The metaverse is conceived as a virtual space that allows you to interact with other people in real time.
It does not seek to be a fantasy world but an alternative reality with which we can connect through devices that allow us to interact with all its elements in an immersive way.
This virtual world aims to bring physical and virtual reality closer together, mixing both in a new universe managed by the company that manages to impose its metaverse.
Part of the approaches that have emerged from this idea is that of total creative freedom. A virtual and immersive world allows to rethink the limits.
The metaverse hopes to offer as many or more opportunities as the real physical world, from creating businesses, having business meetings, interacting with distant people in a more realistic way, to the approach of an own economy with virtual currency.
Fashion has always been linked to major historical changes and innovations, exploring new ways of creation and distribution and sale.
The pandemic has made it clear that technology and digitization is something that is not part of our future but part of the present that already surrounds us.
In the last 20 years, the digital world has made it possible to connect more and more people without the need to share physical spaces.
Experiences we once thought almost impossible are now a reality. Such is the case of digital fashion shows or 100% digital clothing being today the main activity of many designers and creators.
The metaverse not only offers a creative expansion and new rules for the fashion industry, but also a new market focused on virtual identity.
The customization of avatars and the rise of digital fashion is precisely the reason why several brands have bet on this space as a new sales venue.
According to Morgan Stanley, sales related to the digital universe could account for 10% of total luxury turnover by 2030, with a turnover of around 50 billion euros. It is also much more profitable than tangible products, which will increase the gross profit of the sector by 25% over the next ten years, according to the investment bank.
Zara is one of the examples launching its first avatar collection in December 2021, commercializing it through the Korean Zepeto app.
Luxury brands are not far behind, an example is Balenciaga who already presented their autumn-winter collection through virtual avatars, and their clothes are available in video games like Fortnite.
On the other hand, Gucci is a great example of the potential that exists in this digital world. In 2021 it developed a temporary space within Roblox.
This space allowed users to buy handbags, glasses, and other accessories from the brand for between two dollars and nine dollars. The space was available for only two weeks and sold more than 4.5 million items.
Despite its potential, the metaverse still faces major challenges in becoming a tangible reality.
There is still a long way to go as we do not yet have the technologies or devices necessary to make this concept real, but above all accessible.
Likewise, this virtual world brings with it great ethical challenges, where the most latent ones are the protection of personal data, the protection of one’s own image and the rights of users.
What we can be sure of is that the metaverse will be the talk of the town in the coming years.
The world will face the gradual launch of new devices that seek to connect us with this new virtual reality.
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