Collective virtual spaces have become part of modern culture. Analysis from Gartner finds that 25% of people will spend an hour a day in the Metaverse by 2026. The meetup of metaverse spaces and blockchain means you can now securely assign digital objects a real-world value. Fashion designers are already innovating digital ecosystems and populating them with virtual objects, avatars, and events.
Fashion NFTs in the Digital World
Nonfungible tokens have inspired the world to create a new class of digital assets. They are essentially a creative deed and are an electronic record of ownership, transaction history, and other metadata tied to blockchain technology.
Fashion has always found ways to weave literal value into artistic expression. Since their historic Collezione Genesi debut of wearable fashion NFTs in September 2021, Dolce & Gabbana has recently announced the launch of DGFamily, an NFT exclusive community in collaboration with UNXD. Even big brands like Nike, Asics, and Ray-Ban have begun launching tokenized fashion accessories.
Fashion Events in the Metaverse
The fashion world and tech companies are already finding new ways to collaborate. The metaverse platform Decentraland and UNXD are hosting the first Metaverse Fashion Week (MVFW). The meta fashion show is at the end of March’s virtual fashion week and runs from the 24th to the 27th. It will feature dozens of brands and enable thousands of virtual attendees to buy clothes and accessories in the form of NFTs, browse showrooms, watch virtual runway events, complete with avatar models, and interact with other users at music sessions and after-parties.
Beneath the regalia and options for secure purchase with Ethereum wallets, there is more innovation in the economic model. The event is connected to lease agreements which give designers the right to develop simulated buildings, events, and storefronts. It’s now possible that design houses such as Dolce & Gabbana may broker an agreement for a permanent, virtual location in the fashion district of your favorite platform. However it will look, there will be a combination of physical and digital items available for ownership.
Blockchain and Digital Fashion Assets
Business and branding activity in the metaverse isn’t limited to the big fashion houses. The decentralized nature of blockchain technology makes it easier for independent designers to control and sell their wearable digital art. It will also streamline the way value is exchanged. There are many digital-first models for Web3 e-commerce that exemplify the new functionality of trading with NFTs.
Market efficiency in the fashion world will increase. Having a digital copy of a physical item that can be controlled independently of any other organization will eliminate overhead and intermediaries, streamline the transference of possession, and increase security for owners. It will also ensure the authenticity of any garment or accessory.
Features of Digital Fashion
These developments have allowed communities of designers to earn from their creativity freely. Platforms like Decentraland use Polygon blockchain minting to empower users to create and sell fashions however they see fit. From this, new standards are arising.
• Digital and physical garments authenticated on-chain
• Borderless free trade of designs
• Upgradable clothing and accessories
• Fashion as part of a diversified investment portfolio
• Fractionalized ownership of physical collections
Fashion will evolve with the world. As our lives continue to involve more engagement with avatars in digital worlds, it is only a matter of time before the rise of virtual fashion at large. Groups like Red DAO- a fashion-focused decentralized organization- and LUSKO- a blockchain infrastructure that provides standards- are developing many new industry standards.
These technologies will allow anyone to contribute to the metaverse fashion world. Fashion design will no longer be bound by the constraints of physical reality.