Fashion in the metaverse: How will NFTs impact the fashion industry?
The fashion industry is a multi-billion dollar business that has been around for centuries. However, with the rise of blockchain technology and non-fungible tokens (NFTs), we are starting to see a new era of fashion emerge – an era where digital assets and fashion intersect.
In this article, we will explore how the metaverse and NFTs will impact the fashion industry, and we’ll look at some potential use cases.
Fashion on the internet vs the metaverse
The internet influences many aspects of our lives. This medium is well suited for fashion since information on what we wear, how we wear it, and how to buy it is readily available to everyone on a wide range of electronic devices, such as smartphones and tablets.
The metaverse, on the other hand, has the potential to make digital interactions with others on the internet more immersive. By use of various technological features such as VR and AR, users may now “live” in an entirely digital world.
The metaverse is going to change the fashion industry. With the internet, anybody can sit in front of their computer, visit a website, and buy clothes — this is very common in the age of online retail. Now, imagine if you could try on that piece of apparel before making a purchase. In the metaverse, this will be possible, just as it is in a physical store.
When clothes shopping in the metaverse, you can see a product from any angle. You can zoom in and examine every aspect of a piece of apparel. Even now, you can “try on” a piece of clothing by sliding its image over a picture of yourself.
But in the future metaverse, the experience will be more akin to shopping in a physical store, where you can actually feel and hold the product before you buy it.
NFTs in fashion: The basics
Fashion and the metaverse are clearly intertwined in today’s surge of fashion-themed NFTs. As a result, the fashion industry now has a new degree of exclusivity and a chance to convert digital designs and collections into very rare, costly, opulent, and distinctive collector’s items.
As an example, Dolce & Gabbana, a premium fashion house located in Milan, began issuing its own NFTs on the Polygon (CRYPTO: MATIC) blockchain at the end of August 2021. It created a limited-edition collection dubbed Collezione Genesi3, exclusively available on the NFT marketplace UNXD. All of the pieces are manufactured by hand and are museum-quality, from women’s fashions to men’s sartorial attire.
Fashion businesses such as this one are building a new universe of consumer involvement via a digital experience, whether through video games or fashion in the metaverse.
Use cases of NFTs in the fashion industry
The fashion industry has long been an early adopter of new technologies. From the first fashion shows in the late 1800s to the launch of e-commerce fashion sites in the 1990s, fashion has always been at the forefront of innovation. The rise of blockchain technology and NFTs is no different.
A whole new avenue of monetization
One way that NFTs could potentially impact the fashion industry is by providing a new way for designers to monetize their work.
Currently, when a designer creates a piece of clothing or accessory, they typically sell it to a retailer, who then sells it to consumers. With NFTs, designers could instead mint their designs as NFTs and sell them directly to consumers. This would allow designers to retain more control over their work and potentially earn more revenue.
A revamped platform for fashion events
Another way that NFTs could impact fashion is by providing a new platform for fashion shows and other events.
Today, fashion shows are typically live events where designers showcase their latest collections to an audience of buyers, press, and celebrities. However, with NFTs, fashion shows could be held entirely in the digital world. This would allow for a much wider audience as anyone with an internet connection would be able to attend.
Additionally, the metaverse will open up new possibilities in terms of what can be displayed at a fashion show. For example, designs that exist only as digital assets could be part of the show.
A lucrative market for fashion merchandise
NFTs could also have an impact on the secondary market for fashion items.
Today, there is a thriving market for fashion merchandise, with people selling and buying used clothing and accessories. With NFTs, fashion items could be sold as digital assets, which would open up the market to a whole new group of buyers and sellers.
A virtual representation of your physical fashion apparel
Fashion NFTs can be digital representations of physical fashion apparel. Some highly regarded fashion brands are already offering NFTs that represent ownership of designer items. You can purchase these virtual garments from online marketplaces or directly from designers.
An opportunity to have fully-virtual fashion items
Fashion NFTs in the metaverse can be a great way to express your style and individuality. But what if you want a completely virtual fashion item, like an entirely digital dress or pair of shoes?
With NFTs, this too is possible. You can purchase NFTs that are purely digital in nature. Then, you can have your avatar wear it as you stroll through the metaverse.
The rise of NFTs presents many exciting opportunities for the fashion industry. Whether through new ways to monetize designs and events, a revamped secondary market, or fully-virtual fashion items, NFTs have the potential to transform how we think about and engage with fashion in the digital world.
The fashion industry is on the cusp of a major change with the rise of blockchain technology and NFTs. While it is still early days, the many potential use cases for NFTs in the fashion industry could have a significant impact on the way we buy, sell, and think about fashion. We will be sure to keep an eye on this space as it develops!
Chat with the expert NFT promoters and marketers at Mooning
Sure, all the examples of NFT promotions we listed are from global brands with endless coin to throw at their campaigns. But you really don’t need a crazy-high budget to see some seriously incredible outcomes – as long as you know the delicate intricacies of building a killer NFT marketing strategy!
If not, no worries – Mooning is here to take care of everything for you and make sure you see the most amazing ROI you’ve ever seen before. Our team has the knowledge and experience to promote your NFTs in order to deliver maximum awareness and interest, driving the sales prices up sky-high and beyond.
We provide a full suite of expert NFT marketing services and go above and beyond for every one of our clients to ensure only the best results. Our team will help with everything from minting, listing and selling, NFT creator sourcing, community management and campaign conceptualisation.
So get in touch with us now on 1300 818 435 or message us online.