The fashion industry has started to look into the cryptoverse, which is not a secret. On the metaverse catwalk, Dolce & Gabbana, Gucci, Philipp Plein, and Tiffany & Co. are all going in different directions. Technology is always getting better, and fashion is always changing. They had to get together at some point, but they could have done a better job of it.
People paid millions of dollars for land in virtual worlds when the metaverse was just getting started because of what it could be. Why shouldn’t fashion be a part of it? The fashion industry is always looking for new ways to do things and changing old ones. You can enhance your trading strategies at bitcodes.io.
But most people know that the fashion industry is still one of the most closed in the world. People have a lot of power in the world of fashion because of things like scarcity, price, outfits, and, in many cases, who they know. You can only buy so many Chanel bags, and it takes a long time to get a Birkin or Kelly from Hermès. The fashion industry is strong because of this.
People who care about fashion know that there is nothing better than ripping open the package of a long-awaited item, trying it on for the first time, and falling in love with it all over again. When you want something but can’t get it anywhere else, you call it a luxury. Why should clothes in the metaverse be different than clothes in the real world?
Even though well-known businesses put a lot of value on their traditions, those traditions should still change as time goes on. Still, it’s hard to bring in new users while keeping the old ones interested.
Viltrakyt told Cointelegraph that digital collectibles could show how much fashion fans like a brand. These would be for everyone, not just “influencers” or “lucky” people who get PR packages from companies because they have a lot of fans who are interested in them.
For example, Maison Margiela could give each pair of Bianchetto Tabi Boots a certain number of digital wearables. Fans who don’t have many followers but still want to show their support can do so by wearing the boots in the Metaverse and in real life.
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You can’t return or exchange things you buy online
Non-fungible tokens, also called NFTs, are “tokens that can be used to show ownership of unique goods,” according to the Ethereum Foundation. Viltrakyt says that once digital assets are made, they can’t be changed or deleted, and “digital assets never decay.”
Finty says that a lot of valuable assets in the fashion industry, like the Birkin, which has “outperformed the S&P 500 over 35 years,” could be stolen, broken, or worn out over time if they are not cared for properly. The Birkin is one of these things. Viltrakyt said that expensive and valuable things don’t have to be things you can buy and “touch.”
Also, unless they are collectors or caretakers, it is hard for fans to get a piece from an archive. This is especially true if the piece might not be taken care of well. Sometimes companies put their archives on display for a short time in cities like Paris or Milan, but most of the time it’s a private event put on by private people. Paris and Milan are two of these places.
Use both new technology and online business to your advantage
Even though it’s fun to go to the store and try on, touch, walk around, and get to know the clothes and the store, e-commerce is already on the way to becoming the main way people shop. The metaverse could make it as cool and up-to-date as buying a popular Kelly bag in Paris.
Viltrakyt says that now that COVID-19 is over, almost every business, even Hermès, sells online. This means we need to come up with something new and different. Using technology, a company could improve its image and how it works with its customers.