nfts,-metaverse-and-gamefi-are-changing-up-the-fashion-business-in-2022-–-forbes

PARIS, FRANCE – OCTOBER 02: (EDITORIAL USE ONLY – For Non-Editorial use please seek approval from … [+] Fashion House) (L-R) Cardi B and Rapper Offset poses the runway during the Balenciaga Womenswear Spring/Summer 2022 show as part of Paris Fashion Week at Theatre Du Chatelet on October 02, 2021 in Paris, France. (Photo by Peter White/Getty Images)


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NFTs Merge With Fashion:

The fashion business is set to embrace new digital technology— with the aim to improve product knowledge as well as enhance the overall customer-experience. In a word, NFTs are the hottest trend happening in fashion for the 2022 season. One reason NFT’s are becoming more prominent in the fashion industry is because the technology will enable fashion companies to obtain data on production DNA as well as the consumers identity. Thus far, the technology has already had a profound impact on the global fashion industry.

Today, forthright fashion brands are aiming to scale their cost operations, increase consumer awareness and most importantly, highlight the brands DNA in order to increase the bottom line. In fact, current trends predict NTFs will not only become a bigger player in 2022 but will most definitely increase the value of consumer purchasing power.

According to Fortune Magazine ,“The market opportunity for bringing the Metaverse to life may be worth over $1 trillion in annual revenue and may compete with Web 2.0 companies worth ~$15 trillion in market value today,

In all honesty, the fashion market segmentation has to prepare for the inevitable. That’s a terribly huge figure for enthusiasts in the fashion space. Without a doubt, if this comes to fruition, it’ll be the most sought after technological evolution since Web  2.0. It seems to me that the NFT gaming and metaverse revolution is set to transform how our living and working standards. Furthermore, this will have the most impact on the fashion industry, where NFTs and Metaverse play a significant role.

I recall just a few years ago when I styles a photoshoot for Forbes and learned about non-fungible tokens. Although I could not grasp the whole picture, I did ask some questions on whether or not this technical opportunity would soon have an effect on the global fashion business. Soon Thereafter, I was schooled on what the impact would be within the fashion realm and until this day, it had proven to be true.

Metaverse projects using Non-Fungible Tokens to capture real world industries such as the fashion industry. One of the promising projects in the Metaverse NFT Gamefi world is PeakXV by EverestCoin (EVCoin). It’s a Play-to-Earn Metaverse Game that is being developed to bring players into Metaverse where they can earn free NTFs and tokens by playing the adventure survival game.

“Like many technologies in the past NFTs, ‘The’ Metaverse, Web 3.0 etc have a lot of potential and some exciting applications in and beyond the fashion world. However, it is important to understand that a technology no matter how much of a current buzzword or trend, is nothing more than a medium / platform. The success of brands and fashion companies will be determined by how they leverage this platform to amplify their ‘core values and business goals’ and integrate the technologies into their business models. Others, will just end up with another short term marketing gimmick which will die out like any previous fad in history.” -Arad Malhotra|Co-Founder / CTO, Skyless Game Studio

“It is interesting and exciting to see so many artists, celebrities and brands all jump on the metaverse, gaming and NFT bandwagon. While it is encouraging to see this rapid adoption, most companies are just using the technology as a simple marketing tool which is really just touching the surface of what is possible. In my opinion, with the right strategy, the future holds much far more exciting applications in the industry including sustainable fashion and what I like to call ‘philanthropic fashion design’.” – continues Malhotra.

Some of the NFTs offered to users by EVCoin include apparels NFTs such as Jackets, Boots and Gloves. Players have to own any of these NFTs in order for their characters to survive the virtual Mount Everest where the game is based on. Already a leader in the Play-to-Earn Metaverse world, PeakXV’s characters will demonstrate the power of NFTs to transform how we perceive fashion and style.  EverestCoin is also set to launch its NFT Marketplace where NFT enthusiasts and gamers interested in its Play to Earn game PeakXV can buy character NFTs”

As most people are well-aware, a few weeks ago, Facebook founder, Mark Zuckerberg, announced the transition from the company name Facebook to Meta •• The sudden announcement caught the world by surprise as Metaverse suddenly became a buzzword. 

To feed your curiosity, the metaverse is a virtual world where people can socialize, work, and play — and Mark believes it is the future of the internet and of his trillion-dollar company, Facebook. Is that a perfect definition? I can’t say, “What we’re really talking about is the future of the internet,” says Cathy Hackl, the CEO (and Chief Metaverse Officer). But this “brilliant idea” arouses a lot of concerns even within the company. In response to these concerns, Facebook, which recently renamed itself Meta, pointed to a statement from a September blog post by Facebook executives Andrew Bosworth and Nick Clegg. According to them, “Meta is not going to build, own, or run the metaverse on its own. We are starting conversations about our vision for the metaverse early, before some of the technologies even exist. … We’re discussing it now to help ensure that any terms of use, privacy controls or safety features are appropriate to the new technologies and effective in keeping people safe.”So clearly, it’s not a one man’s job.

The introduction of the Metaverse to fashion:

Imagine walking into a mall and finding a living dragon eyes shirt for sale? Of course that’s insane, but that’s the kind of life Metaverse is envisioning the moment you put your VR goggles on. The gaming community has gotten the fashion Nova models and premium brands on their toes.

Such brands like Balenciaga and Stefan Cooke are seeing that the gaming community is one of fashion’s untouched customer bases… a potential gold mine! So far the fashion world’s investments in the metaverse has been through video game skins, which makes up an estimated $40 billion a year market. Talking about skins…

PARIS, FRANCE – JANUARY 16: Models walk the runway during the Louis Vuitton Menswear Fall/Winter … [+] 2020-2021 show as part of Paris Fashion Week on January 16, 2020 in Paris, France. (Photo by Kristy Sparow/Getty Images)


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Louis Vuitton locked hands with Riot Games’ League of Legends on prestige skins for 2019’s League of Legends World Championship Finals. (In April 2021, Riot announced a new collaboration with UNIQLO.)  Burberry has its own range of website games like B Surf, a fun Mario Kart-meets-monogram racing game, and the brand created skins for Tencent’s Honor of Kings characters.

For both houses, large and little, skins are inarguably a relatively low-cost (and sustainable) way to engage the fashion-savvy gaming community. Also, NFT holders are ready to invest their currency in innovative and disruptive ways. 

You can rightly say, the fashion industry has gone from wanting to make less products at the start of the pandemic, to figuring out a way to make no physical products AT ALL!—now that’s pretty cool.

Models pose prior to the presentation of Italy’s iconic Florence-based fashion house Stefano Ricci’s … [+] preview of its Fall/Winter 2021 collection at Scuola Grande di San Rocco in Venice, Northern Italy, on November 12, 2019. (Photo by Marco BERTORELLO / AFP) (Photo by MARCO BERTORELLO/AFP via Getty Images)


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I’m sure it’s pretty hard to imagine luxury fashion brands hire tech nerds to create digital humans to model their products but in fact, brands like Burberry and H&M are already reaching out to Tech companies “to create digital humans, to create digital fashion and to present that in what is becoming known as the metaverse,” explains managing director and cofounder Simon Windsor, Dimension.

The tech company worked on Balenciaga’s Afterworld show (making the clothing photorealistic in its texture and color and rendering a futuristic world in which users could move the camera anywhere within the space — pretty sleek huh!) which “gives [Balenciaga] the ability to tell stories or bring experiences to life with complete creative freedom that traditional photography or filming wouldn’t normally achieve that.” 

Without further ado, this is a  major appeal of the metaverse; the way it enables fantasy—a word that fashion designers and creators can embrace and express their creative fantasies. The metaverse makes the possibility of selling their more ridiculous creations much more real, even if in digital form. It gives that much freedom! Creations literally come alive.

New Frontiers In The Future:

At this point it’s safe to say, digital clothing is one solution to the supply chain crisis that has put the fashion industry in a fix over the past six months, as well as its general sustainability problem. The conception of NFTs, and the Metaverse has made it possible to earn without having to physically produce anything. “The way young people outfit their avatars is incredibly important to them,” Hackl says, then issues a mandate for the C-suite: “Direct-to-avatar is the new direct-to-consumer.” But come to think of it,  if there’s no physical product, what then are consumers buying?  Likewise, how effective will traditional fashion marketing be in convincing audiences to shell out for digital goods? A company already beating the boxes here is RTFKT, the media company recently raised over $8 million in a seed funding round led by Andressen Horowitz. 

RTFKT already has an answer: “It’s access to the community of the brand,” Pagotto, the cofounder, says. “We’re a community-driven brand. Also, you have a piece of the company. Because if the company does great, the NFT that you bought is going to go up, so you become some kind of a shareholder and a member at the same time.” With the way things are going, less physical products will mean more sustainable. 

“It really is a cultural thing,” Le insists, stating how, during the NFT week in New York, Bored Ape Yacht Club hosted events that were only open to those who owned one of their NFTs. “It really is creating this whole new cool culture of—I don’t know, Benoit, is there a name for this kind of culture yet?” he said. 

A little bit digression here; another brand that’s pushing a similar approach to premium membership is Dogmonaut with its Moon club. 

The NFT dog breeding community explains, “Our genesis collection is made of 10,000 unique 3D Dogmonauts. Owning an NFT will grant you access to our Moon Club where you will be able to access additional functionality, downloads and integrations. After our sale we will be rescuing 1,000 real world dogs by sponsoring their adoptions!” So you can easily see how they’re pushing NFT 3D animals to raise funds to adopt real dogs. It’s a win-win. 

Similarly, Space Rhinos has a collection of 10,000 3D rhinos on solana (but I doubt if this is an act to sponsor Rhinos…)

The description on their website is both hilarious and revolutionary, here’s an excerpt:

“From the tip of the Horn constellation, in the famous Rhinebula, the first expedition of 10,000 Space Rhinos is on its way to earth.

Soon you will have a chance to host them in the metaverse with your Solana wallet.”

Away from 3D Rhinos and virtual dog breeding, “We don’t need to respect the legacy,” said Benoit (who hails from France, where fashion is protected like a national treasure.) “We make our own rules.”