Revolution of Metaverse in International Fashion Industry
In futurism and science fiction, the metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world that is facilitated by the use of virtual reality (VR) and augmented reality (AR) headsets. In colloquial use, a metaverse is a network of 3D virtual worlds focused on social connection. Metaverse development is often linked to advancing virtual reality technology due to increasing demands for immersion. Recent interest in metaverse development is influenced by Web3, a concept for a decentralized iteration of the internet. Web3 and The Metaverse have been used as buzzwords to exaggerate development progress of various related technologies and projects for public relations purposes. Information privacy, user addiction, and user safety are concerns within the metaverse, stemming from challenges facing the social media and video game industries as a whole.
At a minimum, fashion’s foray into the metaverse suggests promising new routes for consumer engagement. And while no one can predict exactly how this rapidly growing digital universe will shape up, the opportunities it presents are exciting—for luxury brands, retailers, and consumers themselves.
Impact Of Metaverse On Different Feilds
As a new gateway to digital experiences, the metaverse eliminates geography and opens up exciting new possibilities for entertainment, arts, collaboration and productivity. If poised to become the successor to the web as we know it, you only have to look at the world’s most valuable internet companies like Google and Amazon to see the potential. Backed by billion-dollar investment programs, we are now witnessing a deeper shift toward the digital economy. Accelerated by the global pandemic but also enabled by major technological developments—everything from the blockchain to cloud technology and 5G. To better understand the changes to come, consider how these five industries will be revolutionized.
The video game industry has already undergone a seismic metamorphosis since its inception. Several metaverse concepts, such as 3D avatars and world-building, can already be found in early immersive games like Sim City, Minecraft and Second Life. And the key trend toward online, interactive and more immersive gaming will only continue.
Now, many of the world’s biggest media and entertainment companies, including Disney, are looking for ways to engage their fans and audiences with metaverse experiences and events. Disney’s Chief Executive Bob Chapek, who recently appointed an executive to oversee its metaverse strategy, describes it as “the next great storytelling frontier” and a strategic priority.
Imagine running a full production cycle in a virtual simulation. That’s exactly what BMW did, allowing the German car manufacturer to test changes one by one inside a virtual factory without stopping production. In this way, the metaverse promises to unlock greater efficiencies and empower more people to design, invent and produce. 3D and AR allow customers to better visualize their potential purchases and are proven to help in making better-informed decisions leading to fewer product returns. Shopify merchants that added 3D images to their stores experienced, on average, 94% higher conversions. As online retailers begin to adopt 3D and AR en masse, the shift to VR and the metaverse is next.
Fashion Industry in the Metaverse
As fashion immerses itself in the metaverse, it can be separated into two forms: the combination of physical and digital, where clothing can be worn using augmented or virtual realities, and fully digital, where items are sold directly to an avatar. For fashion designers and brands, learning to blend the real with the unreal is going to become a necessary skill in order to transition into the future. Similarly, digital design will likely entice a flood of creative output, so designers and brands must understand how to reach their customer base while mastering digital tools. And right now, video games are where most of these customers are.
Metaverse is seen as a unique technology with additional opportunities and benefits for fashion brands. With acquisition of such game-changing technology, fashion brands can conveniently stand out in the competition. They are sure to be positioned ‘ahead of time’. As is the case with possession of any new technology, brands will add new dimensions to their key function areas such as marketing, communication, PR and product development. This is evident with 3D avatars and NFTs becoming new marketing and promotional tools for fashion players
Almost every internation brand is adopting the new meta technology to facilitate their customers and open the new horizon of businessness. Companies like Nuke, Tommy Hilfiger, and D&G or Gucci, Louis Vuitton, and Givenchy has start working to avail the this new business opportunities. IN 2020, LONDON-BASED fashion designer Scarlett Yang created a garment that looked like glass, changed texture in response to temperature and weather, and dissolved if you left it in water. This wasn’t a sci-fi fever dream or magic trick, but a design made possible by modern technology. Yang’s clothing was made from algae extract, which formed an intricate, leathery lace when cast in custom-made 3D molds before being treated with silk cocoon protein. “I’m super passionate about combining these elements of science, digital tech, and visual fashion,” Yang explains.
Presently, the fashion industry’s digital transformation and adaption of fashion in the digital era are enabling brands to use NFTs and blockchain technology to attract, verify and connect with consumers from all over the world. There are use cases suggesting more possibilities like the French Fashion Week and Haute Couture Federation partnering with the ‘Arianee’ platform to create NFTs that could be exchanged in the 2022 men’s fall/summer fashion week in Paris and other high fashion exhibitions. These tokens would allow its users to view exclusive fashion – the hallmark of a paradigm shift. According to a recent survey, 50 per cent of US consumers are interested in purchasing some kind of digital asset in next 12 months – underlining the growing demand for the technology. In terms of target segment, Gen Z is touted as the key demographic that will drive and influence digital fashion.
