The metaverse is likely to change the future of hundreds of different industries in the future, from sports to art, to real estate. One of the largest industries that the metaverse is set to alter the course of is fashion, which generates over $3 trillion in revenue annually.
What is the Metaverse?
The metaverse, while not an entirely brand new concept, has only dominated mainstream media in the past year, notably when Mark Zuckerberg announced that he would change Facebook’s name to Meta. In plain terms, the metaverse is essentially a virtual world. This world could be experienced through a simple 2D interactive platform, such as your laptop. Hundreds of metaverse games exist today where people build their own worlds, such as Sandbox, where players can create their own universe by exploring, gathering, and combining resources. Metaverses could also be experienced through a 3D dimension, where people would need to use virtual reality headsets to be transported into their own virtual world. Zuckerberg’s vision for the Meta’s metaverse, for instance, envisions a 3D world where people can create their own virtual home, interact with their friends virtually, go to school and work.
There is no doubt that in the coming years, billions of people globally will interact within the metaverse. One of the most interesting things about the concept is that inevitably within the metaverse, companies will start to sell goods and services, such as land. In many ways, the metaverse will parallel our own physical world, where we have to secure homes that we can call our own and buy certain goods or services to live fulfilling lives.
Fashion in the Metaverse
Fashion will undoubtedly be one of the items that will be sold in various metaverses. One of the key appeals of the metaverse is that it does not place geographical boundaries on who you can interact with. You can play games and socialize with your friends thousands of miles away. But just like our physical world, people will want their 3D avatar in the metaverse to look good and to capture their individuality. This means that clothing — including the purchase and sale of clothing — will form an important part of many metaverses. For designers and creators, this creates huge opportunities.
Faith Tribe and the Metaverse
One company that is harnessing the potential of the metaverse to empower designers and creators is Faith Tribe, created by the trendy and iconic fashion brand, Faith Connexion. Faith Tribe is a unique global fashion design platform underpinned by technologies like blockchain, Web3, and NFTs. The platform will allow brands, independent designers, and artists to not only create their own digital fashion designs but to also distribute them to an entirely new customer demographic — such as gamers — via virtual stores in metaverses. In addition to being able to sell designs on the metaverse, creators using Faith Tribe’s platform can also sell their designs in the physical realm and through other realms, such as NFT and digital fashion marketplaces, and in-game stores.
One of the main reasons that Faith Tribe is creating such an open-source platform is to empower and reward independent creators. The global fashion industry generates over $3 trillion in revenue but designers and creators globally still find it difficult to stand out and be fairly compensated for the quality of their designs. Faith Tribe’s platform focuses on rewarding creators solely on their creativity, with income disparities, country of origin, race, and gender made irrelevant.
Creators and designers will be able to create designs through Faith Tribe’s Designer Studio, which will allow them to create digital and physical designs for fashion items and outfits. Digital assets will be minted into NFTs, which create an unbreakable link between the original creator and current holder and/or buyer and reduce the risk of plagiarism. Creators will be able to create their own designs from scratch or choose a clothing template from more than 10,000 Faith Connexion garments in the company’s archive.
Once the clothing is designed, Faith Tribe will facilitate the sale of the most unique garments through the physical realm and in virtual realms, including the metaverse. The platform is all about collaboration and as a result, platform participants through a mass-crowd voting system will decide which designs will be produced and distributed through Faith Tribe. Once a garment is approved for production, the creator will have full decision-making in a range of areas relating to the garment’s production, such as the distribution channels it should be sold on, with Faith Tribe’s full support.
The Way Forward
The implications of the metaverse have exciting implications not just for the virtual world, but also for the physical world, where its existence can empower designers and creators. With innovative companies like Faith Connexion, the bounds of creativity and opportunity in the fashion industry are set to expand exponentially.
Disclaimer: This is a paid post and should not be treated as news/advice.