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Popular Fashion Tycoons Jump on the Metaverse Bandwagon

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VOC, Voice of Crypto, Metaverse

With Metaverse walking into every economic sector, the fashion industry is no different. From designing avatars to offering a realistic shopping experience for customers, the fashion industry implemented several Metaverse features to bridge the gap between the real and digital fashion. 

Metaverse in Digital Fashion

The fashion industry joining with Metaverse, changed its face by offering customers a real shopping experience. From designing avatars to letting people try out their clothes, similar to a trial-room scenario, digital fashion underwent revolutionary changes this year.

Thus, with augmented reality, there’s no need for customers to visit stores and try out their clothes physically. They can all do it virtually now. Moreover, digital fashion is not just limited to clothes. Instead, it refers to every fashion element that individuals use. 

To think of it a notch higher, digital fashion can now design clothes, and people can purchase them and keep them all virtual. Thus, one can style up or maintain a digital wardrobe by purchasing various items from this industry. No wonder such changes motivated customers to spend several dollars to pace up with the trend. 

Luxury Brands Win Dollars Using Metaverse

Several well-known brands like Nike and Gucci generated $137.5 billion in NFT sales as customers increasingly purchased digital outfits and accessories to dress up their avatars. Similarly, Dolce and Gabbana made $1 million by selling its most expensive suit this October.

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The growing rise of digital fashion and its expansive market is apparent from such trends. Further, using NFTs increases the scope and revenue for all brands in the digital fashion industry. 

NFTs in Digital Fashion

Digital fashion took the industry a notch higher by introducing NFTs with each digital outfit or accessory. These tokens mark the ownership of digital assets, reducing their chances of replication. Replication has been a long issue in the fashion industry, and with NFTs attached to them, the ownership of the items has become more specific. 

Increased Affordability among Youths

Luca Sulca, Bernstein global luxury goods analyst, points out new ways NFTs tap into fashion assets. The tokenized versions of garments and accessories offer affordable means of owning luxury brands. No wonder this attracted several youths, helping the digital fashion industry expand beyond calculable limits. 

 

 

 

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A post-graduate is Sociology, Sreerupa's interest primarily lies in researching on the global market trends of production and consumption.

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