With the introduction of Web3 and its incorporation of Web 2.0 technology, the digital fashion sector is experiencing a paradigm shift. Allied Analytics predicts that the $498.7 million worldwide digital fashion market in 2021 would grow to $4.8 billion by 2031, a compound annual growth rate of 26.4%. By 2031, Blockchain and Web3 are expected to control the lion’s share of this business. Many technologies, such as 3-D printing, AI, AR/VR, and blockchains, are accelerating the transition to digital fashion.
Models for Businesses
The convergence of these technological developments and demographic trends has opened up a wide and expanding market to a plethora of novel business models and prospects. Let’s take a look at a few specific cases.
The process of making and selling digital garments has received the most attention in discussions of the digital fashion value chain. These clothing are used in simulated environments such as video games, social networks, and augmented reality software. Shoppers may now use their own avatars or digital models to try on and buy virtual garments from online retailers. They play a crucial role in modern online gatherings, gaming environments, and crowdsourcing layouts.
Digital Clothing Leasing
The NFT rental criteria have made it possible for people to rent virtual clothing in the same way that they rent tuxedos in the real world. Consumers can rent and use the products for a predetermined period of time, and the items are automatically returned to the owner via smart contract after the rental period ends.
Content Source: Forbes.com
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