For the first time in history, a fashion show is taking place in the Metaverse, the virtual world accessible through Virtual Reality (VR) and Augmented Reality (AR): it is called Metaverse Fashion WeekFrom March 24th to 27th on me dysenteryland, A decentralized platform based on the blockchain Ethereum It is the first fashion show where Try immersive experiences with your avatar. The event was attended by major brands such as dolce gabbana, EtroAnd the TommyHilfigerAnd the DundasAnd the horsesAnd the Nicholas Kirkwood And the Elie Saab.
For several months now, some major retail and luxury brands have been moving to take on the Metaverse: from Kering to Dolce & Gabbana as far as NikeSeveral experiments have already been conducted in an effort to reach a market that, according to Morgan and Stanley, could be worth $50 billion by 2030.
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Now different companies are coming together in the interactive virtual space for fashion show. Let’s see how it works and all the details.
What is Decentraland and how does it work?
decentralization It is a decentralized platform based on the Ethereum blockchain, which gives life to a digital world where subscribers can live and create experiences and content. A kind of Second Life on the blockchain (Second Life, we remember, is a digital online virtual world launched on June 23, 2003 by the American company Linden Lab on the basis of the idea of \u200b\u200bthe founder, physicist Philip Rossdale). At the end of December 2021, there were more than 800,000 registered users on Decentraland and just under 500,000 active monthly users.
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The project developed by the Argentines Esteban Ordano and Ari Milic In 2015, it saw the light in 2017 with its first land sale, effectively an ICO (Initial Coin Offering) that generated $26 million worth of ether. In February 2020, the virtual terrain was opened to the public. The theoretical underpinnings are outlined in a white paper that contains contributions from experts from Google, Dropbox, Spotify, and CoinFund.
Here is a video showing how Decentraland works
How it is organized Metaverse Fashion Week
During the four-day event, Decentraland will host a series of fashion shows, after parties, and pop-up shops with the brands they offer The digital clothing worn by avatars as they parade virtual catwalks.
Unlike many traditional fashion weeks that only allow invited guests, Metaverse Fashion Week is free and open to all. Users can participate in it simply by logging into the Decentraland platform.
During the event, users will also be able to scan a QR code to see an offer for the item they are interested in, before using the financial assets in their crypto wallet to purchase items such as Non-fungible tokens (NFTs). Purchased NFTs can then be worn by the user’s avatar. Some of them can also be replaced by the physical version of the product.
Who participates in Metaverse Fashion Week
There are already several fashion houses that have confirmed their participation in the event: Dolce Gabbana (among the first Italian brands to explore the Metaverse as early as 2021), EtroAnd the Tommy HilfigerAnd the DundasAnd the horsesAnd the Hugo Boss and Paco Rabanne the factory, Nicholas Kirkwood and Elie Saab.
Giovanna Graziosi Casemiropresident of Metaverse Fashion Week, explained L Vogue Business: “Participating brands will primarily showcase new collections or new interpretations of existing pieces. There will be an upscale shopping area, designed to resemble the Rue Montaigne in Paris, and the brands will sell both digital and physical items, although details have yet to be announced.
The brands that will be presenting on the platform will have the future at their disposal luxury area To show their creations to visitors who will be able to do so for free and without a particular invitation Try different sensory and interactive experiences, participate in events and conversations, and of course, buy digital and real clothes.
“The Metaverse is nothing new to fashion and haute couture — he stated Sam Hamiltoncreative director of Dcentralland Foundation -. Our platform has been a cutting-edge reference point for fashion, Since the launch of wearable avatars in 2020. Since then, the creators have pushed the artistic and stylistic boundaries even further, creating a thriving business, with more than $1 million in sales of wearable avatars last year.” (LM)