FASHION + TECHNOLOGY

Collectable NFTs and the Metaverse take on the Fashion World

The metaverse is opening up endless possibilities for designers, fashion and retail brands, and consumers.

TEXT BY RACHEL CHEEKS

YOU ARE WALKING the breathtaking streets of Paris after having a freshly baked croissant, with your café au lait in hand. It is a gorgeous day to get some muchneeded Parisian window shopping in some of France’s most luxury boutiques, and maybe pick up a little gift or two.

Because you deserve it. The first store you stop at is Dior Beauty. As you enter, the soft yet alluring music draws you in with excitement and curiosity, while the magical lighting and creative imagery immerse you in the experience. There are several different Dior displays that catch your eye but you move towards the pink and graceful energy of Miss Dior’s section, where you look at several of her fragrances, ultimately falling in love with and excitedly purchasing the exclusive

Charmed by Dior.

Sounds wonderful, doesn’t it? Guess what, this purchasing experience didn’t even happen in Paris, it was done in the comfort of your own home, through what is known as the Metaverse and is what many are predicting will soon become the new norm of how people shop for and experience luxury brands.

In 2021, Dior partnered with British luxury department store Harrods to create an immersive virtual pop-up boutique called Atelier of Dreams, where customers had 24/7 global access and free movement around a magical winter garden space where shoppers can book private showings, explore exclusive content and click to purchase.

Other luxury brands have been very active in the Metaverse as well. Gucci partnered with gaming platform Roblox in 2021 to host the virtual Gucci Garden where visitors could try on and purchase

Gucci products using their avatars. Louis

Vuitton came out with Louis the Game, a mobile game where users collect 200 candles and try to find 30 LV non-fungible tokens (NFTs) and Dolce & Gabbana sold a nine-piece, fully digital collection called Collezione Gensi on a digital marketplace for $5.7 million dollars.

Although physical stores and in person shopping aren’t going anywhere any time soon, the fashion industry is in a time of disruption and how you currently experience shopping is likely to evolve into a more digitally driven experience.

Here are four digital trends you are likely to see with luxury fashion in 2023:

Digital Collections

This is the year that you will become more familiar with seeing the launches of digital only collections of clothing and accessories. The first Metaverse fashion week took place in March 2022, where collections from top luxury brands and new players were modeled on the virtual catwalk and attendees had the ability to purchase digital items while having the physical twin shipped to their homes.

This is just the beginning for virtual clothing, as Mark Zuckerberg predicts we will be wearing virtual fashion in the Metaverse, for such things as virtual in-person office meetings and other social gatherings; with Morgan Stanley estimating the virtual fashion market could be worth more than $55 billion by the year 2030.

Virtual Shopping

Similarly to the virtual shopping experience of Dior, virtual shopping is set to become more common over the next year. It really started to pick up during the Covid-19 pandemic when stores were closed, where virtual shopping appointments became prominent and has now quickly grown into immersive shopping experiences that allow shoppers to virtually feel what stores have to offer (try on, fit, sizing) without leaving the comfort of home. It has grown from simple virtual shopping appointments to AR fitting rooms, virtual retail stores and Metaverse Fashion Weeks.

Influencer Marketing

As digital clothes become more prominent and sustainability at the top of brands’ minds, influencer marketing is on the brink of a major shift. Currently, influencers are sent millions of dollars in gifted products a year as part of brand and marketing deals, not only being highly costly for brands—$15 billion annually—but also resulting in large carbon footprints.

Farfetch was one of the first major brands to dress influencers in digital clothes to promote a launch, in partnership with digital platform DressX.

Going even further than just digital clothes, are digital influencers. In 2021, Prada Introduced “Candy,” an influencer and brand ambassador who isn’t physically real. Candy appears in Prada campaigns in addition to having her own social media accounts where she can interact with her followers.

New Digital Only Brands

Imagine if one pair of jeans could fit anyone who wore them, like the ones in Sisterhood of the Travelling Pants. This is quickly becoming a reality with new luxury brands making headway in the fashion world, leveraging 3D software programs to create realistic digital clothing that anyone can wear. One notable new player is Republique, a trendy digital only fashion brand that focuses on sustainability and ethical practices. Don’t be surprised if you start seeing new, future focused digital only brands popping up keeping the timeless brands we all know on their toes.