With the spread of e-commerce, we all got used to virtual stores. But the issue has now gone beyond that; because not only stores but also products are virtual in the metaverse… Fashion brands such as Burberry, Louis Vuitton and Ralph Lauren have opened stores in the metaverse so far.
Between 24-27 March, the world’s first metaverse fashion week took place on the 3D virtual reality platform Decentraland. More than 500 digital outfits were introduced at the event, attended by 70 brands including Dolce&Gabbana, Etro and Forever 21. Brands such as Tommy Hilfiger and Philipp Plein opened their first stores in the metaverse during fashion week. The cosmetics giant Estée Lauder’s store was interpreted as a signal that the beauty industry would also invest in this area.
Almost every day, there is news of a new store opening from a different Moda brand. The interesting thing about these is that both the stores and the products in them do not exist in reality. Especially the parts produced by the world-famous luxury brands are sold out instantly. Moreover, it is said that this new understanding of merchandising will be the future of fashion and consumption habits.
Why did fashion brands become interested in and invest in the metaverse? Of course, they want to make an impact and become a pioneer by being involved in such a hot topic. But there is also a commercial side to it. US investment bank Morgan Stanley predicts that the size of the digital fashion industry will exceed $50 billion by 2030. Considering that there will be no production, distribution and labor costs, a very attractive picture emerges. Moreover, additional income such as royalties obtained when a product is resold.
It’s moreover, sustainable
It creates excitement not only in brands but also in metaverse designers. One of the most attractive aspects of the job for fashion designers is the freedom of creation this world offers. In a whole new universe, it is possible for them to design clothes that have never been tried before, with endless possibilities.
Indeed, Marjorie Hernandez, founder of digital fashion platform The Dematerialised, says the metaverse is an opportunity for many young designers to unlock their potential. It is no different for us consumers. We can freely express ourselves in the metaverse universe with pieces that we can never wear in physical life.
Another reason that makes the metaverse and fashion relationship attractive is sustainability. According to the report of DressX, the e-commerce platform that sells virtual clothes, 80 percent of the clothes in people’s closets are worn only once or not at all. Moreover, 9 percent of these clothes are purchased to produce content. DressX draws attention to the environmental impact of digitalizing these once-worn clothes to share on social media. Because the production of a digital garment emits 97 percent less carbon than a physical garment, and saves 3,300 liters of water. Moreover, the products do not turn into waste after use.
Which brands are leading? In fact, fashion brands stepped into the metaverse world with gaming collaborations. According to Vogue Business, 53 percent of global fashion brands are involved in this field through digital avatars, Instagram / Snapchat filters or virtual store experiments. If you remember, the monogrammed pieces Burberry designed for the shark character in the ‘Blankos Black Party’ game were sold out quickly. Afterwards, Louis Vuitton created its own metaverse game universe called ‘Louis Game’. Ralph Lauren started selling puffer coats, ski clothes and berets for less than $5 in the shop he opened in the Roblox world.
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