Metaverse: A New Frontier for the Fashion Industry
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By definition, the fashion business is a creative space that pushes the boundaries of culture and art.
The industry is known for its notorious appetite for taking creative gambles; therefore, it stands to reason that it should be among the first to venture into an out-of-this-world metaverse-like experience.
What is the metaverse?
The metaverse is considered the next evolutionary step of the internet. It is a virtual universe that merges the digital and the physical, allowing us to experience and interact within the cyber world as if it were real.
The metaverse can best be described as a convergence of the physical and the digital resulting in a virtual world where users can access, explore and connect beyond what is possible with the current internet.
Well, the internet itself has so far proven to be one of man's greatest inventions enabling ubiquitous access to information. Today's average internet user can work online, play a game with other users online or stay in touch with loved ones through video calls in ways that were unthinkable a few decades back.
But what world would it be if everyone could have their entire existence online? If we took a step forward and expanded the online experience into a virtual world where people could experience an entirely new world by living vicariously through a virtual avatar, that would bring the bigger picture of the internet full circle. The metaverse (a successor of the internet age) is bringing this dream to reality.
What about NFTs?
If entire existence in a virtual world is to be made possible, then all aspects of the physical realm need to be replicated in cyberspace. NFTs are crucial towards replicating ownership of digital goods in a virtual world.
If you were to have an avatar, who lives in a virtual house in the metaverse, for instance, you would want to have ownership of that virtual house. NFTs make this a reality thanks to blockchain technology which acts as a notary for digital items in a metaverse.
Given the capabilities of technologies behind innovations such as NFTs and the metaverse, the fashion industry stands to benefit from the revolutionary aspect of digital ownership and digital lifestyles. These technologies will change how we buy, sell, and show off fashion and luxury items.
How the fashion industry benefits
The term metaverse has become commonplace in the gaming industry. However, its applicability goes beyond video games. In its total capacity, the fashion world stands to benefit tremendously from the metaverse.
Given that reputed brands struggle today to protect their reputation from counterfeit products, a metaverse with NFT-based virtual fashion items could make it easy to pick out the fake items.
What's more, companies in the fashion business will have an easy time controlling supply chains. With a market full of increasingly environmentally conscious consumers, brands will give their customers absolute proof that the products used to manufacture fashion and luxury items are environmentally friendly.
Trace Network Launching NFTs
To enable fashion brands to get their footing in a world dominated by technology, platforms such as Trace Network have emerged with a completely decentralized protocol and NFT marketplace that caters to the fashion industry.
Trace Network's BLING is a limited edition luxury and lifestyle NFT marketplace where users can create and personalize NFT-based avatars for the metaverse. They can also add fashionable accessories to their digital wardrobe, which they can wear in various metaverses.
Trace Network's NFTs use cross-chain movement capabilities meaning they can be transferred back and forth across multiple blockchain networks. Fashion brands can use Trace Network's BLING to create virtual fashion goods capable of existing in the metaverse world.
883 Police: Pioneering Fashion NFTs in the Metaverse
Just recently, Trace Network Labs brought onboard the storied Italian fashion house 883 Police into the world of NFTs and the metaverse with the launch of a uniquely designed collection of digital wearables. 883 Police's reputation has long been established as a world leader in pioneering multiple luxurious fashion items and designs.
The NFTs in their collection will feature unique designs with limited edition garments that 883 Police will make. Winners of the NFT auction will have a claim to the limited edition virtual garments on Trace Network's BLING's metaverse.
In a press release, Seetharaman Kannan, CEO of 883 Police India, said, “We are delighted to partner with Trace Network Labs to bring forth a revolutionary phase of digital fashion with 883 Police branded NFTs.”