22 April 2022, Mumbai:
Since Facebook went Meta, and global digital titans like Microsoft and Apple began making progress in this direction, Metaverse, an immersive technology, has gained traction.
Meta wants to develop and influence a futuristic virtual environment. So, what is the metaverse, exactly?
Experts see it as the next step in social networking, allowing individuals worldwide to interact in a 3D virtual reality setting.
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In a more practical sense, metaverse will allow users to have their 2D experiences, such as shopping on their phones or computers, watching concerts or movies, in an environment where they are really with their avatars (3D replicas of themselves) in a completely virtual 3D world, and can do so simultaneously with other users from around the world.
In other words, the digital technology that allows consumers to purchase using 2D devices like their phones or computer will now be able to drive them to a 3D virtual store.
Due to shop closures and work from home, fashion consumption has fallen in the previous two years.
As a result, fashion brands have been compelled to shift their operations and booking orders to online platforms. To target end-users, they even turned to virtual shows and exhibits. They were able to make it through the difficult times thanks to the move.
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As a result, they are now investing in various developing technologies, with a greater reliance on digitalization. They've realized that technology's importance will only increase in the future; thus, purchasing cutting-edge technology has become one of their main goals.
The progress is directed not only by necessity but also by sound reasoning.
Morgan Stanley, an American multinational investment bank and financial services firm, estimates that the metaverse might provide the luxury fashion sector with a $50 billion potential over the next decade, including a $22.6 billion market for luxury NFTs.
This seems plausible given the increasing convergence of the physical and digital worlds in recent years. In the following years, this will only accelerate, with fashion's entrenchment in the metaverse being one of the precise results.
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As a result of this 'future need,' several fashion firms have begun their path to become a part of the metaverse. Metaverse is viewed as a one-of-a-kind technology that provides fashion businesses with new options and benefits.
Fashion firms may easily stand out in the market by acquiring such game-changing technologies. They will undoubtedly be positioned 'ahead of schedule.'
Brands will add new dimensions to their main function areas, such as marketing, communication, PR, and product development, just as they would with any new technology.
This may be seen in the rise of 3D avatars and NFTs as new marketing and promotional tools for the fashion industry. Digital fashion will become increasingly in demand as firms adopt more digitization, making items in the digital world distinctive.
The advent of cryptos as an alternative transaction medium is sweeping the globe, and they will well serve the business demands of the fashion metaverse.
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Brands have already started to use NFTs in their digital fashion. In terms of target consumers, metaverse will appeal mainly to the younger generation - the most significant fashion market who have a strong desire to experiment with new technologies.
Because a large portion of this age is engrossed in gaming, it might be an efficient way to reach out to them.
As a result, fashion businesses have begun to use gaming as a growing advertising and communication medium to be a part of the gaming world of younger generations.
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