nft game image banner for Metaverse Continues to Draw in Fashion Brands

Metaverse Continues to Draw in Fashion Brands

Posted October 26, 2022 4:41 pm
4 min
By Sossi

The Council of Fashion Designers of America (CFDA) plans to celebrate its 60th anniversary by holding an exhibition in the metaverse. 

One of the industries increasing its presence in the metaverse is the fashion industry, using the platform to reach new markets and promote its different wearables. In March of this year, the world witnessed the first-ever Metaverse Fashion Week – four days of runway shows, and panel discussions hosted in the 3D virtual world Decentraland.

The Decentraland experience was followed by New York Fashion Week (NYFW) in September as well as Paris Fashion Week that took place from September 26 to October 4, 2022, both included Digital Fashion.

Brands are moving fast to take advantage of the popularity of the metaverse. Indeed, many luxury brands have already begun to produce their own NFTs replicating physical items. However, NFTs are not restricted to selling brand items, skins and buying land in the metaverse, NFTs also give owners access to a private club of fans.

Recently, fashion platforms are creating Web3 communities for users facilitating them into the metaverse. For example, Vogue Singapore had previously shown an interest in NFTs by tokenizing their Sept. 2021 cover. Additionally, on Sept. 5 of 2022, Vogue Singapore took another step towards the metaverse by launching a fashion-first Web3 community known as “Vogue Singapore’s New World.”

Vogue Singapore’s New World

Managing director of Vogue Singapore, Natasha Damodaran told Cointelegraph, “Vogue Singapore’s New World currently allows users to explore a surrealism-inspired realm featuring a welcome video from Vogue’s September 2022 cover star and supermodel Lina Zhang. Users can also experience an AI-generated beauty shoot called Bio RESONANCE by artist Terry Gates, along with digital couture by Beijing-based designer Yimeng Yu created exclusively for Vogue Singapore.” Damodaran further noted that users can interact directly with Vogue Singapore’s September cover, while reading various pieces of content associated with images.”

Damodaran explained that Vogue’s metaverse is powered by Spatial.io, a platform that specializes in 3D spaces. Whereas the virtual space has been designed by Polycount.io, an agency focused on NFTs.

According to Cointelegraph Gianna Valintina, head of marketing at Spatial, explained that Vogue Singapore’s metaverse is accessible via mobile devices, as well as desktops and virtual reality (VR). She added that users who enter the New World, will have the possibility to create a custom avatar. This custom avatar can then be dressed in two Vogue-exclusive wearable creations by fashion designer Yimeng Yu.

Valintina stressed that Vogue Singapore’s New World offers a more engaging way for users to view and read content, and which will help brands and communities build better experiences. 

“Digital technologies and Intelligent production are innovating the fashion design paradigm, production process, display method, retailing path and user experience within the fashion industry. In both designer creativity and user experience perspective, the metaverse brings the fashion industry endless possibilities.” Valentino added.

The CFDA and the Metaverse

On a different level, Steven Kolb, CEO of The Council of Fashion Designers of America (CFDA), a non-profit trade association consisting of fashion designers told Cointelegraph; “As we were mulling ways to mark our 60th anniversary, we decided it had to be future-facing, and an exhibition in the metaverse was a perfect way to honor our past with an eye to what’s next.”

Kolb explained, “Because it’s in the metaverse, individuals don’t need to travel to see the exhibition, but can enjoy it from the comfort of their own home.” With this effort, he hopes to reach new audiences and spark an interest in American fashion and designers.

Kolb said that the upcoming event, which is expected to open in December 2022 in The Sandbox, will present a retrospective of the last 60 years of American fashion. The event will also offer commemorative NFTs for auction to benefit the CFDA Foundation.

Although relatively a new phenomenon, the metaverse is expected to be on the rise over the next four years. According to a report by the technology research and advisory firm Technavio, metaverse’s market share in finance will grow to $50.37 billion between 2021 and 2026.

Furthermore, the World Economic Forum (WEF) cited a new McKinsey study. In this study, 1,000 consumers aged 13 to 70 were surveyed on their views of how much time they expect to spend on numerous electronic devices. Devices including their smartphones, laptops, and extended reality (XR). We learn from the findings that, in five years’ time, generation X, Z, and millennial consumers are expected to spend roughly four to five hours a day in the metaverse .

Therefore, it shouldn’t come as a surprise that the trillion-dollar fashion industry has taken a major interest in the metaverse.

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