Fashion is making its way into new territories and landing in the metaverse, that digital world that is causing so much talk, dividing commentators between optimists and pessimists.
From March 28 to 31, 2023, the metaverse will host its second Fashion Week; to be precise, the Miami Fashion Week. The event is an opportunity to see how fashion houses are using this new digital world.
What is the metaverse?
Giving a definition of a virtual world that is still in the process of being created is not easy. According to many, the metaverse is the future of the Internet, a set of virtual spaces traversed by avatars, where it will be possible to work, have fun, learn, and even go shopping. A true parallel world, with, in theory, unlimited possibilities.
It is not yet possible to predict where technology will lead, unless one relies on images taken from science fiction novels. So far, it is clear that the world of the future will be increasingly connected and digitized. To leave the house, go shopping, and meet people, it will no longer be necessary to have a physical body, but many aspects of life will be delegated to virtual avatars.
According to many, the consequences will be such as to radically change the worlds of work, learning, and entertainment. Opinions are actually mixed: some foresee a new era of prosperity, while others fear that artificial intelligence will increasingly take control, replacing human beings.
The relationship between fashion and the metaverse
The agency Goldman Sachs estimates that the metaverse economy could reach $8 trillion in 20 years. Fashion brands are investing heavily in this new world. The interest is primarily in younger consumers, who already experience this virtual space in gaming platforms like Roblox.
On Roblox alone, in 2022, over one billion digital fashion items were sold, and this growth currently does not seem to be slowing down. The 2022 "Metaverse Trends Report" shows that 70% of the surveyed population (young people aged 14 to 24 living in the United States) customize their avatars' clothing with the same style as their real-life clothing.
In the last 12 months, many brands have created their own NFTs (non-fungible tokens) and have begun to develop their own in-house metaverse and Web3 teams.
Metaverse Fashion Week 2023
Metaverse Fashion Week is a true virtual fashion week, born from the awareness that a consolidated fashion economy already exists in the Metaverse. Younger people, in particular, are already accustomed to wearing devices like headsets, due to their propensity for the world of online gaming. This offers designers the opportunity to create 3D clothing so that people immersed in that reality can see them and, in some cases, try them on "up close."
MFW 2023 will be full of creations designed to be the bridge between physical and digital reality. It will be very likely to witness simultaneous events in both the digital and real worlds, just as it will be possible to buy pieces that are shown online in brand stores.
To prepare, Decentraland (the virtual space where the event will be held) has strengthened its technology and collaborated with other virtual worlds.
Even the fashion shows are changing
In the 2022 edition, Metaverse Fashion Week presented more than 60 brands and Web3 projects, and included stores, fashion shows, and phygital sales (using technology to build a bridge between the digital and physical worlds).
Thanks to the experience of MFW 2022, several changes have been introduced this year. The duration of the shows has gone from last year's 20 minutes to one hour, offering visitors a wider window. And the events will be more condensed, with parties taking place in the same locations as the shows and with more signage to direct visitors in the right direction.
In a few years, you too could spend part of your time in the metaverse and have an augmented reality experience that will allow you to interact with virtual people and objects as if they were real.