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While the metaverse is far from fully established, it has gained traction across multiple industries and could be “the future of the internet.” In fact, trends show that quick interaction and participation in the metaverse will lead to an immersive experience that draws more people to the metaverse.
Gartner predicts that 10% of public events — such as sports and performing arts — will provide metaverse participation, fueling the rapid build-up of commercial metaverse-shared experiences by 2028. This is a projection that LORRNova Lorraine’s CEO agrees.
“The metaverse of the future will be a new interconnected web of physical and hyper-realistic virtual experiences – where digital asset ownership is the norm, not rarity, the visual expression and sophistication of avatars is more important than social media coils and encounters in virtual environments and events are beginning to overshadow traditional Zoom,” Lorraine said in an interview with VentureBeat.
McKinsey’s State of Fashion 2022 report shows that “as consumers spend more time online and the hype surrounding the metaverse continues in virtual goods, fashion leaders will unlock new ways to connect with high-value younger cohorts.” In addition, “to capture untapped value streams,” according to the report, “players must explore the potential of non-replaceable tokens, gaming and virtual fashion — all of which offer new routes to creativity, community building and commerce.”
If there will be as many events in the metaverse as expected, people should dress their avatars appropriately for the occasion. Avatars should be created, at the behest of the people they represent, with luxury and fashionable items. As the metaverse expands the possibilities for users in virtual worlds, today digital fashion is being redefined for many in that space. But what could be the future of digital fashion in the metaverse?
The digital fashion future is bright, but must be cherished
Fashion in the metaverse is elusive. No physical clothing is required, making it easier for users to experiment and create lavish wardrobes for themselves, much larger than what would be possible in the real world. In addition, since the clothing takes the form of digital collectibles or nonfungible tokens (NFTs), they can be freely traded on open-NFT marketplaces, adding to their long-term value, which many physical or second-hand clothing items do not possess.
Garments minted as NFTs are digital assets registered with unique data stored on the blockchain. This means that while an image of a virtual dress can be seen or even saved by anyone on the Internet, the person who purchased the dress, either as a unique one-off or as part of a limited edition, can prove their ownership and then sell or trade, with the value increasing or decreasing, just like a physical garment.
“The industry has realized that, despite being based on imaginary creations, the virtual world has tremendous utility when it comes to clothing,” said Lokesh Rao, CEO of Trace Network Labs. “The evolution of design technologies provides creative freedom for all designers, but some of the clothes they design can never be worn in the real world. The metaverse removes this hurdle – a digital avatar can wear any piece of clothing without any limitation of type, design, substance and use.”
While several brands jump into the metaverse first, LORR founder Prasanna Hari preaches growth that is nurtured and systemic, based on the foundation of education. “For adoption to happen, we need to go from Web2 to 2.1 to 2.3 and not hyperleap to Web3. Many of the current virtual spaces in other metaverse platforms are expensive and not everyone has seven, eight or nine figures in their budget to launch branded experiences in the metaverse. Access is about giving small to medium-sized fashion retailers and brands a chance to enter Web3.”
LORR helps connect the metaverse’s 3D environments to a customer’s existing Web2 storefront. In addition, stores on the LORR platform have the option to upgrade features. “Through the metaverse, the world has witnessed a technological revolution,” Hari added. “We are now in a space where we can reimagine new realities in a custom virtual reality space. Users interact in a new way within a custom computer-generated environment.”
As the top retail fashion stars move into the metaverse, some need help presenting their products to their customers and prospects. It is in these supporting roles that companies like LORR and ByondXR shine brightest. Driven by the inherent emergence of digital fashion, LORR offers small to medium-sized luxury and custom brands the opportunity to easily add a metaverse environment to their omnichannel strategy. ByondXR, on the other hand, is pitching its tent with bigger players.
LORR is using its Unreal Engine to build what it calls “a unique hyper-realistic metaverse that will allow retailers to share their brand’s story in a more immersive way.” To design virtual stores, LORR uses digital asset management tools to create and display 3D assets that are personalized for each retailer. These technologies can be applied to present consumer goods, digital twins of physical real estate, health technology services and much more.
Conversely, ByondXR provides a platform for brands and enterprises to build 3D and metaverse stores for their customers and buyers. In addition, the platform allows users and partners to fully manage and configure their virtual stores by adding plugins, features, visuals and more. Managing plugins allows users to add their ecommerce, media and fun elements in it. Users can also decide what, when and how to present in their store, making virtual store management comprehensive, easy and fast.
Digital fashion in the metaverse will continue to evolve, leveraging various immersive technologies that give users flexibility and ownership. While it’s still uncertain what avatars and other fashionable items will look like in the future, McKinsey notes that “the rise of the metaverse holds incredible potential for fashion and luxury players.”
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Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.