The First Fashion Week in a metaverse will take place on Decentraland, a decentralized virtual reality and gaming platform, built on the Ethereum blockchain. The event is organized by the company UNDX, author of the successful launch of the Dolce & Gabbana NFTs collection in September. Attendees of this virtual event will be able to buy clothes and accessories in NFT format for the avatars they use to move around Decentraland.
Decentraland Fashion Week
This first metaverse Fashion Week will take place March 24-27, 2022. Created by former Vogue and WIRED employees, UNDX is a Polygon-based (Ethereum-compatible) digital luxury fashion marketplace. UNDX uses NFTs to represent property. The virtual fashion event will feature catwalks, shops and numerous parties. The goal is to help brands showcase their designs to the new generation of digital consumers. Virtual fashion has captured the interest of large companies and luxury brands due to its high expectations as a business.
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On their website, the UNDX team affirms that culture is currency and that NFTs have revolutionized the market around digital culture. UNXD’s NFTs, according to the creators of this fashion platform, aim to bring “tangibility” to the NFT space. “Our starting point is to intertwine the digital and physical world,” they stress.
It’s happening. Get ready. https://t.co/fUULb6OjjL
– UNXD (@UNXD_NFT) December 27, 2021
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Virtual fashion in Decentraland
At this unique fashion show in the Decentraland metaverse, industry leading brands will be able to display and trade their apparel and designs digitally. The devotees of all these firms will be able to enjoy a great number of immersive experiences. Brands such as Dolce & Gabbana, Gucci, Balenciaga and Ralph Lauren, who have already experimented with NFTs, are expected to be present at Decentraland’s virtual fashion week.
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NFTs de Dolce & Gabbana
Dolce & Gabbana launched its first collection of NFT garments on the UNXD luxury market last September with great success. The collection, called “Genesis collection”, Made sales of more than 5.7 million dollars. “Collezione Genesi” was personally designed by the founders of the Italian fashion brand, Domenico Dolce and Stefano Gabbana, exclusively for the NFT UNXD market. With the success of this digital fashion collection, Dolce & Gabbana has shown a true way of transcending the physical and the metaphysical, the brand noted.
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The virtual fashion business
The metaverse has become more than just a space for games and fun. Big brands are seeing new opportunities to grow and strengthen their businesses beyond physical space. Metaverses allow you to take your products and services to any corner of the world where the internet exists. The users behind the avatars are eager to dress their characters with garments that characterize them, to build their personality and identity in the virtual world.
Analysts at US bank Morgan Stanley indicate that the fashion industry may be one of the biggest beneficiaries of the metaverse. This entity indicated that the virtual fashion business can represent a growth opportunity for the fashion industry of up to 50,000 million dollars in 2030.
To date, Gucci, Balenciaga, Louis Vuitton, Zara, Ralph Lauren, Nike and Adidas are the brands that have experimented with the different metaverses. Some of these digital clothing collections are traded on different market platforms. In late November, Decentraland sold a digital estate within its Fashion Street fashion district for $ 2.4 million to the firm Tokens.com. This firm plans to boost the virtual fashion business through catwalks, shops and more.