The Metaverse’s Potential for Fashion Retail
A new market study published by Global Industry Analysts Inc., (GIA) (a market research firm) called Metaverse – Global Market Trajectory & Analytics shows that the worldwide market for Metaverse is forecast at $194 billion in 2022, it is projected to reach $758.6 billion by 2026. In this report, we intend to focus on the many opportunities for retailers that stem from the importance of metaverse revenue and how the “meta-economy”
Open up new product opportunities, business capabilities and distribution channels in the near future. If you haven’t heard of the word “metaverse” at least once recently, then you probably definitely belong to the minority of the world’s population. But that’s all changing, and massive tech players are stepping into the gap. Last October, Facebook made headlines when it changed its call to meta while reflecting its
goal of adapting from a social network. Media company in a metaverse company – a clear sign of fate. In just a few weeks, Microsoft launched its own Metaverse in November.
The vulnerability, dubbed Mesh, is part of the company’s plan to occupy a large slice of the pie known as the digital workspace. But now it no longer prevents here. What began with the area of technology has quickly filtered through various sectors: Style is one of them? Brands are already experimenting with the digital world as a key channel for interaction and verbal exchanges in the form of phrases about the latest series, premieres, sports purchases, etc.
Nike has filed patents for virtual products, including its forthcoming “Cryptokicks,” or virtual shoes that could be sold as NFTs. The sportswear giant is also launching a Metaverse Studio and is already recruiting for its Force’ or Metaverse workforce. Interestingly, a new Market Analysis: Global Market Trajectory & Analytics, famous
, published by Global Industry Analysts Inc., (GIA) (a market research firm) known as the Metaverse, has forecast the global market for the Metaverse at $194.
Four billion in 2022, projected to be $758.6 billion by 2026. The Metaverse is very much an integration of immersive presence in a truly interactive environment of mobile, augmented reality, social media, gaming, digital reality, electronic Trading, Cryptocurrencies and Working Environments. The file highlights that this digital universe is valued due to the fate of the internet in terms of the convergence of augmented reality (AR), digital reality (VR) and physical worlds in a common virtual space. .
In that sense, a transition to the Metaverse is imminent. Various additions and aspects of this open source platform have a higher degree in which they can be seamlessly integrated to uncover the possibility of creating a parallel digital world. Additionally, NFT and online events are booming, developing a universe of possibilities for the Metaverse and related technologies.
Global Metaverse Market is estimated to reach US$194.4 billion in 2022 and reach US$758.6 billion in 2026: Metaverse: Global Market Trajectory and Analysis Report
For designers and fashion brands, the Metaverse is free from the two-dimensional barrier of the physical world and offers limitless potential for creators and commercial ventures. As users attempt to establish their digital identity, fashion will play a key role.
In this report, we aim to highlight the various opportunities for retailers as the metaverse grows in prominence, and how the ‘meta economy’ will unlock new product opportunities, business opportunities and distribution channels in the near future.
Leveraging the rising trend of NFTs
The term NFT may still sound enigmatic to many readers. In short, NFTs, or Non-Fungible Tokens, are non-exchangeable virtual proofs of ownership for digital items. This can be, for example, in the context of fashion, digital avatars or outfits that you can use in games, but also virtual works of art or pieces of music. NFTs are anchored in a blockchain system that records who owns the digital asset and where sales transactions are recorded. They can be bought with cryptocurrencies like bitcoins and also with dollars or euros.
The first NFT dress, designed by Dutch company The Fabricant, sold in 2019 for the equivalent of €8,120. After an assumed slowdown in the second half of 2021, the third quarter saw an increase in NFT trading volume. 704 percent ($10.67 billion) sequentially. NFTs have opened the door to cryptocurrency’s place in the broader consumer narrative, with unique digital collectibles representing a unique asset. Today, they define the cultural landscape, with influencing and selling everything from decentralized domain names and virtual gaming elements to tweets and memes.
As trust in NFTs grows and digital tokens become embedded in mainstream culture, new opportunities to combat counterfeiting and build lasting engagement in the form of digital souvenirs, tokens of purchase and digital collectibles that brands share with their customers are emerging be able.
POAPs as Digital Souvenirs
Proof of Attendance Protocol or POAP tokens are digital souvenirs that are essentially free NFT “badges” available on the xDai chain, a greener Ethereum sidechain. There are several versions, but POAP is the most trusted protocol among Web3 communities. Recently, POAPs have become increasingly popular among event organizers and in Web3 communities. Originally designed for users to mark life events (like Facebook did for blockchain), the value of POAPs can also be explored in a commercial setting. In the past, brands like ATARI, virtual concerts (like Decentral and Metaverse Music Festival), and satellite events like NFT NYC have harnessed the power of such souvenirs, where local venues and vendors have created a POAP scavenger hunt that has, and has, resulted in sweepstakes offline and online stores.
What will POAPs mean for fashion and retail?
POAP tokens are based on popular retail strategies where they can be used as a gift with purchase for limited edition product launches, special edition product launches, or even as a gift to attendees of virtual events and branded sales, conferences, concerts, lectures, activations and in-store events. When a brand or host runs a POAP, they are free to promote their event on the POAP calendar, which is open to the public and the POAP community.
digital tokens are linked to a database, building brand loyalty and capturing data points. For brands, POAPs can accelerate community engagement as POAP enables a number of integrated services such as: B. private chat rooms for members only and sweepstakes or contests.
Gaming and the limits of fashion
The merging of the gaming and fashion worlds offers brands and retailers unlimited opportunities for creativity that will push the physical boundaries of the fashion industry. webinar where fashion meets gaming hosted by TDFGA in partnership with Parsons N Ventures. Daniella Loftus of This Outfit Does Not Exist added, “In the physical world, I could wear a dress that has fringe, but it’s tied to my physical form.
I was born with a set of specific biological traits.” Even when we wear physical garments to cover or conceal certain traits, we are still bound by them. Loftus concluded: “In the virtual world, your avatar is created by you, it can look anything you want, it can express anything you want. The feeling has to be expressed. The limitless possibilities of the metaverse can be explored by fashion and game designers working together.
In that sense, fashion doesn’t have to be part of the game, it could use the tools the gaming industry has created to create other experiences. Games can be considered as one piece, but game engines are intertwined with good avatars, and really good fashion should be the future. We’re at the beginning of the discussion about the endless creative possibilities for designers and fashion professionals in the metaverse.
If the rise of decentralized finance led consumers to seek a fairer and more collaborative alternative to traditional structures, then in decentralized. commerce that point of view meets commerce. With traditional forms of electronic commerce, buyers and sellers often have to pay for third parties. Mediators of parties or arbitrators to manage risk and trust. These intermediaries can be Amazon, Etsy, Meta (Facebook), eBay, PayPal, Shopify, or any other ecommerce giant that runs a sales exchange, while offers a security guarantee. At the same time, these intermediaries are not without drawbacks. Many big players have a stranglehold on market prices, distribution networks, payment options and supply chains.
Additionally, providers face tariffs, product category limitations, and autonomy and brand visibility issues. In addition, ethical considerations can also pose a problem. In this sense, decentralized trading offers a solution. Address the above through multiple avenues of accountability, outreach and engagement, i.e. H. Traceable blockchain technology, AI, voluntary data exchange and smart contracts that form a mutual security between seller and buyer, all of which are hidden from the user backend.
What are some of the skills designers need to develop to be ready to jump into the metaverse? Sean Chiles, co-founder of The Digital Fashion Group, aptly said: “In addition to the digital mindset, fashion designers need to be able to translate the emotions that come from exploring the zeitgeist and working with physical elements such as fabrics, technical embellishments, etc. This is the connection to the physical, learning to work with and blending the real with the unreal is, in my opinion, the most important skill fashion designers need to know as they transition into a new digital reality for the future.