In recent years, the fashion industry has embraced the metaverse, with digital fashion and virtual commerce (v-commerce) becoming a new source of income for businesses.
Forbes has reported that users in the metaverse would be able to transport stuff such as apparel, accessories, and home décor from one platform to another (for example, from the virtual reality gaming world of Fortnite to the Metaverse’s universe). Having one’s trendy persona is just the beginning of the process.
In October, the Facebook Connect 2021 conference included Mark Zuckerberg who stated: “Fashion for avatars is the next frontier.” “What we have here are avatars, and this is how we’ll represent ourselves in the metaverse.” As is the case now, avatars will be as prevalent as profile images. Still, instead of a static image, they will be live 3D representations of you, your emotions, and your movements, which will allow for interactions that are much more extensive than anything currently available online. A picture realistic avatar for business, a styled avatar for socializing, and maybe even a fantasy avatar for gaming will all be part of your online identity. In the future, you’ll have a virtual wardrobe full of outfits for various situations, all of which will be produced by different designers and sourced from multiple applications and activities.
Because items exist solely in digital form, fashion firms will gain from v-commerce since it will reduce the need for overproduction, discounting, and the utilization of raw materials. There is no need for inventory, which means there is no degradation in the value of the things, which results in higher profit margins and profits.
When it comes to developing virtual products, designers have enormous creative freedom since the constraints that commercial realities would typically impose are not there.
Second-life commodities in the metaverse are still in their original packaging, which means that the platform for reselling virtual assets may be quite profitable. When NFTs are exchanged, royalty payments may be required, allowing for the continuation of revenue from current designs.
As part of their collaboration with the digital platform UNXD, Dolce & Gabbana launched their first NFT haute couture collection last year. They created NFTs for their Genesis collection, bridging the gap between the physical and metaphysical realms and ultimately selling digital assets worth $6 million dollars.