It might be a bit difficult to comprehend the concept behind digital fashion. However, recently, with the advent of the metaverse, several experts are delving into its possibility of reshaping the future of the fashion industry. Yet, in its infancy, the metaverse is attracting a lot of buzz around it. The metaverse is loosely defined as a highly interactive, creative digital environment. It offers a platform for people to work, play, socialize, and purchase or sell.
As per the Digital Fashion Sustainability Report, the clothes on the digital platform proved to be much more environmentally friendly than their physical clothes. As compared to physical clothes, digital clothes required approximately 3,300 fewer liters of water per item. To add to it, they emitted 97% less carbon dioxide. Moreover, replacing physical clothing samples with digital ones can reduce a brand's carbon footprint by 30 percent.
Suppose we use digital clothes for modeling, marketing, and sampling before sending an order for their physical counterparts. In that case, it can significantly minimize the overall adverse impact of the fashion industry on the environment. Furthermore, putting digital models on display will also remove the widespread issue of overproduction.
As a response to the pandemic, along with several changes globally, the fashion industry also went through significant remaking. While one effective step was the prioritization of e-commerce, another innovative and efficient step was the concept of digital showrooms. Here, instead of using their imagination to assume how a particular garment would look on them, the customers could have virtual interaction with any clothing item. They could have a 360-degree look at the product and check the smallest detail. They could even try the things virtually by dragging the products on their photos.
Today, when we talk about the future of fashion, virtual shopping ought to gain popularity instead of going to a physical fashion store to buy a garment that fits amongst limited products. An important aspect of the amalgamation of Metaverse and the fashion industry is that the users can deploy their avatars. They can make them visit several stores to try different clothing options virtually before purchasing a garment.
The digital clothes on Metaverse are intangible. This makes it easier for the users to experiment with several clothing styles and create a lavish wardrobe for themselves. Plus, since the clothes are in the form of NFTs (Non-fungible Tokens), they can even be traded across the NFT marketplace. This would add to their long-term value- something that physical or second-hand clothing generally does not possess.
If we put Mataverse to proper use in the fashion industry, it would be highly beneficial for several labels and fashion houses. They would now have a borderless presence with no physical limitations. This would further add to global brand awareness via digital means.
Frank Fitzgerald is the founder of 'Pax. World', a platform where users can create their metaverse. According to him, the merger of the metaverse and the fashion world could hugely impact the fashion industry. This step toward digitization of the fashion industry would be a cultural revolution for the fashion industry. It would also enhance the digital experience of the entire art world.
The key demographic for the digital fashion world is the younger generation. The older generations might find it a bit difficult to digest this concept at the moment. However, in the next decade, there is a high potential that the whole generation of 20 to 30-year-olds would be pretty conscious of their digital representations.
By 2022, several major brands across the globe, such as Adidas, Nike, and Gucci, have reported generating around $137.5 million in NFT sales. Dolce & Gabbana made a record for selling the most expensive suit, a digital glass suit that went for $1 million last year.
Alongside, D&G's NFT collection accrued $6 million. On the other hand, Gucci sold its Queen Bee Dionysus virtual bag for 350,000 Robux. When converted, it goes for a value of $4,000. This amount is more than the real-life valuation of the bag.
The gap between the real and the virtual world is reducing with every passing day. In such circumstances, Web3 is introducing new technological advancements. With this, consumers will likely have a broader range of choices to express themselves. Several big fashion houses like Gucci, Burberry, and Louis Vuitton have already placed dedicated teams to explore and test the Web3 space.
All being said, we move into the future, which is primarily dominated by decentralized technologies; it would be worth it to see how the future of this vast merger of metaverse and fashion plays out, especially when an increasing number of brands are making their way into the metaverse.