NFTs

In case you are not very familiar or have questions about NFTs, these are non-fungible tokens that are unique and cannot be replaced. They can be any type of digital or conceptual content – photographs, videos, pixels, music, or even experiences and abstract concepts – that is the sole property of the owner and possible buyer. So why are people purchasing digital arts from anywhere between hundreds and millions of dollars? The answer is simply due to several factors such as the increased price of Bitcoin, the pandemic, and a recent distrust in the US currency. 

Fashion

While many people find the concept of spending real money on clothes that do not exist difficult to understand, virtual items create genuine sales in the “Metaverse” – online spaces where individuals may assemble, move about, meet friends, and play games. Clothing for avatars, known as “wearables,” can be bought and sold on the blockchain in the form of a crypto asset. 

Real Estate

While buying real properties in the physical world might seem like a smart investment, is doing so in the virtual realm worth it? Virtual lands in the Metaverse are intangible spaces that houses, parks, or shopping centers can be built on. They are sold in parcels, just like actual land, and are purchased using cryptocurrencies. The two key elements impacting the value of virtual land are location and scarcity. For example, a virtual land in regions where people in the Metaverse densely assemble will naturally have a greater value than ones with here fewer events taking place.

About Metaverse Fashion Week

Decentraland’s Metaverse Fashion Week, which spanned from March 24 to 27, saw a slew of international brands that embraced the virtual realm in a four-day series of events. Thousands of people were able to virtually attend fashion runways, listen to live music at branded after-parties, and purchase and wear digital apparel from catwalk avatars. Unlike real-life fashion weeks, the Metaverse democratized this concept by giving free-for-all access, with no need to purchase any event ticket. All you need is a browser that does not crash and you are good to go.

Over 60 luxury fashion brands, including Dolce & Gabbana, Etro, Tommy Hilfiger, and Selfridge, have participated in the Metaverse Fashion Week, displaying over 500 looks. During the one-of-a-kind event, there were over four after-parties with the presence of notable performers, like Nicki Nicole, Marc-O-Matic, and Dundas, to name a few.

NFT wearables

Not only that. The renowned Estée Lauder was the only beauty brand in the MVFW. It earned the chance to launch its very own Non-Fungible Token (NFT) wearable. There were only 10,000 of its famous-serum-inspired NFT, obtainable exclusively during the Metaverse Fashion Week. Bulova, a watch-making company, also took advantage of this exceptional event to showcase a re-imagined version of its renowned Computrom wristwatch. The Special Edition version of the watch, which comes in black and green, was only available as NFTs and is limited to 1,000 pieces.

Metaverse Fashion Week Runway

Thursday kicked out with a Perry Ellis presentation on the catwalk, followed by Dolce & Gabbana and Philipp Plein exhibitions and parties featuring digital-only designs. Anrealage and Etro performed on Friday, whereas Cider, Fresh Couture, and The Fabricant presented on Saturday. Vogue also debuted a partnership with streetwear brand Hype, followed by the digital fashion house Placebo.

Avatars’ appearances in the Metaverse:

Even though there has been numerous investments within the fashion industry in the Metaverse, the Institute of Digital Fashion was one of the first to fearlessly introduce gender non-conforming Avatars with Daz 3D. This move raised awareness and paved the way for more similar inclusive projects by other companies as well.

The IoDF also conducted a study which showed that people are demanding a better representation of gender identities, body types, skin colors, disabilities, and clothing style. Over 40% of respondents mentioned that their clothing style did not match their in-person identity. This indicates how real-life society pressures individuals to not be their own selves in the physical world. In addition, 9% identified as non-binary. This group is also demanding the representation of their true identity. One form of doing so is by creating genderless clothing lines.

Gen Z’s influence on the Metaverse’s Avatars

Many clothing brands are now on the run to create customized, expressive, and diverse collections for Avatars to wear. This also comes with an awareness that Gen Z is the most beneficial and profit-making target in the virtual world. By the time we are clear and complete about the Metaverse, this generation will be the most consuming of the virtual world.

As individuals, we have been regularly intertwining between online and offline worlds for a couple of decades now. We have built ourselves two identities that somehow complete each other: a physical identity and a virtual identity.

Physical and Virtual Identity:

A mundane identity is a proof that we actually exist. It includes our official papers such as birth certificates and driver’s licenses. Not only that, but our lifestyle, values, beliefs, and behaviors also make up an integral part of it. In this world, it is easy to spot that the person right in front of you is who they claim to be. You trust them, they trust you, and you both communicate normally and are on the same page.

On another end, our virtual identity is a representation of our real selves (most probably) in the online world. For a long time we have been using it to communicate, connect, shop online, etc. As secure as our real-world identity can be, our virtual one is uncontrollable. And although digitized information opens countless opportunities, it can always be threatened and at risk of theft and breach. As opposed to the physical identity, there is no proof that the digital one of the person you are communicating with is authentic. There once were a meme that says “On the Internet, no one knows you are a dog”, and this could not be any truer.

Introduction of Avatars:

With a need of humanizing virtual identities, many companies created services like Bitmoji, Ready Player Me, and Apple’s Memoji. These platforms allow people to embody and visualize their own selves in the virtual world by customizing Avatars. However, the applications did not take into consideration protecting the safety, security, and privacy of users. They do not require any regulation or verification of names when creating an Avatar and data is not preserved and well stored.

Thankfully, 2022 is the year in which the world will witness a revolutionary leap into the new Metaverse using AR, VR, and video technologies. In this parallel universe, the infrastructure it is built upon obligates full authenticity of virtual identities. Additionally, people will have more control over their data by selectively choosing the information they want to disclose on.

Interestingly enough, a person can have multiple virtual identities in the Metaverse that all relate to that exact same person in real life. As an example, there could be one for work and another for personal activities. Avatars, the embodied digital identity, come in two types: VR Avatars and full-body Avatar.

The VR Avatar is one that basically perceives the virtual space from their point of view. This means users can only see the upper body of other Avatars because of the limited capabilities of tracking movement. The full-body Avatar uses a sensor that replicates the whole body’s movements. This type is expected to rapidly develop in masses since Meta’s efforts are all put into growing it.

Bottom Line:

To conclude, it is only fair to say that the Metaverse is changing how we perceive anything around us and within us. It is allowing us to create a new, safe, and secure virtual identity that is representative of our physical one. To go even further, professionals are looking to develop much more inclusive Avatars that outdo already existing ones.