The resurrection of Web3 is now underway. To provide a concise explanation, Web3 may be described as “an online ecosystem built on blockchain.” Even while blockchain isn’t doing so well right now in terms of the cryptocurrency market (cryptocurrency is now sinking like the Titanic), this does not indicate that the development of the metaverse and new social media channels is slowing down.
DAOs, which are short for decentralized autonomous organizations and are formed by members of a controlling unit, NFTs, which are short for non-fungible tokens and had a big moment in fashion when they first gained popularity, and last but certainly not least, the metaverse, which is a simulated digital environment that mimics interactions in the real world. These are some of the components of Web3, but there are many more. Individuals, as opposed to large corporations, will own ownership of Web3 websites, which is one of the most intriguing aspects of this technology, especially for smaller fashion businesses. In a certain sense, Web3 makes it possible to have a genuine creative economy. Many self-employed designers have found financial stability via the sale of NFTs and the production of digital skins for video games. This comes at a far cheaper cost than attempting to make even small batch collections, which can be fairly pricey when you consider the difficulty of getting many sample sets correct, the expenses of production, and shipping. This option is available. Phoebe Hess is only one example of the kind of designer that describes themselves as Web3-first. One may make the case that the metaverse is becoming more dominated by fashion. After the luxury goods business became aware of the potential of the Metaverse, everything else that followed was like a chain reaction.
In the beginning of this year, an artist working for NFT developed a concept involving miniature Birkins that could be purchased for as low as $200 each. As soon as Hermès became aware of this information, they contacted the NFT platform Opensea and requested that it be taken down. Even though the meta-Birkin was only available for a limited time, it was the domino that started the chain reaction that led to true luxury labels like Gucci, Balenciaga, and Burberry getting on board the NFT train.
The aforementioned three businesses have developed their own NFT collection for their respective target demographics of customers. Additionally, there was a fashion show in the metaverse, in which avatar models walked the runway.
In March of 2022, the very first Metaverse Fashion Week, which was hailed as the beginning of a new era for Fashion Week, was held. The event was made possible by brand-new, cutting-edge technology that could transform two-dimensional product representations into three-dimensional experiences. The shoppable component of Metaverse Fashion Week allowed attendees to purchase virtual garments for their avatars to wear during the event.
The spread of COVID-19 around the world is a major contributor to the quickening of Web3’s timeline. Because of the disturbance in our actual lives, the only method for us to interact now is via the internet. The thought that we may live our whole lives online originated mainly in the realm of social networking, texting, and chatting; nonetheless, the metaverse has evolved into a completely new digital reality. Although it is questionable how many customers the metaverse can get to spend money on clothes that only their avatars can wear, the concept of dressing up your avatar to exist as this other you in a world isn’t as far-fetched as it once was. This is because we live our lives more online now than ever before.
The sale of actual garments will almost certainly always remain the primary focus of the majority of fashion firms, but this does not imply that there is not a whole new market to be found in Web3.
Reference:
Fraser, Kristopher. “What Are the Opportunities for Fashion in Web3.” FashionUnited, 29 July 2022, https://fashionunited.com/news/fashion/what-are-the-opportunities-for-fashion-in-web3/2022072948918.
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