How Web3 is Revolutionizing the Fashion Industry？
Updated: Dec 3, 2022
The evolution of Web3 and the culture of digital ownership is no doubt disrupting everything, including the fashion industry. Web3 technologies offer users and designers new choices and highly immersive fashion experiences. Imagine no longer having to stand in line for the newest shoe release, not having to stress about the crazy reseller prices on eBay, or even having to leave your house at all to cop the latest gear in the market. Web3 has brought much un-anticipated utility to fashion and our environment uniquely.
High-end brands such as Balenciaga, Burberry, and Gucci are already exploring the scene with their digital fashion NFT collections for consumers. There are now Web3 fashion shows where avatar models walk down a virtual runway to appeal to fashion-loving NFT owners in a very unusual way!
The Web3 innovation is bringing endless perks to the fashion world. As always, fashion designers have a lot to leverage from, but for the first time, we consumers tap into these utilities. I will provide insights on how Web3 revolutionizes the fashion industry while giving practical examples.
Web3 in the Fashion Industry
Fashion brands can now sell their products as digital fashion NFTs in virtual worlds such as Decentraland, Roblox, and Fortnite, thanks to the introduction of Web3. This introduction has significant implications for clothing companies, especially regarding supply chain management and research. The "try before you buy" model will have far-reaching consequences for the fashion industry, hence the need for more advanced technology - the Web3.
The Metaverse Fashion Week is the most talked about fashion show of the year. Big brands like Tommy Hilfiger, DKNY, and Charles & Keith made history by showcasing their digital fashion collections alongside other popular Web3 projects. This Web3 Fashion show provided an immersive shopping experience in which purchasing virtual clothing in Decentraland resulted in physical clothing shipped to the buyer's home.
Web3 isn't just limited to immersive virtual experiences; this iteration of the internet combines various pertinent values that are changing the status quo of the fashion landscape.
Benefits of Web3 in Fashion
Decentralization is the fundamental principle of Web3 fashion. Due to its centralized nature, the fashion industry exploits people to an unimaginable extent. This new Web version is helping give back ownership to creatives instead of big consignment companies. In theory, Web3 enables fashion designers not just to create but own and monetize their work.
The principle of decentralization implies that as a creator, you won't entirely lose bragging rights to your work. In other words, you will have entitlements to royalties whenever anyone sells your craft or even years after they become mainstream.
As a blockchain-layered iteration of the internet, Web3 offers the entire transaction history of an item, including everything that has happened to a single piece or collection. This way, buyers can avoid fakes and cheap imitations. On the flip side, whenever you attempt to sell your high-fashion NFT, there would be no need for receipts or proof of ownership - as the Blockchain will have a record of the product's timeline.
Most conveniently, you no longer have to stress about the condition of your luxury items because of their digital nature. The digital fashion marketplace in Web3 would preserve the quality and condition of digital assets, making them tamper-proof and able to transcend problems that plague real-world fashion assets.
Currently, the fashion industry runs on a linear business model. This notion implies the industry involves collecting, using, and disposing of used and unused materials. Integrating Web3 and fashion provides a more purposeful and regenerative model that would help us attain an ideal sustainability goal. This iteration eliminates waste and pollution, whereas consumers can use materials for as long as possible.
Web3 Fashion Brands
Most future-ready fashion brands are already leveraging the impressive benefits of Web3 possibilities. Some of them are;
Burberry x Roblox
The Burberry brand recently released its virtual Lola Bag collection on Roblox. This new release is a collection of limited-edition virtual bags crafted from materials like clouds, water, and wild foliage.
Each of these bags dropped on the launch date and lasted for only 24 hours, during which Roblox community members will be able to dress their avatars with the designer bag. Through embedding "emotes" - a unique action that lets avatars express emotions on Roblox, Burberry initiated the campaign to encourage self-expression and discovery among women.
The campaign starred various big names, including; Bella Hadid, Lourdes Leon, among other fashion icons.
Clubhouse Archives, Inc.
This brand is a blockchain-based luxury apparel NFT company where users get the chance to buy curated luxury apparel from their digital marketplace. Each of these 3D apparel comes with an Italian-made garment. This brand gives designers an active role in brand development, espousing a decentralized fashion industry.
Last month, Prada added to its retinue of Metaverse applications by dropping 100 exclusive NFTs. This drop coincided with the fashion house's Timecapsule apparel series, consisting of 100 unisex button-down shirts. Users who bought this apparel received a free airdrop NFT with a serial number and the exact number of the actual shirt. Prada has alluded to incoming Web3 projects before the end of the year.
After dropping their famous NFT collections and entering the SandBox project, Gucci announced they would accept using cryptocurrencies for transactions. The household name revealed they are on the verge of releasing more mind-blowing Web3 projects. Gucci's prospects gravitate towards making Web3 more intuitive and user-friendly for her users.
The fashion industry is undoubtedly becoming more innovative by incorporating Blockchain and Web3 technology. Brands onboarding to this productive trend is amassing a lot of benefits and providing immeasurable value for end-users.
As we embrace our crypto-fueled future, fashion - amidst all its perceived frivolities - will become even more essential, bizarre, expressive, artistic, and powerful with the integration of Web3 technology.
Thanks to Web3 technology, there are new and dynamic ways of thinking about clothes, accessories, and fashion. Unlike before, we can now create a more decentralized, futuristic, and efficient fashion industry by leveraging Blockchain technology and crypto tokens. This integration, in my opinion, is the future of fashion, and we are thrilled to be a part of it.
What are your thoughts? Are you excited about the Web3 experience?
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