Metaverse: How Far Have We Come?

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The fashion industry is moving at such a progressive rate that, if today you are worrying about which outfit to wear, soon enough you’ll worry about which virtual skin or digital garment to wear for a virtual event with other digital avatars. Seems like a lot, but the truth is, in some capacity we are already there, and efforts are being taken continuously to build it. 

The Metaverse is closer than you think.
What Is A Metaverse? 

  • “I think the Metaverse is the all-encompassing space in which all digital experience sits; the observable digital universe made up of millions of digital galaxies.”
    Eric Redmond (Global Director, Technology Innovation, Nike)
  • “We are already in the MetaVerse, it’s just mostly 1D (text apps, clubhouse), 2D (Zoom, shared productivity apps like Google Sheets), 2.5D (games like Fortnite, Virbela) – 3D (VR/AR) is just in the development stages.” 
    Kenneth Mayfield (CEO of Xyris Interactive Design)
  • “The metaverse is a digital space where you can create memories that rival physical experiences in scope, meaning, and value. It’s not about the best tech or creating the best simulation. It’s about enabling humanity to experience the things that make us human. Hyper social co-experiences where we can connect with each other in authentic ways.”
    Neil Redding (Founder and CEO, Redding Futures)

An important evidence of metaverse making its way into our lives sooner than ever is Facebook, the giant social media company, currently building a new metaverse product group. In the next 5-10 years, it aims to be seen as a metaverse company. In an interview between Platformer’s Casey Newton and Mark Zuckerberg, the latter mentioned that he thinks metaverse will be the successor of today’s mobile internet. 

How Is Metaverse Making A Statement In Fashion?

In the metaverse, fashion will not be restricted only to online shopping. It will be about an opportunity to have real interactions with brands in a completely immersive environment. It will open doors to self-representation in ways that have only been in imagination before. Digital-first clothing brands will have access to upcoming market segments and be true enablers of creating inclusive fashion.

Basically, it will be a hyper-digitised social experience rather than a simple transaction of buying and purchasing. 

A few examples of how metaverse has started occupying the world of fashion are:

  • At Dezeen’s Metaverse Meet-Up on a virtual rooftop bar, guests directed their digital avatars on the platform by simply using their keyboards.
Source: Dezeen
  • The Fall 2021 collection of Balenciaga was presented in a video game. That’s right! In fact, in-game purchases of digital clothes for avatars are expected to reach around $129 billion in 2021, says L’Atelier BNP Paribas.
  • The IMVU community hosted a fully immersive digital fashion show where later, some designs were sold as D2A and some were reserved for NFTs. Daren Tsui, CEO of IMVU, believes that while the pandemic has driven more attention to the metaverse, it will retain because of improved realism in these virtual experiences.
Source: Forbes
  • Roblox and Gucci collaborated to create the Gucci Garden in 2021 where users became neutral mannequins and could purchase limited edition items for their avatars. Rook Vanguard, a creator and developer on Roblox described the experience as an invaluable hands-on understanding of the metaverse.
Source: Roblox

So what does all this mean?

Key Takeaways:

  • Metaverse – the extension of the real world, a fully immersive digital realm for people to socialize and connect better, is closer than you think.
  • Digital twins and virtual clothing will be crucial defining elements of the metaverse.
  • Leading fashion brands have already begun to up their game by exploring various aspects, which will ultimately pave way for the perfect metaverse experience.
  • Metaverse will give an opportunity to create an identity for yourself, which only existed in your imagination till now.

So, since the metaverse is already making waves in the fashion industry, the real question is not how is it going to be. The real question is – who is it going to be? Who will be the front runners? 

We at Neo Marche are excited to partner with brands who are ready to make a stunning entry through digital fashion and own the future! 

 

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