The Metaverse and The Digitally Fashionable
The term “metaverse” currently pertains to computer-generated spaces focused on social connection. Web 3.0, a visualized next stage of the internet with a decentralized structure facilitated by blockchain technology, AR, VR, and AI that centers around interaction between personal avatars, is still in its infancy. The metaverse will be a mix of physical and virtual elements connecting spaces, people, and assets.
The digital and physical worlds are beginning to merge in fashion.
Morgan Stanley estimates that the luxury market could generate $57 billion or €50 billion in additional revenue from digital asset sales using games to market products by 2030.
Digital fashion is no longer merely a niche but an emerging industry. As technology evolves and the amount of data increases, brands gain a deeper understanding of consumer demand of virtual clothing. Digital collections are selling out within minutes of their release proving that consumers have an appetite for digital fashion. The extra pressure that Millennials and Gen Z feel to constantly establish and update their online presence across platforms may be one of the reasons behind the demand.
Agencies sense the need for talent to help fashion brands enter the digital world, which is true. There are significant barriers to entry for traditional brands. Designers are not traditionally trained in 3D modeling or other emerging technologies. Al Dente, a creative agency many luxury brands flock to, recently bought land in The Sandbox, a land plot in the metaverse. This type of plot has the potential to provide brands with a new space for storytelling and potentially transform e-commerce.