McKinsey&Company
Fashion of the future
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Fashion in another realm. Mainstream brands appeared alongside digital upstarts in a different kind of fashion week—one taking place in the metaverse. The inaugural Metaverse Fashion Week included digital fashion items that users purchased and “wore” as nonfungible tokens (NFTs). It also featured light shows synced to music, a tide pool that guests could wade through without ever getting wet, and a closing performance by the musician Grimes. By 2030, metaverse gaming and NFTs could make up 10% of the luxury-goods market. [Vogue Business] |
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Bling and blockchain. Jewelry—now sold as NFTs—is bedecking metaverse avatars and adorning buyers virtually on videoconferencing platforms. After NFTs were made popular by artists, multiple fashion start-ups and established jewelry brands started selling their designs as NFTs. Some pieces are designed to be worn only in augmented reality (AR) or virtual spaces, while others are packaged as “phygital” offerings—allowing buyers to use the pieces in digital realms and in real life. [NYT] |
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Express yourself. From gaming to social media, consumers are spending more time online. Many users want their avatars to be an extension of themselves and to express their individuality in virtual worlds. In particular, Gen Z consumers—who clocked up to eight hours a day in front of screens in 2020—prize personal expression, and fashion is one of the top three categories that they’ll splurge on. The ever-expanding digital universe offers opportunities for brands to pursue new avenues for consumer engagement. |
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Digitally dressed for success. Consumers are accustomed to using filters on social-media platforms. Digital fashion is, for some, the next natural foray into the metaverse mindset. Companies already display seasonal collections through AR, and some luxury brands use NFTs to authenticate products or to create collectible, limited-edition pieces. See our research on new frontiers in digital fashion and learn how to cut through the hype. |
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| — Edited by Sarah Thuerk |
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