Digital Fashion: The Next Trillion Opportunity in the Metaverse

In Hans Christian Andersen’s 1837 fairy tale “The King’s New Clothes”, it tells the story of an emperor who was fooled by two liars and put on an invisible new dress that actually didn’t exist, and held a naked parade. . The emperor also became the first victim of Virtue Fashion. Let’s fast forward to 2022, as long as you have a smartphone, you can not only see a piece of clothing that does not exist, but also wear it with AR technology.

What is Digital Fashion

Although you may not usually care about the development of fashion trends, you are also likely to spend in Digital Fashion. If you have purchased skins in Honor of Kings or LOL, then congratulations, you are also a fashion person!

Digital Fashion is not limited to Fashion Week in Paris, France, but spreads to every corner of the Metaverse. Digital Fashion is mainly divided into two categories:

On Real Life (ORL): People wear.

Un Real Life (URL): The (skin) the avatar wears.

ORL Japanese URL

Digital Fashion: The Next Trillion Opportunity in the Metaverse

2. Technological Development and Fashion

The evolution of fashion is always inseparable from the development of science and technology. Let us start from the first crisis faced by mankind after the birth of the computer.

In 1999, human beings faced a computer bug-the Millennium Bug (Y2K) that spread all over the world. A millennium bug is a computer program disorder that causes a system to crash because it cannot handle dates that span the century. Computers parsed the year 2000 into 1900, leading to confusion in the dates of electronic systems in various industries. At that time, human life had greatly enjoyed the convenience brought by computers and the Internet. The unpredictable future makes people full of imagination and sense of crisis for the millennium, and Y2K aesthetics was born here.

The design style of Y2K, (Y-year, 2K-2000) mostly uses metal materials, transparent PVC and fluorescent color materials to depict high technology. This was people’s imagination of the extremely information-based, high-tech world at that time. If you watched Happy Planet as a kid, you’ll see that their clothing is Y2K style. Twenty years have passed, and the millennium bug has been resolved, but the Y2K style has continued to this day. For example, the clothing of Sister Priceless, the theme song of Sister Riding the Wind and Waves, and the clothing of the minority youth subculture known as subculture are all continuations of the Y2K style.

Y2K costumes in Happy Planet

Y2K costumes in Happy Planet

In 2018, Lil Miquela, a Brazilian-Spanish girl with 3 million followers on Instagram, became the new favorite of the fashion circle. She holds the Ins account of the Prada AW18 show, and has cooperated with many big names. She is also included in the “Times” annual list of the most influential people on the Internet together with Trump and Rihanna.

Public information shows that she is a mixed-race girl from LA, a model, singer, and has released her own single “Not Mine”. Yet she is not a human being, but computer-generated imagery (CGI).

Instagram: Lil Miquela

Instagram: Lil Miquela

High technology often means high value, advanced and civilized, which attracts the attention of fashion brands.

3. Admission

In the past two years, due to the impact of the COVID-19 epidemic, countless people have been forced to stay at home, and people have spent time in the virtual world, which has accelerated the progress of fashion digitization. In October 2021, many people heard about the Metaverse for the first time after Zuckerberg announced that he was renaming the company to Meta. Fashion became a topic in the Metaverse for the first time, and various big manufacturers also entered the market one after another.

On Meta’s official Twitter, “Hey @Balenciaga, what’s the dress code in the Metaverse?”

Sports brand:

Nike has entered the world’s largest multiplayer online creation game Roblox, and launched a virtual world “NikeLand”, where players can use special Nike products to package characters, such as classic shoes such as Air Force 1 and Nike Blazer. And in 2021, it spent 200 million yuan (estimated) to acquire the virtual sneaker company RTFKT. Since the announcement of the acquisition, the floor price of the NFT CLONE X series released by RTFKT has soared from 2 ETH to 16 ETH.

Adidas purchased a 144-lot space in The Sandbox in November 2021. Users who purchase the Adidas Originals line of NFTs get exclusive access to products, including virtual wearables that can be used, as well as physical products such as hoodies and sportswear.

On December 2, 2021, Adidas announced the “Leap Forward” Metaverse, a collaboration with Bored Ape Yacht Club, gmoney NFT and PUNKS Comic. At the same time, Adidas released its first NFT series “into the Metaverse”. This “new species of technology” integrates future concepts, art and trends. NFT is inspired by the fancy support dance “WOTAYI”, mainly from the cooperation with IP and brands in the Metaverse, including the team behind NFT pioneer Bored Ape Yacht Club, gmoney and PUNKS Comic. The series of NFTs has a total of 29,620 NFTs, with The price of 0.2E sold out quickly, and the sales revenue was about 22 million US dollars.

Luxury giants:

As early as three or four years ago, Gucci has begun to lay out the virtual world, providing virtual clothing and accessories for Sims and Pokémon Go. Gucci partnered with technology company Wanna in March 2021 to sell virtual sneakers on a virtual APP. The sneaker, called the Gucci Virtual 25, costs just $12. A four-minute micro-movie “Aria” that was traded on Christie’s platform in April finally sold for $25,000. Proceeds from the auction are also donated to the United Nations Foundation.

Kering, which Gucci belongs to, has begun to deploy blockchain in the past few years. Using its whole-process traceability and traceability technologies, it continuously expands the new situation of the integration of luxury and technology. Kering has long used AR (augmented reality) for merchandise display and sales, and has also sold the famous $12 virtual shoes.

Balenciaga, a pioneer in fashion and Metaverse collaborations, has partnered with Fortnite for 21 years, launching several t-shirts, sweatshirts, sweatshirts, shirts, leather jackets and baseball caps in the game. Since then, Balenciaga has also partnered with Epic Games to create the game Afterworld, which presents their fall fashion show in the form of a game, where each character is wearing Balenciaga’s clothes.

In May 21, RIMOWA announced on the social platform Instagram that it cooperated with NUOVA design studio to launch 4 NFT artworks named “Blueprints from the Metaverse”.

In August 21, Burberry cooperated with Mythical Games’ popular blockchain game Blankos Block Party to add a small shark image wearing a Burberry TB pattern to the game

In August 2021, Louis Vuitton launched a free mobile game “Louis The Game” to commemorate the 200th birthday of its founder, Louis Vuitton. Players are encouraged to learn about the history of the brand through the game. LV put 30 NFTs in “Louis The Game”, 10 of which came from digital artist Beeple, and it is estimated that the value of these 30 NFTs is between $20,000 and $20 million. As for the acquisition method, LV said that during the player’s game, the NFT works will be presented to the winning players in a fixed-cycle lottery.

In October 21, the brand Jimmy Choo launched a NFT sneaker in collaboration with artist Eric Haze and fashion designer Poggy. It is also the first NFT released by the fashion brand.

GIVENCHY:

n In June, Givenchy first launched NFT virtual works. A collaboration between Givenchy, London gallery owner Amar Singh and artists from the Rewind Collective, the series takes the form of animated portraits. It is understood that the NFT series of virtual artworks will be released on the VeVe platform from June 21 to 26, with a limited number of 1952 pieces, and the proceeds will be used to support the LGBTQIA+ community.

n November Givenchy creative director Matthew M.Williams and artist Chito jointly launched 15 NFT works. A lot of spray paint and dog head images are full of street style, and the proceeds of all works will eventually be used to protect the ecological cleanliness of the ocean. The “Chito x Givenchy NFT” collection features a collection of cartoon characters and symbols, some of which are animated, others feature the Givenchy logo. The series will be released on the NFT marketplace OpenSea on November 23rd. After a week, the highest bidder will receive their NFT.

l Valentino showcased four digital blockchain works by artist Matthew Stone at its Episode SoHo store in New York City. At the same time, Stone’s NFT exhibition was held in a residence in Rome.

l Dolce & Gabbana announced that it will launch its first NFT series. It is reported that the series of NFTs is called “Collezione Genesi”, which is inspired by the city of Venice. It is also reported that the works of the Collezione Genesi series will appear in three D&G events in the future, namely Alta Moda (ie haute couture or haute couture), Alta Sartoria (ie haute couture), Alta Gioielleria (ie haute / fine jewelry) series, held in Venice on August 28, August 29 and August 30. Collezione Genesi will go on sale on September 1st.

4. People Oriented

These big companies don’t understand Metaverse at all, they are just FOMO. Clothes serve no purpose other than to look at.

At present, the Metaverse is still in the early stage, and it is necessary to engage in construction first, and then engage in clothing.

Fashion is a subdivided track, and the current daily activity of the Metaverse platform is too low.

It is easy for you to have three consecutive questions like the above. These three questions need to be answered from the perspectives of users and designers (producers) of Digital Fashion.

First of all, with the help of AR technology, ORL has already realized wearable clothing. For example, Snapchat will realize in 2021 that users can carry different Prada bags in the app and take pictures. Earlier, Snapchat also cooperated with Gucci to launch AR shoes.

Snapchat's AR demo

Snapchat’s AR demo

Digital Fashion: The Next Trillion Opportunity in the Metaverse

Virtual fashion has officially entered the real world, wearing a Buba dress by Tribute Brand that is full of digital age features.

There are two main groups of users of Digital Fashion:

-Fashion blogger/UP owner: People who can make money through traffic.

Digital Fashion provides new display tools for these fashion KOLs, and also saves costs for these KOLs. Compared with buying clothes, bags, and jewelry, unpacking them at home, and then showing them to fans, Digital Fashion allows them to save the cost of producing content and reduce production costs. Before the official launch of the new product, KOL can also be used to promote the product through Digital Fashion.

– Pinduoduo ladies: want to buy brands but can’t afford high prices

I want to carry a Hermès bag and go out to take pictures, but I can’t afford 50,000 yuan. Instead of building a bag with others or buying an A product on a micro-business, it is all a small red book anyway, so why not choose a Digital What about version? Afraid of bumping the bag? It’s okay, you can fight to buy a 1/1 NFT with high rarity.

Digital Fashion gives designers:

mass production

The catwalk on the fashion week is the impression of fashion for most people. We always see clothes at these fashion weeks that are very edgy, bold and not suitable for the daily commute. In fact, only 10% of the garments shown at a fashion week go into production, because the vast majority of these garments are designed for fashion week shows. But whether it is ORL or URL, these designs can now be “worn” on the body, and can be mass-produced (ERC-1155) and reach consumers.

-Copyright protection of clothing works

It is extremely difficult for clothing creators to protect the copyright of their works. Most of the clothing can be copied easily, but it is difficult and costly to investigate every infringement, which seriously affects the enthusiasm of the creators. The NFT generated based on blockchain technology can create a unique “identity card” for products, allowing designers to protect their rights and interests.

– No waste, no postage; any size, any gender

NFT frees fashion designers from being bound by fabrics, craftsmanship and functionality. They can make digital serve creativity and create freer, bolder and more imaginative creations. At the same time, for brands, creating NFTs can not only reduce environmental pollution in production, but also reduce the problem of excess capacity to a certain extent.

From the perspective of the use of Digital Fashion, Fashion is not a sub-track in the Metaverse. Apparel products under the ORL category do not rely on a Metaverse platform to provide services to users. In the future, there may be a lot of NFTs stored in your Meitu Xiuxiu, which will provide you with the convenience of changing clothes at any time when taking pictures.

In addition, according to Vice’s survey of 3,000 respondents, it was found that 47% of those interested in Digital Fashion are non-currency users. 70% say they buy something to enhance their digital identity, express themselves or have something unique, just like in the real world. Digital Fashion can create more equitable spaces and experiences for plus-size consumers, people with disabilities, and the LGBTQI+ community, enabling people to explore new models of identity that are not limited by traditional roles, expectations, and limitations.

Gaming is currently Digital Fashion’s main consumer location, with 62% of U.S. consumers surveyed having purchased virtual items. The best-selling Digital Fashion products at Roblox are casual wear, such as T-shirts and masks. According to Roblox’s VP Wootton, “Some people choose to mirror their everyday looks and real-life attire, while others want to experiment with bold looks and styles they wouldn’t have in the real world.” And the rainbow flame halo top , also ranked in the top ten of last year’s best-selling list.

In 2021, the consumption of NFT will reach $41 billion. As people’s recognition of the value of digital identity continues to increase, it is expected that in the next 5 years, you, you in games, you in Zoom, and you in social platforms will all wear Digital Fashion. Digital Fashion can reach the same $1 trillion size as the current global apparel market.

5. Last FOMO (relevant financing information)

RTFKT: Acquired by Nike in 2021 with an estimated price of $20M. This is not much to introduce.

Space Runner: Metaverse wearable fashion brand, products can be worn in the Metaverse and reality. Space Runners launched its first NBA Champions Sneaker Collection in December with former NBA champions Kyle Kuzma and Nick Young March 2022 Space Runners announced a $10 million seed round led by Polychain and Pantera Capital, Accel, Jump Crypto, Yat Siu, executive chairman and co-founder of Animoca Brands, and Justin Kan, co-founder of Twitch, participated in the investment.

UNXD: UNXD is a Metaverse fashion company that is currently building a B2B2C platform, and will also independently create NFT collections and NFT marketplaces. Co-invested by Animoca Brands, Polygon Studios, and Red DAO in March 2022, with a seed round of $4 million.

DressX: DressX is an American virtual fashion platform, founded in August 2020, which has cooperated with many designers and brands, allowing them to create and trade various virtual fashion products on their own platform. The $3 million seed round was completed in July and September 2021, respectively.

Red DAO: DAO focused on investing in Digital Fashion. A total of 3700E was raised, which was about $12M at the time.

SandStorm: SandStorm provides construction services to the world’s top brands and brings builders together. The seed round of financing will be completed in March 2022, with a financing amount of $2.5M. Main investors include The Sandbox, Sanctor Capital, Fenbushi Capital; angel investors include Sebastien Borget, co-founder and chief operating officer of The Sandbox, etc.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/digital-fashion-the-next-trillion-opportunity-in-the-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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