Metaverse is a hype in 2021? Digital Fashion Products are on the Rise!
Recently a virtual world Decentraland announced that its users can now create and sell their own unique clothes for avatars. This led to designers come up with their digital fashion products and earned thousands of dollars in just days.
The idea is ridiculous and confusing as to how people are spending so much money on a product that has no physical existence. Virtual assets are generating real money thanks to the concept of the metaverse.
People care what their avatar looks like in a virtual world where they interact with their friends, community, hang out, play games, and make new friends. According to a digital artist Kai, who is famous for creating Japanese Kimono, said that people care how they look in the virtual world. This is a way to express yourself, show off, and now have become a status symbol.
These digital fashion clothing sales and purchases are done via blockchain technology in the form of a crypto-asset which is also known as a non-fungible token (NFT). NFT’s popularity sky-rocketed at the start of this year where enthusiasts rushed to buy this new type of digital asset.
NFTs are digital-only items such as memes, digital art, land, and trading cards in the metaverse.
With this new interest developing at a formidable pace, many big fashion companies are gearing up to associate themselves with this new generation of gamers. One such example is Gucci where it sold its NFT clothing for avatars in Roblox.
Moreover, RTFKT, a virtual sneaker company, is making sneakers that are wearable in some virtual worlds as well as social media using a Snapchat filter. RTFKT has generated $7 million in sales with some limited edition sneakers selling up to $10000 to $60000.
The digital fashion industry is taking off and looks promising as the idea of the metaverse is being embraced at an ever-increasing pace. This will surely open up a ton of new opportunities for investors to jump in.