🚀 Issue #3 - Fashion Metaverse

3 MINUTES ROUND-UP > Executive Summary

Even if it might be difficult to grasp for many, fashion apparel and accessories might not be just for yourself, your kids, and your dog. Digital avatars need to be dressed too. The move comes at a peak time in the crossover between gaming and fashion.

While some luxury brands are eyeing how the metaverse will affect their industry, others are already using gaming as a marketing tool to attract younger audiences, testing digital-only or phygital product lines, and co-creating product lines with 3D designers or with the target gaming communities. Louis Vuitton, Gucci, and many other luxury brands joined the Metaverse forces. Major sports brands were already in the gaming space, thus have a competitive advantage to leverage in the early stages of the metaverse - for instance, they can more easily recreate the real world competition in a virtual environment to ultimately allow sports brands to experiment and market their product lines in an established environment.

The cost to produce those goods at the moment is relatively small, and experts say that cyber fashion and digital fashion might be even faster than fast fashion. 

Nowadays, social lives are now predominantly playing out online. Consumers are increasingly socializing and experimenting in digital worlds, creating their own fashion brands and products. So spending hours crafting a digital replica to then show online makes sense. The main channel to present ourselves and shape our identity is digital. This process would allow everybody to express themselves and their identity in virtual reality in a more unique way. Self-expression will help the fashion industry to be more inclusive and have a wider audience.

This is now a niche market. However, experts are very bullish about the idea that the Metaverse will seriously reshape the future of the fashion industry. Investments in this sector are growing fast. Some firms are testing the waters, while others are still skeptical.The journey has just started. There is a lot to test and learn.

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