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NFTs and Beyond: Digital Fashion in the Metaverse

With Gen Z and millennials embracing the metaverse, it’s only natural that fashion will be the next big thing in the metaverse. Over the last year, the metaverse’s digital fashion business has flourished, with numerous major fashion brands, such as Louis Vuitton and Ralph Lauren, participating.

Virtual worlds were originally connected with games from the mid-2000s, with the advent of dedicated virtual worlds like Second Life. However, the metaverse as it now exists is designed to be overlaid over our experience via AR (augmented reality) and VR (virtual reality) (virtual reality).

Before the popularization of the metaverse, the video game industry had recognized the potential of digital fashion, with costumes (known as skins) being added to titles like Fortnight and Overwatch.

In September of last year, Dolce & Gabbana released their exclusive NFT line in collaboration with the premium web marketplace UNXD. A $1 million green glass suit was sold as an NFT to a bidder who was also given a year to get fitted for the physical version of the outfit.

Louis Vuitton has revealed intentions to introduce a new NFT line related to the brand’s mobile app game, Louis: The Game.

Vogue Business recently reported that major investors such as Bajwa, Natalie Massenet of Imaginary Ventures, and Megan Kaspar of Red DAO are pouring money into metaverse fashion startups, estimating that more than $10 billion in venture capital will be invested in metaverse-related businesses by 2021.

The fashion sector has been able to use NFTs to authenticate the ownership of digital assets outside of gaming situations. Beyond traceability technology, the fashion industry is transitioning to an era in which major fashion firms use the power of the metaverse to create the future of fashion.

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