Web3 found its footing in 2022, but 2023 is shaping up to be its breakout year. Last year, Nike x RTFKT and Tiffany’s Cryptopunks entered the virtual world They were top metaverse news. New trend cycles suggest an explosive year for luxury and metaverse. DailyXing Here are 2023 predictions and themes.
Widespread adoption requires closing the digital-physical divide
Virtual reality will continue to blur. Last year, many people used the metaverse to bridge physical and digital boundaries with phygital collections and cross-dimensional experiences.
Zagabond, founder of NFT Project Azuki, expects more efforts in 2023 to blur the physical and digital and bridge the mainstream and Web3 communities. He thinks brand mascots will help this exploration.
Web3-native spokespeople, like virtual idols, can become mainstream through brand partnerships and ambassadorial roles, opening up new opportunities beyond influencer marketing. He says these mascots are critical to storytelling. Predicting a 2023 and beyond trend. Web3 technology helps brands tell better stories; the sooner brands realize this, the stronger their communities.
Gmoney’s crypto lifestyle brand 9dcc redefines luxury with its “networked products” with NFC tags to prove authenticity.
Digital products need rebranding and sustainability.
Prada, Givenchy, and Tommy Hilfiger’s 2022 collections dominated physital. Realizing the value was hard. Focusing on luxury-standard quality instead of commerce will boost firms’ digital plans this year.
Luxury fashion customers are more interested in digital. However, many investors remain wary. Brands must blend quality with online and offline recognition to address this.
Through 9dcc, prolific NFT collector-turned-designer gmoney is trying to transform the virtual environment. The designer is replacing “phygital” with “network goods” and prioritizing high-quality textiles over one-off gimmicks, which has impressed premium viewers.
“As Gen Z and Gen Y are set to make up nearly half of the luxury fashion market in just a few years, luxury brands are looking to create memorable experiences that not only gain new audiences but retain them for the long term ,” profiles Charles Hambro, co-founder and CEO of Web3 data platform GEEIQ. “A real dimension to the luxury offering creates a bridge between the online and offline environments, making it more accessible to new buyers, as well as future-proofing the brand.”
Sustainability will be discussed. Phygital tendencies may lead to excessive consumption, thus it will be fascinating to see how businesses respond with their promises. Cult and Rain have demonstrated Web3-native sustainability. The brand’s zero-inventory, made-to-order method eliminates bulk waste and surplus inventory.
Web3-first brand MNTGE uses digital twins and blockchain to target the lucrative vintage and resale clothes sector.
Improved infrastructure will simplify Web3 product authentication and resale.
More companies are utilizing technology to verify authenticity and reduce counterfeiting. Japanese streetwear brand Ambush recently added Physically Backed Token (PBT) “bean” chips to its assets to verify ownership using blockchain technology.
“It may not be a gimmick after the Metaverse hype. Phygital services must be part of a long-term plan that delivers value to buyers, not just branding. By introducing customers to Web 3 and metaverse concepts, better infrastructure, verifiable products, and improved authentication can hasten product uptake “Hambro ends.
Metaverse growth demands infrastructure that shows Web3 status. Blockchain technology will improve asset authentication and create new resale models and secondary value.
Better blockchain technology could help luxury resellers achieve Web3 goals. Luxury consumers value provenance and rarity online and offline3. Digital vintage label MNTGE understands this.
The startup, which has yet to launch, wants to use digital twins to bring rare historic artifacts into the metaverse. It uses innovative technologies and innovates a promising market. In 2021, the vintage clothing market was worth $96 billion and predicted to treble by 2026.
Digital Fashion Marketplaces Make Luxury More Accessible.
Gamified activities, prizes, and brand storytelling will let consumers try on outfits and unlock items in 2022. Classic e-commerce concepts will be more exciting, engaging, and interactive this year.
2023 will see internet fashion marketplaces. DressX and Meta’s Avatar stores made headlines last year, but this may be their year to break through. Roblox’s November “2022 Metaverse Fashion Trends Report” found that over three-quarters of respondents would spend money on digital fashion, with one-quarter already spending $20 to $100 on a virtual item.
As the metaverse grows more interoperable, consumers can show off their virtual purchases (on avatars and themselves) on Instagram, Decenterland, Sandbox, and Roblox. Digital fashion markets will satisfy luxury’s online equivalents due to their lower prices.
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