How will NFT and Metaverse transform the luxury and fashion industry in 2022?

How will fashion develop in the age of digital survival?

Considering that the true fashion of the Vogue cover is not royal, the rich man cracks his hair and holds the luxury of an orphan, but only a commodity in the world. media. the next day. NFT Fashion is doing everything possible to change the way people think about clothes and fashion.

Morgan Stanley recently estimated that the Meta Universe will provide the luxury and fashion industry with more than $ 500 trillion in revenue over the next ten years. So how easily can this great company be overlooked by anyone?

Recently, "Fashion Business Review" and McKinsey & Company jointly published a comprehensive guide to the global fashion industry with an in-depth look at NFT fashion trends.DressX, Dematerialized, Manufacturer, RTFKT and UnxdStay tuned for a quick look at the NFT Fashion Project. Today, these five are also the industry's leading crypto-based fashion brands.

As the digital landscape develops, the world is shifting from a competitive and change-driven location to a multidisciplinary, experience-based and collaborative environment. in the virtual world. Young people who specialize in new technologies are spending more and more time in media, games and virtual reality, and in the process, they are creating more personalities. As pioneers, digital assets in the form of virtual mode and NFT offer consumers a new way to shop, trade products and use these symbols.

If the user is large, super interaction and creative digital digital digestive environment is progressed. From 2020, z is the average of 8 hours on the daily screen. When the world is new crown epidemics are closed, patience contacts in luxury luxury. The world's virtual is more attractive. People have the opportunity to deal with others and build the community.

The digital space has become a force to be reckoned with, and some consumers have started to set up a 'digital bonfire'. The popularity of virtual space has also introduced a new generation of digital design. More and more brands are starting to enter the popular "metamonde", seeing them interact with more users and introduce new values.

Robert Triefus, vice president of Gucci Brands, said: “Now there are more and more 'second worlds' where people can express themselves, but now we are in the virtual world to express the personal benefits of people. virtual goods and graphics. He said, "You measure the interest of the people who want to do it," he said. According to Roblox, a total of 19 million tourists visit "Gucci Garden" in the virtual world of Roblox games.

Roblox's Gucci Garden, the player can buy and write items on Gucci virtual shop.

The $ 176 billion gaming industry has attracted over 3 billion gamers globally and has a long history of community. At the same time, the global meta-world has grown into a huge industry when investors win. Epic Games raised $ 1 billion in April 2021. These funds will be used to improve knowledge of metaspatial relationships.

As sports expand into the real world and become more accessible to the public, sports have become a major target for the fashion brand, most of the people working with game companies as virtual assets. For example, Ralph Lauren has teamed up with South Korean social network and avatar simulator app Zepeto to create a virtual fashion collection that gives users the option to customize their avatars with special items or to fix their skin ". Gucci has developed digital tools for the platform games Roblox and Pokémon Go and Animal Crossing.

NFT Fashion Collection by Ralph Lauren and Geppetto

Some companies go further. After Balenciaga released its fall and winter 2021 as video game tasks, it partnered up with game giant Fortnite to allow users to purchase virtual clothing and physical equipment in-game.Establish a cross-border partnership that goes beyond tradition. The game is diverse and expansive, providing a platform to attract young consumers. Using in-game marketing tools to help brands make more money from their digital assets and pay for past experience will become the norm.

Virtual fashion is gaining new momentum in the digital environment. "Players buy the in-game skin to be more famous."carry XCo-founder Daria Shapovalova noted that the platform has worked with over 100 digital fashion product developers and estimated the market value of digital fashion at $ 31 billion. “We also have two usable groups. The first is that millennials quickly picked up on the idea of ​​digital fashion and became luxury consumers. On platforms like Snapchat or TikTok. On these platforms, video has become an important communication tool, not a still image. "

In fact, for some consumers, digital fashion is a continuation of social networks like Instagram and Snapchat, Dimension Studio (Simon Windsor, a studio that creates virtual worlds and avatars for film, television), virtual reality, augmented reality and meta-universes.). , co-founder and co-managing director of the video game co-creator of Balenciaga, declared: “We are undergoing major changes in this new era…Start to change the sense of fashion itself."

In addition to media and games, artificial intelligence (AI) and augmented reality (AR) technology offer many opportunities for new business models such as virtual markets. The Order online fashion wholesale platform uses 360-degree viewing technology to display its theater's periodic articles online and provides a full-service wholesale luxury goods management service. . Elite World Group and designer Tommy Hilfiger recently collaborated on a variety of virtual tasks, including avatars of walking models on a 3D virtual platform.

The thing that made me the happiest and happiest last year was NFT. NFTs are specialized cryptographic devices that authenticate and exist on the blockchain, and often buy, sell, and trade in the meta-world using cryptocurrencies. The ingenuity of NFT means its value will skyrocket. Developed by digital artist Mike Winkelmann (aka Beeple), NFT sold data for US $ 69.3 million to Christie's House in 2021. In the first seven months of 2021, revenues from the NFT OpenSea platform exceeded $ 1 billion.

Supporters of the NFT believe that the success of the NFT is short-lived. "It will change our perception of digital property, creative design, business intelligence and even finance.“It's more important on the Internet,” said Karinna Nobbs, Co-CEO and Head of Experience at Dematerialized NFT Market. "

In the fashion world, NFTs have a wide range of applications, ranging from patented products (see “Product Passport”) to becoming a fully-fledged collector's product. As consumers seek collection and investmentMaker,carry XandRTFKTOther digital designers are seeking audiences for NFT-certified digital clothing. At the same time, some companies have used consumer-led and NFT-led models by trying other models of collaboration. Adidas has teamed up with Manufacturer and model Karlie Kloss to create a competition for designers to create the NFT version of the WindRdy parka jacket. He makes newspapers.

Jacket co-branded Adidas and Manufacturer NFT Design Competition No.1 Artwork

2021 sees a surge of NFT on high performance players across most sports. Louis Vuitton has released an NFT video collection created by Beeple to celebrate its 200th anniversary. The game contains NFT graphics which the player can get from the developer's walk story. Burberry has created a blockchain in the Blankos Block Party game.NFT Pet Sugar Gum Toy. Buy, modify and sell a limited edition Burberry Blanco Shaqi B NFT featuring the Burberry TB summer monogram. The partnership also includes NFT gaming gear for the brand, including jetpacks, armbands and full shoes.

The NFT game images were created by Louis Vuitton

Burberry's NFT Pet Sugar Gum Toy Born From Blankos Block Party Game

In addition to games, Farfetch (global fashion shopping platform fafaqi) also cooperates with the digital fashion platform DressX. Dolce & Gabbana partnered with Unxd (an organized marketplace for luxury and fashion) to create the first nine-piece NFT series sold with bodily fashion.

Digital fashion is a bit of a hype in a lot of situations, but in reality there can be significant benefits in this industry.. The Dolce & Gabbana series sold for almost $ 5.7 million. However, your chances of making money will depend on the stress of NFT restrictions and the lack of people, which ultimately includes the safety of self-identification and community building of the capital they have. Luxury and fashion brands are the most likely models.

There is no doubt that the leaders of the fashion industry take pride in the capabilities of virtual fashion.

Amber Slooten, Co-Founder and Creative Director of Manufacturer, said: “I have always told my affiliates that NFTs are experimental, they don't have to work and there are no guarantees. results. Manufacturer is a digital fashion company that helps businesses create their own virtual reality products, working with brands such as Adidas, Marques Almeida, and Buffalo London.

The NFT of the Manufacturer's Digi-Couture Iridescence Dress is priced at US $ 9,500.

Along with the hype, we also need to be careful. Of particular concern is the environmental impact of blockchain technology that NFTs have been tracking, particularly the use of electronics for business analysis. Network security is also an issue, and breaches and breaches are major threats. Recently, artist Banksy's legitimate website was the subject of a cyber attack and the author paid £ 244,000 ($ 334,000) for bogus NFTs.

Ken Seiff, CEO of Blockchange Ventures, a venture capital firm that invests in core blockchain technology, said:"People who think that NFT or, more generally, blockchain will not have a big impact in the next five years, will forget the information that online history has told people."

At the very least, avoiding the walk to the metaverse will offer consumers new ways to engage, give them more experience, and foster new ideas and interests from people.

Looking to the future, the conversation around NFTs will warm more and more fashion brands looking for difference and experimenting with creativity. Consumers can also appreciate digital fashion. They're also hoping to find ways to collaborate and share products with digital devices in a format specific to where they live, rather than grabbing content from the channel.

Crypto fashion also requires a lot of investment, experimentation, and innovation. Products should be thoughtful and willing to partner and use different staff to deliver quality content, in-house or through partnerships with third parties.At the promising level, it pays to find companies that promote and maintain the image.

For this reason, it is necessary to carefully consider return on investment and focus on measurable results. In short, risk should not prevent you from entering the growing digital world.

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RTFKT

RTFKT, NFT fashion and product integration was established in 2020, has a business concept that resembles "artificial" English, transliteration and digital. border value. The team builds a virtual and virtual reality experience using new gaming technologies: NFT, blockchain authentication and augmented reality.

In February 2020, images of Elon Musk that appeared on the internet in cybertruck-style sneakers went viral. Known as the Cybersneaker, these sci-fi style sneakers are designed and developed by the RTFKT team. RTFKT has since auctioned two pairs of NFT sneakers on the NFT SuperRare trading platform for 30 ETH and then downgraded them to 65 ETH.

In December of this year, RTFKT was acquired by Nike. Nike President and CEO John Donahoe said the acquisition was another step in Nike's digital transformation, allowing the company to work with athletes and developers.

Related article: "Where's RTFKT, Crypto Fashion Brand Nike Gets?" "??

UNXD

UNXD is a digital luxury retailer using the Polygon network, developed by a team from Vogue and WIRED, with a focus on the development and planning of key digital cultures. UNXD offers NFTs in the luxury, cultural and physical world, and aims to focus on the NFT environment. The starting point is to bring the digital and physical world together. First, the first NFT series of luxury brands Dolce & Gabbana was auctioned by UNXD in the luxury store.

Next, UNXD has partnered with Decentraland to host the first Meta Universe Fashion Week March 24-27, 2022, which will feature walks, pop-up stores, presentations, parties and more.

Dolce & Gabbana's UNXD platform, the first garments in the NFT series

carry X

DressX is an American virtual fashion platform created in August 2020. By working with several designers and brands, you can create and trade a wide range of virtual reality products on the platform. DressX completed a $ 2 million funding round in July of this year, led by the Artemis Foundation and Alpha Edison.

Consumers must submit their photos after purchasing their favorite virtual NFT clothing. After 1-2 business days, DressX will replace the old customer in the photo with the virtual product, and the customer will receive a real card.

NFT Fashion Designed by DressX

dematerialized

Dematerialized is a digital fashion company that aims to integrate and support the emerging digital fashion ecosystem, deliver new capabilities and insights across the Web3 industry, and develop commercial products. The ultimate goal is to help brands solve problems and transform body designs into digital 3D designs and transform brands into digital businesses.

In September of this year, the Ethereum Application Network Project LUKSO announced the NFT "Lafayette" Karl Lagerfeld (Karl Lagerfeld) doll collection in dematerialized form. This NFT can change the fashion of the doll according to the NFT digital material released later.

Maker

Manufacturer is a digital fashion company established in 2018 that develops unique clothing, partnering with brands such as Adidas, Marques Almeida and Buffalo London to create NFT fashion and bring it in 3D somewhere. We strive to provide fashionable clothing to every citizen of the digital fashion meta-world.

Manufacturer Studio allows users to personalize clothing using digital materials.

Manufacturer announced its online design platform, Manufacturer Studio, in November this year, where users can create their own virtual costumes on the platform and each new integration is launched on the Flow blockchain. Users can trade and dress in meta-universe games like the sandbox, as well as create custom fashion images.