30 April 2022, Mumbai:
Metaverse or meta-averse? Exploring the implications of virtual fashion for Sri Lankan apparel IRL.
For fashion ‘look, touch and feel’ is everything.
_large.png)
ALSO READ Fashion & Metaverse
So it can seem counterintuitive that the world’s largest brands could soon be creating outfits and accessories that will either partly or completely exist in a virtual space. But as much as it may seem like science-fiction, fashion brands are betting heavily on the metaverse.
Morgan Stanley projects that virtual fashion could be a US$ 50 billion opportunity by 2030, adding as much as 25% to the industry’s total earnings. For context, this is approximately 10x the value of Sri Lanka’s record-breaking export earnings from apparel exports for 2021.
RELEVANT NEWS Virtual Fashion.Tech: Innovative and engaging Metaverse Networking Platform
Brands like Dolce and Gabbana have already made US$ 5.7 million over the sale of just nine Non-Fungible Token (NFT) pieces, while Valentine’s Day 2022 gave rise to the first-ever Metaverse Fashion Week show on the popular online game, Second Life.
Details of just how the metaverse will actually work and its implications for regions like South Asia, and countries like Sri Lanka in which apparel account for over 40% of national exports, remain unclear.
Uncovering the value behind the hype.
Weaving parallel skill sets.
Bridging the gaps virtually and IRL.
For apparel producers to cut in on this action, they
will need to build up their own brands and designers first.
Join our community on Linkedin
