Metaverse and real application insights for the fashion industry

Known as the new age of the internet, the metaverse, already common in the gaming world, is now also transforming the fashion industry. This opens up a wide range of possibilities for the industry.

In an article published by Vogue magazine, Cathy Hackel, an expert on the subject, states that "The metaverse is the extent of what is coming for human creativity, and fashion is one of the industries that will be most influenced by this trend.

In the metaverse, in addition to getting closer to the public that is up to date with new technologies, the brands are able to present their products in an interactive way and are able to stand out in the market. 

Big brands like Nike, Gucci, Vans, and Balenciaga are thinking about this future or have already put in place some actions to dive into augmented reality for good. 

In this content, we will show you what the metaverse is and how it is sparking several innovations in the fashion industry. Read on and check it out.  

What is metaverse?

Simply put, we can say that the metaverse is an extension of physical life into the digital. This means the convergence between the two realities, where users can interact in a computer-generated augmented reality (3D) universe. 

However, virtual reality has some attributes for those who want to venture into this new world. These are: social presence, continuity to keep "moving on" without being able to start over, just like in the physical world, and sharing with other users, just like in physical life as well. 

Digital fashion

Whether it's virtual fashion shows started because of the pandemic, video games like Fortnite, or avatars in the metaverse system. The fact is that for some years now virtual digital fashion has been gaining an important place in the industry. 

It is important to note that the metaverse will not replace the real world, but relationships will be amplified through this system. People are already experiencing many surreal experiences a few years ago, which the meta has been providing such as: digital and connected clothing, sensors located in the fabric that help understand the body, avatars, and virtual environments.

In addition to these user experiences, there are the NFTs (non-fungible token). A certificate of ownership and brand authenticity, encrypted, that exists only in the virtual world. All brands need to have this token to prove the originality of the products.    

It is important to note that the metaverse will not replace the real world, but the relationships will be amplified through this system.

Opportunities and democratization

Fashion within the metaverse can be analyzed as synonymous with numerous opportunities for brands, democratization, and accessibility.

 A great example of this are the various "skins," i.e. clothes and accessories for building avatars. Skins are increasingly becoming a kind of gateway to companies in digital fashion. 

In addition, they communicate with a younger audience and make it possible for a larger number of people to feel the privilege of wearing some product of that brand they like. 

What are the brands already doing?

As we mentioned at the beginning of this article, large and globally recognized organizations are keeping an eye on the numerous possibilities that the metaverse can offer. Here are some examples of brand names that have already understood the digital market. 

• Louis Vuitton has developed an exclusive collection to be sold on the League of Legends game. That's in 2019. 
• The brand Balenciaga has dressed several Fortnite characters. 
• Nike , which has also recently made available clothing for Fortnite characters, has approached the United States Patent and Trademark Office to register names, symbols, and phrases for the virtual universe. 
• Another brand that wasted no time was Tommy Hilfiger The company started a project to turn its models into avatars. Jasmine Sanders was the first model to enter the metaverse and wear the brand's clothes in the digital world. 
• Ralph Lauren, Tommy's direct competitor, could not leave it any less and presented a digital clothing collection. There were twelve vintage-style looks. 

What can we expect from the future?

Although the big bet of the metaverse is the future of humanity, many people still haven't heard about the system. 

 According to research by Wunderman Thompson Intelligence, one of the world's largest trend agencies, about 38% of consumers have heard of the metaverse. 

Market analysts at Bloomberg Intelligence say that the metaverse is estimated to build a market valued at around $800 billion. 

It is worth remembering that many industries and large organizations are betting a lot on this technology. A good example is the former Facebook Group, which updated its name to Meta Group inspired by the term metaverse and invested $50 million to build its new universe. 

Metaverse in the Cross Border market? 

The metaverse can influence exports of international virtual stores. From the moment large organizations start planning to put some stores in the augmented reality universe, the Cross Border market needs to be alert. 

For example: a consumer enters the store of one of his favorite brands in the metaverse, looks at the products on the shelves, buys some, makes the payment in the virtual one, and asks to have the item delivered to his physical address, which may be in another country.

In this way, the metaverse opens many doors for the e-commerce and cross border industry. Not to mention that these import and export organizations can also make plans to enter this new universe. 

And specifically fashion?

The arrival of the metaverse has already brought significant changes to the fashion industry, including in the way of interacting with the public. The virtual environment, through augmented reality, has come to challenge organizations, but at the same time offers a range of alternatives to further enhance the business. 

Experts say that the metaverse will be a space for a lot of social interaction, and fashion will play a very important role in this. 

Therefore, all the new ways of creating clothes and accessories, selling and using the available garments and articles create a great economic value in the metaverse. Facts that cause a revolution in the world of fashion. 

Before you think about putting your products in the metaverse, how about starting to sell them to consumers in over 150 countries with a solution that promotes a transparent checkout with advance calculation of freight and taxes? Talk to the ShipSmart team now!