The metaverse market will acquire a valuation of $800 billion by 2024, according to optimistic forecasts given by billionaires who have put their support behind the technology. However, what does this imply?
Metaverse is an augmented reality platform that lets users to create interactive experiences that mix the virtual and real worlds. It is not unexpected that the platform is now making inroads into various industries,, including sports, the arts, and even fashion, considering its exponentially increasing popularity.
Ralph Lauren launched a virtual clothing brand in 2021 in partnership with the South Korean app Zepeto. In the same year, the controversial luxury fashion brand Dolce & Gabbana made news for selling almost $6 million in NFTs. In March of 2022, the first Metaverse Fashion Week was held. It was a four-day event featuring, among others, Adidas, Balenciaga, Burberry, Gucci, and Jonathan Simkhai.
Indian fashion industry and the metaverse
The Indian fashion business has always been ready to keep up with technological advances. Consider the 2017 Lakme Fashion Week virtual reality fashion presentation by designer Manish Malhotra.
Malhotra is one of the few Indian designers who has been at the forefront of these innovations from the start. In October 2021, the designer launched India’s first fashion NFT on the domestic marketplace WazirX, which immediately sold out.
“I’m always intrigued by the new. There’s something so wonderful about technology, and the reach is so broad. NFTs are a new world, and it helps create [your work] universal and immortal,” he said in a statement.
The Women’s Indian Chamber of Commerce and Industry (WICCI) held the Women’s Economic Forum (WEF) and organized a Metaverse fashion show in partnership with Papa Don’t Preach designer Shubhika Sharma. The designer exhibited the NNL 2.0 collection for the brand at Metaverse,In September 2022.
The 16th edition of the Blenders Pride Glassware Fashion Tour was just presented in the Metaverse, making it India’s first exclusive Metaverse fashion show in Decentraland. Decentraland is a virtual destination for NFTs and other digital collectibles. Showcase featured sixty designers and native fashion firms that adorned or deconstructed simple t-shirts to express their version of the four themes of ‘Pride’ for the ‘This Is Not A T-Shirt’ initiative.
Designers like Shantanu and Nikhil, Amit Agarwal, Falguni Shane Peacock, Kunal Rawal, Anamika Khanna, Gauri and Nayanika, Reena Dhaka, Payal Jain, Rohit and Rahul and Human were part of the show. This new virtual journey opens up a world of opportunities for fashion designers and supporters all over the world, and we can’t wait to see what’s next for the fashion world in the metaverse.
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