Luxury Fashion in the Metaverse – Part 1
The metaverse is meant to be an immersive experience that capitalizes on the feeling of your presence within a virtual space.
Fashion has been, and always will be, at the tip of the spear when it comes to welcoming innovation.
Despite all the new publicity of the metaverse, fashion has long existed in this sphere. But what is luxury fashion in the metaverse? And what is the metaverse?
This two-part blog explores the metaverse and how it has and will affect new markets through various means.
A Brief Explanation of the Metaverse
Does anyone actually know what it is? Sure, it’s a buzzword that’s thrown around over the last few months but ask anyone and you’ll get different answers.
Mark Zuckerberg describes it as “an embodied internet that you’re inside of rather than just looking at.” To simplify, the metaverse is meant to be an immersive experience that capitalizes on the feeling of your presence within a virtual space.
The metaverse is a fairly large concept, similar to the overall feel of the internet. It’s not just NFTs, cryptocurrency, VR/XR/AR and virtual worlds like Fortnite and Roblox—just like how the internet is not just Google, Yahoo and Amazon. Some describe it as the internet in 3D. In contrast, others argue that it’s where users can work, play and shop in a virtual space without 3D functionality necessarily being a parameter.
The actual definition depends on what society will eventually call it—but for the sake of this blog, we’ll define the metaverse as the latter: a digital space in which you can wholly interact, presence included.
The Future of Luxury
Fashion has always been a sphere that has embraced innovation regardless of public opinion. Despite this, it remains at the forefront of cultural commentary.
While the pandemic has offset a movement toward digital spaces for luxury and premium brands, some brands have long been in this space, such as DRESSX.
Nowadays, luxury and premium brands such as Gucci, Balenciaga, Nike and Louis Vuitton have embraced taking up virtual online real estate (and paying real dollars for it), initiating fashion shows digitally and collaborating with certain digital artists.
Brands like Louis Vuitton collaborate with NFT artists to create digital collections, while Nike partnered with RTFKT to launch digital assets and virtual “try on” sessions of sneakers on Snapchat.
Regardless of the application, there is desirability within the market of metaverse fashion.
Learn more in part two
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