The rise of the metaverse is one that many are watching with interest at the moment. There is no denying that this is a fascinating development that is taking us incredibly close to a digital world that we can live and interact in, no matter where we might be. Many companies are looking into their role within this metaverse, including lifestyle and clothing brands. What might we see from them in terms of the metaverse? Let’s take a look.
What is the Metaverse?
Though it used to exist only in the world of science-fiction and fantasy, it is likely that we will see it emerge more as a reality with each passing year. There are many companies currently dedicated to the development of the metaverse.
Ideally, it should be one open digital space where we will all be able to come together online. Not only will we be able to play with our friends in a variety of games, but the use of metaverse crypto will make it easier than ever to do whatever we choose in this space. There will be a vast variety of opportunities for us to pursue here. Crypto might prove to be one of the defining pillars of the metaverse, as it allows us to make payments no matter where we are located. Removing the influence of centralized banks and fiat currencies is the type of flexibility that we will need to see in the metaverse if it is to operate with the freedoms that many envision.
What are Lifestyle and Clothing Brands Doing?
Many clothing and lifestyle brands are looking into ways in which they can have an influence in the virtual world as well as the physical world. One way in which they have found that they can do so is with clothes. Of course, runway fashion shows are watched closely all over the world, but can you really expect to see the same level of dedication and interest when it comes to online spaces?
You can in one very specific place – online games. In many, from Fortnite to GTA, people are able to purchase and collect certain “skins” for their avatars. These are customization options that help their game avatar to stand out and look unique. Some of these skins are commonly available and then can rise sharply in rarity until you reach ones that are exclusive and one-of-a-kind.
Just as we can see with fashion in the real world, these exclusive digital skins are widely sought after. It is not unusual to find people being offered large amounts of in-game or even real currency for their exclusive skins. There is a black-market trend and of course, con artists trying to make a quick buck. Though it all takes place online, it mimics the real world of fashion quite wonderfully.
In the middle of all of this, you have high-end fashion brands. Gucci, Prada, and Balenciaga are just some of the names creating exclusive skins for avatars across a variety of games. These are likely to become just as sought-after as their limited-edition collections in the real world.
How Can We Verify the Skins?
The big question is how do we verify that the skins are legitimate? What is to stop someone cloning an exclusive skin and then making a fortune selling it through a third-party site? The answer comes from NFTs and crypto. An NFT does not exist on its own – it is recorded on the blockchain. Whenever it is traded, this transaction will be recorded.
If someone claims that they own a certain skin, it will simply be a matter of checking the blockchain to validate their claim. If they do indeed own the skin, their public key should be registered on the block’s data. If they do not own it, the records will show that. It might seem very simple, but for all its complexities, the blockchain is quite simple when it comes to matters like this.
Just as people want to hunt down limited-edition fashion pieces in real-life, so will they want to collect exclusive designer skins when playing online. One only needs to look at how coveted Hermes Birkin bags are by designer goods lovers to understand how powerful skins might be when pushed out by the right brand.
The Fashion of the Future
The world is only going to move further online in the future, and we are all going to need avatars to represent ourselves in the metaverse. Clothing and lifestyle brands have been interacting with gaming designers for years already – such as H&M and Diesel’s collaborations with the Sims franchise – so it is unsurprising that we can see an intersection between clothing and NFTs.
It is quite likely that we will see more luxury brands experiment with NFTs and skins over the coming years. There is certainly a market for them, and demand will only grow as more of us head online. With many thinking that a metaverse should be an equal and open place, the introduction of designer NFTs certainly lays the groundwork for the haves and have nots.
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