If there’s a buzzword of the minute, it’s metaverse. Web3. The future of the internet.
While it all feels a bit like Ready Player One, there is more to the metaverse than online gaming with a virtual reality headset. It’s rapidly expanded to include social networks, live entertainment, and remote working, with the user experience tailored through artificial intelligence and augmented reality. We are gradually becoming accustomed to hearing about NFTs, cryptocurrencies and digital avatars and, however overwhelming it feels right now, this is just the starting line.
The metaverse has already impacted so many industries, and fashion retail is no exception. Some designer fashion giants have already been making incredibly disruptive moves, from virtual showrooms to NFT collections, and gaming experiences to cosmetic product sampling. According to The Business of Fashion, global spending on virtual products reached around $110 billion last year, with approximately 30 percent of revenues attributed to virtual fashion. Not only that, but fashion houses focused on metaverse innovation and commercialisation could generate more than 5 percent of revenues from virtual activity over the next few years.
While it may feel like novel entertainment right now, with increasing consumer demand for instant fashion and personalised experience, the metaverse is set to absolutely revolutionise the way we shop online, and maybe in-store too.
Leading the way to the metaverse and beyond, here are 7 top fashion brands that are disrupting the scene with their digital innovations.