With Gen Z and millennials embracing the metaverse, it stands to reason that the next big boom in the metaverse is fashion. Digital fashion has grown as an industry within the metaverse over the past year, with several big fashion houses including Louis Vuitton and Ralph Lauren.
Virtual worlds were once associated with games of the mid-’00’s, with the creation of virtual worlds such as Second Life that were dedicated to gamers. However the metaverse as it is developing today is intended to be layered over our actual reality, through AR (augmented reality) and VR (virtual reality).
The video game industry has certainly caught on to the possibilities of digital fashion prior to the popularisation of the metaverse, with outfits (known as skins) being introduced to games such as Fortnight and Overwatch.
Dolce & Gabbana launched their exclusive NFT collection in September last year, inpartnership with the luxury digital marketplace UNXD. Of the total sales, a $1 million green glass suit was also sold as an NFT to a buyer, who was also given a year to get fitted for the physical version
In a blog the buyer of the glass suit NFT, Boson Protocol, noted:
“At Boson Protocol, we have been watching with much interest the great work undertaken by Dolce & Gabbana, UNXD and of its founder and chief executive, Shashi Menon. We believe the Collezione Genesi is a foundational moment in NFT history. It connects the digital with the physical in a fascinating way — and its novel approach is why Boson acted to acquire The Glass Suit.”
Similarly, Louis Vuitton recently announced plans to launch a new NFT collection which will be tied to the brand’s mobile app game, Louis: The Game.
Vogue Business recently shared how big Investors like Bajwa, Natalie Massenet of Imaginary Ventures and Megan Kaspar of Red DAO are pushing millions into metaverse fashion startups, noting that “In 2021, more than $10 billion in venture funding went toward metaverse-related companies”.
Outside of gaming environments, the fashion industry has been able to utilise NFTs to verify the ownership of digital assets. But beyond this technology of traceability, the fashion industry is moving towards an era in which mainstream fashion brands utilise the power of the metaverse and shape the future of fashion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.