The rise of the Metaverse has resulted in an entirely new digital economy, one defined by virtual experiences and interactions. In turn, metaverse eco
The rise of the Metaverse has resulted in an entirely new digital economy, one defined by virtual experiences and interactions. In turn, metaverse ecosystems consisting of avatars are also emerging, allowing individuals to express themselves through digital customizable 3D characters. This idea was recently broadcasted to the mainstream when Facebook’s parent company, Meta, introduced a series of inclusive avatars.
While the Metaverse may sound futuristic, recent findings from technology research and consulting company Gartner predict that 25% of people will have spent at least one hour per day in the Metaverse by 2026. Gartner vice president Marty Resnick has also predicted that 30% of organizations worldwide will have products and services in the Metaverse by 2026.
Fashion NFTs are the next big trend
Given this, it shouldn’t come as a surprise that digital fashion created for metaverse environments is also starting to unfold. Lokesh Rao, co-founder and chief operating officer of Trace Network Labs — a decentralized protocol enabling lifestyle and luxury brands to enter the Metaverse — told Cointelegraph that fashion has always been a way for people to express and carry themselves in the physical world. Yet, as it becomes more common for people to split their time between the physical world and the Metaverse, Rao believes that demand is growing for virtual luxury lifestyle goods. In particular, Rao mentioned that digital fashion in the form of nonfungible tokens, or NFTs, are starting to gain traction with major brands and high-end fashion designers:
“Fashion NFTs are simply tokenized outfits, accessories, textiles and other wearables that have been created to exist in virtual worlds. Their purpose is quite straightforward. They provide a way for us to express ourselves in the Metaverse.”
To Rao’s point, it’s become apparent that major brands are starting to pay attention to NFTs. In December 2021, sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT as the first step toward metaverse enablement. Dani Loftus, founder of This Outfit Does Not Exist — a digital fashion platform — told Cointelegraph that the acquisition demonstrates that traditional fashion brands will soon have to move closer to digital models. “In the future, the Metaverse and digital fashion will have to be taken seriously,” she said.
It’s also notable that high-end luxury brands such as Dolce & Gabbana and Jimmy Choo, launched their own NFT collections last year during New York Fashion Week 2021. Dolce & Gabbana’s nine-piece NFT collection was designed by UNXD, a creator and curator boutique for iconic luxury brands. Shashi Menon, the Dubai-based publisher of Vogue Arabia and founder and chief operating officer of UNXD, told Cointelegraph that fashion plays an incredibly important role in identity, as well as NFTs:
“Part of UNXD’s thesis is that fashion is going to be one of the first killer use cases in the Metaverse. What’s in your wallet says something about who you are, how you want to be perceived and what you can do on Web3 platforms or even in the real world.”
With this in mind, Menon added that UNXD is focused on crafting not only the best visuals that can be enjoyed as art but is also unlocking experiences with the world’s top brands for UNXD’s collector community. “This is all made possible because of NFTs,” he remarked.
Fashion NFTs hit the runway in 2022
Given the impact NFTs are already having on the fashion world, it seems only logical that digital designs are now being presented in metaverse environments. Specifically speaking, the fashion world and Web3 truly collide as “Metaverse Fashion Week” events come to fruition.
For example, Everyrealm — a group of active investors and developers for metaverse ecosystems — hosted its Metaverse Fashion Week on February 14, 2022, coinciding with New York Fashion Week 2022. Everyrealm’s metaverse fashion show was produced by Blueberry entertainment, a digital wearables brand, and took place in the Second Life Metaverse, a virtual world that launched in 2003. The fashion show featured designs from Jonathan Simkhai, a high-end women‘s fashion designer and New York Fashion Week staple.
Julia Schwartz, co-founder of Everyrealm, told Cointelegraph that the company’s goal was to illustrate that digital fashion has a place in the broader business by giving digital wearables a runway in the Metaverse. Schwartz added that the event coincided with New York Fashion Week to allow people to experience fashion in a new and immersive realm that was also unconstrained by COVID-19 restrictions. “When we opened Metaverse Fashion Week to the public in the Second Life, we had over 40,000 attendees,” said Schwartz. She elaborated that Everyrealm collaborated with Jonathan Simkhai to create ten Fall/Winter 2022 styles for the Metaverse:
“For…
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