Fashion in the Metaverse: Would You Buy Virtual Luxuries?

NFTs and virtual fashion are surfacing in mainstream media and retail. Buyers of digital fashion get an NFT, a virtual certificate stored on blockchain technology, that proves ownership and authenticity. With that NFT, the owner can showcase their brand new designer scarf, or any other luxurious item they may have, in the digital world, or metaverse, where users interact through avatars.

Early in 2021, digital sneaker brand RTFKT Studios, sold 620 sneakers in less than 10 minutes, raising $3.1 million. But does it make sense to own fashion items if you can’t physically wear them?

DailyCoin conducted an exclusive interview with The Dematerialised, an experiential marketspace for fashion that is creating a new reality for the industry. Karinna Nobbs, the co-founder of The Dematerialised, spoke about the prospects of digital fashion.

Fashion items created in The Dematerialised are made by brand designers themselves, or by partnered creators.

The Future of Fashion in the Metaverse is Bright, Nobbs Says

Web 3.0 is revolutionizing the world, and now, especially since the pandemic shook the world, our lives have suddenly become extremely digitized. Instead of flaunting our dresses in the streets, we show them off in the metaverse.

One of the most significant advantages of creating digital clothes, over the physical kind, is the unlimited possibilities it lends to people’s creativity. Do you want flames going up your skirt? You got it. What about shoes made of water, or a real fur coat that was made cruelty-free? Everything is possible with digital fashion.

“There is so much more experimentation as we are just at the start of the journey. Digital fashion and NFTs have the potential to fundamentally disrupt the traditional physical fashion sector, ideally making it more creative, more valued, and more efficient. At the same time the new digital sector can flourish. There is room, and it is important we nurture and grow both sectors,”

Nobbs said.

Digital Fashion Is Personal and Each Item Is Unique

The Dematerialised is focused on offering a specially curated blend of brands and independent creators. The co-creator of the company explained further:

“It is important that some brands are recognized, like Karl Lagerfeld and Rebecca Minkoff, and some are introduced, like Tribute Brand or Mutani. But very important to each collab is the design of the digital garment and the story behind its creation. This is what makes digital fashion feel personal.”

Buying Digital Clothes Through The Dematerialised

Users don’t need a crypto wallet to use The Dematerialised, they can pay for items in Fiat currencies with credit or debit cards, meaning there is a low barrier to entry for non-crypto natives. The company offers a 3D space in which to view the NFTs and web AR pre-purchases, so buyers can inspect the craft of a piece before purchasing. After the transaction is complete, they own the NFT, and each piece and collection offers different utility, ranging from Snapchat AR try-ons, to direct porting to an avatar in Sansar, to providing the 3D files so users can play DIY with the asset.

On The Flipside

The fashion industry has been focusing on sustainability. While digital clothing doesn’t involve forced labor or environment-harming substances to make them, some blockchains generate very high carbon emissions.
Life in the metaverse becoming highly sought after has raised concerns about whether people will appropriately live their physical lives.

Why You Should Care?

High-end fashion brands, including Gucci, Balenciaga, and Burberry, have already made large sums of money with their digital collections. Recently, Ralph Lauren released its first virtual collection, “becoming the latest apparel maker to try building brand awareness in the metaverse.”

Fashion in the metaverse may well become the next “big thing.”