Metaverse is an immersive technology that earned attention globally when Facebook turned to meta. Other giants from technology, Apple and Microsoft, also start making progress in Metaverse. The development of the metaverse brings the fashion and technology industries on the same page to flourish together.
Cathy Hackl, Chief Metaverse Officer at the Futures Intelligence Group, added that metaverse would bring revolution in people’s professional, social, and personal life by giving them a “virtual synthetic environment.”
Metaverse and fashion brands are hands in hands
The best way to understand the dependence of fashion on the metaverse is by inclination and investment of fashion brands in the metaverse. A fast-growing trend of fashion and metaverse market capital touching $40 billion. The fashion industry has realized that the metaverse is the most suitable imaginary or virtual space that would help to revitalize fashion brands and give them new life to stand out.
Metaverse allows fashion designers to create masterpieces even if they cannot be worn in the real world. In video games, we can see various avatars are the best examples of fashion brands in the metaverse available without constraints, fabric, and quality being used.
It is super easy for users to explore and build extravagant wardrobes for themselves that are much greater than what would be conceivable in the actual world, thanks to the virtual support of the metaverse feature of fashion because it has cut down the requirements of physical clothes.
Fashion of tomorrow: Metaverse
Over the last three years’ fashion brands’ consumption has suffered a lot because of store closures and COVID-19 restrictions, and almost all fashion brands that rely completely on the physical store have lost reach towards their customers. Only those fashion brands sustained through, to some extent having online channels to sell the products.
Morgan Stanley, A USA-based multinational investment management company, predicted the charm of the fashion industry with the following words “metaverse could present more than $51 billion opportunity for fashion brands over the next decade that would include a $22.7 billion market for luxury NFTs too”.
Why fashion brand turns to the metaverse
Although digital demand has significantly increased in luxurious brands as it is helping fashion industries to increase reach, mitigate customer complaints immediately, enhance brand show-off, and multiply sales. Metaverse is a game-changer technology helping fashion brands quickly build and stand out in the competition.
Luxurious fashion brands will add new aspects to their core competencies. For instance, the metaverse enables fashion brands in fields such as marketing, communication, public relations, and product development, as is the case with the possession of any new technology.
This is crystal clear from the fact that three-dimensional avatars and Nfts are emerging as new marketing trends and fast-spreading promotional tools in the fashion industry. Fashion brands selling items that can only be worn in the digital world will also take fashion to a different dimension, in addition to firms selling clothing in the physical world that already have a digital presence.
So far, over the year 2022, various luxurious fashion brands such as Gucci, Nike, Dolce & Gabbana, and Adidas have been able to enhance their sales to $138 billion in NFT sales alone. Roblox is also one of the luxury fashion brands in-game featuring gender-neutral digital clothes, including ten different wearables for game players. They can choose their favorite dress avatar. Balmain and Barbie, a well-established European fashion brand, started a collaboration with a ready-to-wear fashion avatar built on metaverse technology. In short, the Fashion industry’s survival, revitalization, and competing phenomenon highly depend upon the metaverse.