Is The Metaverse Ripe For New Fashion Experiences?
With Facebook’s massive rebranding efforts around Meta and luxury giants heavily dabbling in NFTs, the metaverse hardly needs an introduction. Conceptually, it is referred to as a combination of technology like virtual reality, augmented reality and video where users essentially “live” within a digital universe. You’ve probably already heard about Burberry’s first NFT collection with Blankos Block Party, Gucci’s Garden Metaverse with Roblox and their Aria Collection Film at Christie’s and Louis Vuitton’s ‘Louis The Game’ NFT in celebration of the French house’s founder’s 200th anniversary. It’s evident that the metaverse is fashion’s next major investment, likely propelling brands into the future in an intentional, meaningful way.
Is the metaverse already mainstream?
Right now, the metaverse feels like everything and nothing. For most people, it’s novel and refreshing. But for others, especially those who’ve spent decades building new technology, believe that early versions of the metaverse already exist. Ashwini Asokan, Founder and CEO of Vue.ai, an AI platform that’s reimagining and changing the way digital experiences are created, thinks of the metaverse as just an expansion of the digital spaces we live in. She says, “Up until now, what we could do within an app was limited to specific functions and more passive consumption than active. The metaverse challenges these ideas that you do one thing in one space and be a consumer rather than an active creator. It opens up the idea that you can build elaborate worlds without the limitations you might have in your physical world. In so many ways, it democratizes participation in the digital sphere in ways that race, geography, gender, caste and so many other aspects of life offline could limit you.”
The positioning around the metaverse is what’s seemingly ‘new’, but in reality, these digital worlds have existed for a while now. She continues, “Whether it’s their exotic virtual pets, fashion avatars or elaborately designed spaces online — creating, exchanging, owning and consuming digital goods is the norm for Gen-Z. For fashion brands that are thinking about life a decade ahead, there’s so much potential. This audience right here will be their market.”