The advent of Metaverse and Web 3.0 should disrupt many sectors, including the billion-dollar global fashion industry. As the world moves from physical to digital, traditional clothing designs can be transformed into virtual wearables that can be used in augmented reality (AR) and real life.
Megan Kaspar, CEO of Magnetic Capital and a member of Red DAO, a decentralized independent fashion organization, told Cointelegraph that she believes non-fungible digital tokens, or NFTs, will be the largest class of NFTs in Web 3.0:
Digital Fashion NFTs include clothing, shoes, jewelry, accessories, and more that can be used virtually or in gaming ecosystems. These digital wearables are currently used for speculative investing and fundraising, for wearing avatars in decentralized games, for wearing in augmented reality environments, and for overlaying photos and videos. ”
While Caspar acknowledges that digital wearables are used in today’s decentralized gaming environments like the NFTs used at Decentraland, he made it clear that wearables will be more interactive in the next two years. For example, Kaspar recently demonstrated how virtual income NFT and other extensions can be used during video interviews.
Model of clothes for earnings enters the fashion industry
Kaspar also mentioned that the “wear-to-create” model will thrive in augmented reality environments, and noted that designers, brands and retailers will create clothes that fit into the digital wardrobe. Kaspar noted that in order to build long-term relationships with consumers, designers will pay consumers to use their virtual objects:
“Brands will reward customers for wearing garments by giving them access to exclusive items, putting fashion items in their virtual wallets, or paying them money in the form of tokens.”
Italian luxury fashion house Dolce & Gabbana will soon launch “D&G Family”, a community-based NFT store that will be featured on the UNXD marketplace, Kaspar said. “This will give consumers access to exclusive physical apparel that can only be purchased drop by drop,” she said. Dolce & Gabbana recently launched the NFT “Collezione Genesi” collection to highlight the power of wearable devices.
Related: Culture Converges With Blockchain As Luxury Fashion Brands Launch NFT Collections
While Caspar expects UNXD to be the first luxury platform to offer wear-to-earn features, other NFT ecosystems are starting to embrace the concept. For example, Davaproject – an NFT project from startup studio Unopnd – is currently creating an NFT token system that reflects changes in various blocks in the blockchain network. In a recent announcement, it is claimed that the project will initially consist of 10,000 NFT avatars called “Dawa”, which will have 30,000 handheld blocks engraved on them. Davaproject will determine the rarity of each wearable and display different ratings in the user’s dashboard. Owners will then receive benefits such as invitations to social events, NFT air drops, gifts, and new items with these items.
With the rise of virtual wearables, Vogue Singapore editor-in-chief Norman Tan told Cointelegraph that he is optimistic about digital fashion. Tan recently published the September issue of Vogue Singapore, which covered the theme of “New Beginnings.” The September issue featured a unique QR code print cover that served as a gateway for two digital-only NFT covers. Tang Sa:
“Fashion and innovation have always been at the heart of what we do at Vogue Singapore. With the theme of our September global issue of New Beginnings, we have taken a bold step into the metaverse – the goal of a new class of digital artists and designers. ”
Tan added that digital fashion will not only destroy the Metaverse, but wearable virtual machines will help mitigate sustainability concerns by introducing waste savings. According to Kaspar, 40% of Western wardrobes are not used, and he notes that digital clothing can be an environmentally friendly alternative to physical things.
Source: Vogue Singapore
In addition, virtual fashion shows have proven to be more sustainable and affordable. For example, NFT Runway, a company that democratizes fashion by allowing brands to distribute it in sustainable ways, organizes 3-5 digital fashion shows. December during San Francisco Fashion Community Week. The interactive fashion show will be broadcast live in the Metaverse with NFT versions of physical objects recreated using the patented 3DREALtm technology. This will allow audience members to virtually “jump” the runway to see each item at the same time.