The metaverse has been in the news for some time now. Web 3.0 appears to be an enigmatic change transforming the way people interact, do business and invest, among several other things. Theoretically, it is an amalgamation of technologies like augmented reality, virtual reality and video where the users have a 'life' outside the actual world, i.e. in the digital world. Fashion is not left behind, and Metafashion is picking pace. The best brands are issuing the NFTs and engaging with consumers online.
Has the metaverse arrived?
Metaverse at present is like the internet of the 1990s. It is there but in the reach of a few. However, it has the potential to grow exponentially. While the technologies behind metaverse existed, their application was limited to the digital spaces. Users were experiencing them in a restricted sense while using applications that had specific functions. Their consumption was more passive, and they had no active engagement opportunities to become creators. Metaverse presents boundless possibilities to create a world without limitations like those in the actual world. It facilitates democratic prospects that would allow engagement without the restriction of race, region, caste and gender, along with several other factors that prohibit us from doing things in the real world.
Metaverse in its present form appears to be novel; however, it was there amongst us in a different shape. Gen Z was already exploiting it to create new avatars, exchange, buy and consume digital goods on complicatedly designed online spaces. A few years down the line, or say by the time we reach the 2030s, the metaverse would become a preferred mode. Fashion brands need to invest in the metaverse, eyeing the boundless opportunities it could present to them. Gen Z will be their leading consumers, while others will follow suit.
The Metafashion growth story
Fashion has always been trendy, and fashionistas have always wanted to explore the new and unchartered. The brands knew this, and many are racing to take the first mover's advantage. Several platforms on the metaverse are emerging as a confluence point for consumers and brands. They allow traditional and digital fashion brands to showcase their products and consumers to express interest or buy them. Range of services, from digitising fashion to storing them on blockchain in the form of NFTs, is possible on these avenues. Consumers can wear these digital clothes in augmented reality through their application and add to their avatar's persona.
Consumers can have their metaclosets on these platforms where they can store the digital clothes, accessories and other items that they buy on these platforms. The boundless world of the metaverse is allowing fashion to grow exponentially. Consumers are adopting it to realise their fashion dream, as it allows them to express themselves in an unabated way. Furthermore, the sustainability factor of metafashion gives it an edge in attracting Gen Z, which is aware of the world around them and wishes to contribute to the environment.
India set to become an active contributor to the rise of metafashion
Research indicates that globally the metaverse market would reach a valuation of $800 billion by 2024. India is among the few countries where metaverse and metafashion can witness quick adoption. The rapid penetration of the internet, smartphone and its young population would facilitate the atmosphere necessary for embracing the metafashion. The urban Indian youth is among the most tech-savvy populace worldwide. They are increasingly exploring opportunities to express themselves on virtual platforms, collaborate with artists, engage and create new things. Metafashion provides them with the exact opportunity.
Brands would be keen to tap this huge market and are expected to increasingly invest in the Indian metafashion market soon. New-age brands that are targeting youngsters would leap at the opportunity and try to engage with more and more customers. The digital medium would allow them to adopt a tailor-made approach wherein they would be able to target segments of the Indian youth having similar fashion tastes. While the metropolitan cities would take a lead in making metafashion popular, its availability on the digital medium would soon take it to tier II and III centres.
With inputs from Anurag Saboo - Co-Founder, DaMENSCH. Metafashion to Be the Future of Fashion in India
