Doorways to Dematerialize Fashion
The world of fashion has dominated our lives for quite a while. And it is one of the few industries that have evolved with the change. This industry will always remain in the talks, from classic Hollywood fashion to modern, futuristic fashion. The apparel we wear dictates our personality or becomes a glimpse of ourselves. Undoubtedly, the fashion industry relies on several technical advancements in the present Web 2 world. But it has now turned its head towards the Metaverse, ready to rule.
The Metaverse is a space for you to create vivid opportunities to increase your revenue numbers with the speed of light! Contact an ideal metaverse development company to make your virtual necessities a genuine possibility.
Are you a fashion enthusiast or a fashion business owner looking for a road to reach the realms of the metaverse? Don't worry! You have reached the right place. We at Suffescom Solutions have been a Metaverse Development Company for over six years. We will be with you at every step of your metaverse journey!
Let us get to know the scope of the fashion industry in the realms of the metaverse more through this post.
Reminiscing The Vision Of The Metaverse
The Metaverse was indeed a myth or a mystery before the early 21st century; till a gamified version called Second Life came along in 2004. The initial goal was to create a digital twin of the Earth where the users could live a double life. The metaverse is the virtual world that encompasses a breathtakingly immersive experience for its users. The metaverse is the digital renaissance in which the global pandemic served as a catalyst and fueled its popularity. The world was at a pause in the year 2020, and that was the time when the metaverse bloomed; though it is still in its early phases, the foreseen potential it holds to ease businesses is immense.
The Metaverse falls under the umbrella of Web 3.0, the present evolution of the world wide web backed by a decentralized ecosystem. Decentralization would mean avoiding third-party interference, especially when paying online through digital assets. The digital assets that govern the metaverse are cryptocurrency and NFTs in the form of in-game assets. These digital assets can be exchanged to achieve fiat money through crypto-exchange wallets. The metaverse is a gamified experience that one can leverage through many advanced technologies like Blockchain, NFTs, Smart Contracts, AI, VR, IoT, and many more.
Scope Of The Fashion Industry Inside The Realms Of The Metaverse: Why Buy Clothes That Barely Exist?
Undoubtedly, screen wear is the new streetwear. Billions of regular gamers around the world are investing millions in customizing their gaming avatars. These new GenZ avatars are shaping modern runways in the real world. Investing in these digital assets in the realms of the metaverse is not just limited to possession of jaw-dropping virtual merchandise, but they also hold a certain value. You can go online and sell these assets for the price you want.
Huge brands like Louis Vuitton and Balenciaga have already sold merchandise and released their virtual NFTs that hold huge amounts of money. These NFTs can also be purchased via cryptocurrency and then later converted to fiat money. A professional gamer made millions of dollars by selling a virtual sneaker in just five minutes. Such is the scope of fashion in the metaverse. Buying digital assets is synonymous with buying gold in the future.
The leading fashion brand Gucci, serving high-end fashion merchandise for centuries, arrived in the metaverse in 2021 by launching the "Gucci Garden" on Roblox to mark their 100 years in the fashion industry. This event enabled the users to purchase unique NFT collectibles. One of the historical moments in the fashion world was when a Gucci bag was sold for 350,000 Robux, equal to $4115.
They have also created a virtual store on Sandbox called Gucci Vault. This store feeds an immersive experience to the users while upgrading the way this brand works. Their NFTs will soon become worth a $50B industry in the coming years.
Sports brand Nike also entered the metaverse after the creation of its RTFKT. This artifact creator can design shoes and collectibles that can be accessible in the gaming world and virtual platforms.
While collaborating with Roblox, Nike created the NIKE LAND, the virtual space where users can enjoy various sports in the metaverse. The Nike metaverse has already encompassed thousands of users that log in with their VR headsets on a daily basis adding to its popularity.
The famous drink Coca-cola, partnered with a brand called Tafi, is designing NFT in the form of wearables to be released in a prior version of International friendship day. The breathtaking NFTs released by them were later auctioned on the famous NFT marketplace OpenSea. This NFT is a collection of wearables that can be worn in the metaverse world of Decentraland. The Coca-cola brand was famous for a set of trading cards that it launched in the late 1940s, which inspired its NFT collection vividly.
Demna Gvasalia, the famous creative director of the renowned high-end luxury brand Balenciaga has always come up with futuristic fashion on the runways. The sleek eye-wear to the jaw-dropping “socked-sneakers” have long captured the attention of the GenZ. Recently, Balenciaga partnered with Fortnite and with its catchy avatar “DOGGO”.
They have also released a bunch of other interesting skins and apparel for the gamers.
This NFT was in the talks for its stunning appearance on the Billboard of the Times Square, NY, with its dog avatar dressed in the Balenciaga merchandise. The game has billions of users, and this game offers a stunning set of virtual events like concerts by famous celebrities like Travis Scott and Ariana Grande.
The future of the fashion industry lies totally on advanced technology and metaverse is the future of technology, undoubtedly. With the usage of VR headsets, your users can be teleported where they are not just seeing the outfit on an ecommerce site but also experiencing it by going 3D. This screen wear will become the new streetwear. What outfits you will see on gaming avatars will soon be in the new collection sections of the physical stores.
Let us go through some of the unique technologies the metaverse has embedded:
The blockchain world is a technological evolution for which human evolution has waited since the nineteenth century. This technology has the power to keep online data safe, commutation speed faster, and users’ private data free from third-party intervention at all costs. Blockchain mechanism is based on storing data on distributed ledges, and thousands of computers back the process of storing data on these nodes.
The transactions done in the realms of a virtual world are seamless and facilitated by cryptocurrencies or native tokens that can later be exchanged for fiat money on exchange platforms.
Artificial intelligence is what rules the Metaverse. These high-tech machines can mimic human intelligence and work as per the information they collect. Another subset of AI, machine learning, is used to assess problem-solving and learning to adapt new data without human assistance.
Virtual reality is the pillar on which the metaverse stands. With virtual reality glasses, the immersive journey begins. The metaverse can be leveraged with VR headsets as the medium to enter the virtual world.
The Internet of Things is another incredible invention of the metaverse. The Metaverse and the IoT will shape the virtual worlds' future. This partnership of two industries will together carve a new canvas for industrial sectors and fulfill numerous social norms. With IoT, the Metaverse will allow streamlined data flow and support data-based decisions with minimum effort.
The NFT reformation is a reliable source of increasing revenue numbers in the metaverse. These non-fungible tokens are unique assets that can’t be copied. NFTs in recent years is not just limited to digital arts but also to in-game assets. Many games have created amazing avatar skins and gadgets that are sold for millions in the NFT marketplace platform. The entire gaming character with their upgraded levels can also be marketed as NFT on the marketplaces.
Why trust Suffescom?
Suffescom is the place where you need to be to find your ideal fashion spree by creating NFT and NFT marketplaces where your users can buy your merchandise to use it as their gaming apparel. Also, you can open your virtual store in the metaverse and increase the customer count, which will surely get you enough work to be busy working on a virtual outfit.
The team at Suffescom is equipped to provide you with a reliable DeFi-based blockchain environment through regular smart contract audits that will keep your platform secure from bugs and hacks. Blockchain is known for its high-security measures, and your virtual store will be guided by it with all possible efforts.
With an efficient team of metaverse developers from the last 6 years, our experts will surely let you increase your revenue by attracting a large audience that can spend more on virtual outfits than on physical outfits.
Our metaverse platforms offer transparency and interoperability on a huge scale without the interference of any third party. Suffescom assures you of all the required assistance and guarantees transparency and interoperability.
The fashion in the metaverse is outlined by the form of NFTs that the brands release virtually. With NFTs that are catchy enough to appeal to the audience, especially the gaming one, the fashion industry can double its revenues with the speed of light.
To know more about how a fashion brand can thrive in the metaverse or structure its virtual stores, connect with our team now!
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