Look out for this in the Fashion Metaverse
You've most likely noticed the immense buzz around NFTs since the beginning of 2021 and how they have permeated the digtal space since. Although more commonly worn tangibly, fashion NFTs exist to go beyond the physical realm to provide a unique "phygital" experience for a fashion consumer.
Crypto Fashion Week, which took place for the first time in February last year, is a digital event where fashion enthusiasts can further educate themselves about NFTs and other digital trends. The inaugural edition featured a community of avant-garde designers and artists as guest speakers. One of them was multi-disciplinary creative KESH, who's well-known for her monochromatic and geometric artworks, as well as collaborations with brands such as Moschino.
Returning this March, CFW presented a series of insightful panel discussions on Telegram and Twitter, including a conversation between Gala Marija Vrbanic, founder of high-end contactless fashion label Tribute Brand, and Lauren kasher of ALTERRAGE, about augmented reality and wearables.
Hot on the heels of CFW, virtual reality platform Decentraland kicked off its Metaverse Fashion Week on March 24, with brands like Tommy Hilfiger and Elie Saab to present their collections over a four-day period. The event also involved participation from a crop of innovative, digital-first brands, such as Republiqe, The Fabricant and Auroboros. Unlike traditional, invite-only Fashion Weeks, tickets aren't required for MVFW, meaning anyone can view the digital shows, or even purchase the cyber clothing items to dress their customisable avatar. Physical versions of certain designs will also be available to satisfy those seeking to acquire the same items for their IRL wardrobe.
The concept of "phygital" fashion products has been around for some time. In February last year, virtual sneaker brand RTFKT Studios produced more than $3 million USD in sales with a limited-edition drop, which included both a tangible pair of polychrome sneakers and an NFT that correlates with the shoe. The exclusive NFT, of course, possesses more value than the sneaker itself.
With the emergence of fashion within the digital space, many brands are entering the Metaverse through various avenues - be it through NFTs, digital fashion shows, blockchain or even phygital experiences on-ground with activations, it's undeniable that fashion is here to stay in the long run.