire to be seen as forward-thinking, it’s safe to say that we can expect to see more and more luxury brands making their way into the metaverse in the near future,” says Gupta.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
