By Karan Bose
The metaverse project is a big step for content creators who, until now, weren’t able to connect with audiences in new and sustainable ways. But once it’s fully implemented and content becomes interlinked and monetised through non-fungible tokens (NFTs), digital merchandise, etc., the full range of opportunities will be open for the taking. Fashion is one of the most popular topics on the internet, with thousands of websites and social media profiles dedicated to it. It is also one of the most lucrative industries to work in.
The future of fashion is already here as we are seeing more and more AI technology being used in fashion and retail. AI can track shoppers’ preferences, create personalised experiences for different customer segments, and improve product recommendations. AI is also helping brands build a better relationship with their customers by understanding what they want before they even ask for it. For example, retailers can use AI to send personalised emails or texts based on past shopping patterns. Building an enjoyable and unique shopping experience for their customers is extremely important for any brand in order to stay in the market and stand competition. Brand should be able to provide unique experiences and be able to connect with customers in unique ways to build lasting relationships.
The metaverse is a virtual world that is created by the users so that better interactions can take place virtually. It is a place where people can explore, meet new friends, and play with others. It is a place where users can interact with the brands.
The metaverse is made up of three categories of experiences: the first one includes games, which are interactive experiences where you can interact with other players. The second category includes social media like Facebook and Instagram, which allow you to share your life experiences with your friends. The third category includes digital services like UberEats and Airbnb that allow you to order food or rent a room from someone else in the real world.
Talking about fashion in the metaverse, it is flexible as it can adjust itself into all three categories in some way. From the outfit of an avatar in a game, giving people the ability to interact virtually with a brand to digital services to shop your best-suited fashion clothing that you will be able to wear in the real world.
The demand for digital clothing has been growing exponentially owing to the rise in the popularity of online shopping.
Digitalisation has led to a lot of changes in the fashion industry. The industry is now seeing a change in consumer habits and preferences. Consumers will shop online and purchase clothes from various e-commerce websites rather than going to physical stores.
Some major brands are already going virtual with their clothing. For Example – Fortnite recently collaborated with fashion house Balenciaga and offered a new costume as a reward to players. A limited-edition skin, designed to look like the actual sportswears.
The fashion industry is also keeping up with this evolution, which is why it needs to be constantly updated with new trends and styles.
In the future, people will buy items from the virtual world and have them delivered to their homes. Fashion brands will take advantage of this new delivery system.
This new delivery system results from digitalisation and blockchain technology.
Blockchain is the new buzzword in the fashion industry. It is being used by brands and retailers to create a digital ecosystem for consumers. Blockchain has been applied in different aspects of the fashion industry, like supply chains, e-commerce, and finance.
The use of blockchain technology in the fashion industry has already started to take off with brands like Tommy Hilfiger, Puma, and Nike using it to create a more efficient supply chain system.
Blockchain technology can also be used to create a metaverse where people can buy, sell or trade items from their favorite designers without having to worry about counterfeit goods or illegal activities.
Blockchain technology is allowing us to create digital one-offs, which in turn will make it impossible to counterfeit the design. This trend was initiated by CryptoKitties and it is increasingly getting popular.
CryptoKitties are a game created on Ethereum that allows players to breed, collect and trade virtual cats using blockchain technology. This is a popular game within communities of cryptocurrency enthusiasts.
The future of blockchain in fashion looks promising as it will help designers build their presence on social media platforms and increase their reach with consumers. Consumer spending on in-game purchases is increasing. Report on Statista says – “In 2020, global gaming audiences spent an approximate $54 billion dollars on additional in-game content. In 2025, the market value of in-game purchases is projected to surpass $74.4 billion dollars.”
According to the current trends, there is a new age is coming to the world of capital and creativity. This new world relies on digital assets instead of physical ones. It is a world where the role of money has been disrupted by a new economy centered around creators.
Digital fashion is a new way of survival that allows many users to stream fashion trends and look good through digital media. Entrepreneurs are important for business, and they often have a sense of aesthetics that makes them perfect for designing sustainable clothes. Business owners can promote their unique designs while also promoting sustainability and protecting the planet.
Digitalisation and metaverse are two major key factors that are changing the retail and supply chain in the fashion industry. The future of the fashion industry is in a digitalisation phase. Digitalisation has brought about a shift in the way retailers and suppliers operate. Digital supply chains have allowed for more efficient and effective operations, which has led to increased profits for all stakeholders involved.
The author is managing director of Hula Global. Views expressed are personal.
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