Fashion, NFT, Metaverse, Web 3.0, Phygital.
Is the future world of cryptocurrencies & avatars actually simple, or will it make our lives more
A variety of inventions demonstrate how technology is automating, personalizing, and
accelerating the fashion industry. Robots that weave fabric, AI algorithms that forecast fashion
trends, and clothing that can be worn in virtual reality are just a few examples. Fashion firms are
collaborating with technology suppliers, acquiring startups, and even developing their own
technology in an effort to expand their sources of revenue and business strategies.
Before we ponder more, let’s get started!
Entering the Digitized Parallel World
We are heading toward the digitalization of not only retail but also the majority of our live’s tasks,
thanks to the growth of Web3 and the metaverse. In many ways, it is becoming more and more
viable to exist both inside and outside of the physical world.
For better understanding, with Web3, the web will be in the authority of its users and the
community, with decentralized ownership and management. Contrarily, the metaverse is a
shared digital world that anybody can access and use to connect with others, create economies,
and engage in real-time communication.
Ownership of special things are represented by NFTs (Non-Fungible Tokens). We can tokenize
items like works of art, valuables, and even real estate thanks to them. NFTs are digital assets
that utilize blockchain technology which are required for trading in the metaverse.
Now what does phygital have to do with fashion & metaverse?
Phygital serves as a link between the physical and digital worlds. The goal is to transfer the
most positive elements of the physical consumer experience that plays a vital role in the fashion
industry to the digital space and vice versa.
Fashion catalyzes NFTs in Metaverse & Web3
Internet consumers continue to have doubts about the validity of Web 3.0, NFTs, the metaverse,
and other technologies. The market for NFTs is something that is expected to rise exponentially,
over the years seeing the global trends on NFTs.
However, for these new decentralized technologies to succeed, there needs to be a practical
application. Adding fashion to the equation causes all of this to change dramatically!
Maybe that’s why we see some of the international brands like GUCCI, Adidas coming up with
their own NFT collections!
Some of the noteworthy fashion NFT and web3 projects were the collaboration of Barbie
franchise with Boss Babies on launching of new NFT collection on International Girl Child Day.
This celebrated more than 200+ careers that women were excelling in from being astronauts to
bee-keepers. Another one was, “UNDW3: The Emerge,” a collaborative and interactive
environment introduced by Lacoste in Web3.
Even a rewards initiative based on NFTs is being formulated by the luxe brand Balmain named
“The Balmain Thread”.
Now if you wonder that its only fashion labels that have ventured massively into fashion NFT
and Web3, you are mistaken! Because even the coffee-house giant, Starbucks has unveiled
Starbucks Odyssey, a new Web3 rewards programme for patrons and staff in the US. Members
of the Starbucks rewards programme get access to Odyssey “journeys,” a collection of
engaging activities designed to help them learn more about coffee and the business itself.
Be Phygitally Smart
The idea of phygital best suits the interests of the fashion and luxury industry since it is simpler
for businesses to connect their digital services to those in the physical world. The usefulness of
physical or digital possessions is increased by having them connected to the digital realm. Also
this is a fantastic method to give the community a sense of ownership over the project on both
Tommy Hilfiger was one among the global brands that put across its phygital show impressively
during NYFW this year. Tommy was simultaneously live-streaming the show on Roblox and
performing it in real life as Tommy Factory Fall’22. The simultaneous Roblox live feed of the
concert was shown as a backdrop, while spectators could claim a free NFT.
Impressive artwork on point!
Another major observation lately has been that wearable technology might have a comeback as
the digital and physical worlds continue to merge. This comes as the next physical product from
Facebook, according to CEO Mark Zuckerberg, will be a pair of “smart” spectacles that will be
created in collaboration with Ray-Ban.
However, for the time being, even though the digital side of the Metaverse has recently (and
rightfully) dominated the conversation, this suggests that the physical entry points for the era of
digital experiences could lead to a resurgence of the wearables category at a time when the
sector is desperate for digital stand-ins for humanly experiences.
Check out the World’s first fashion tech NFT, Payment Bracelet now available for sale
on OpenSea, which will be a prize catch for tech enthusiasts and futurists in the times of
Web3 & Metaverse