The internet has transformed the way we live, work and enjoy entertainment. The next step? Virtual worlds that blend our physical reality with virtual realities.
The metaverse is the next step in the Internet evolution. It is the convergence of physical, augmented and virtual reality in a shared online space. The metaverse is a 4D version of our current internet. It can be viewed as a type of internet that you are inside of, rather than one that you are merely looking at.
One critical aspect of this work is that it cannot be controlled by one company. It has to be a decentralized system with many companies supporting it. Companies that are likely to bring it to life are Facebook. According to creator Mark Zuckerberg, Facebook will likely transition from a social media company to a metaverse company within the next 5-10 years.
They already have a few products that will bring us closer to the metaverse. For example, they are planning on creating a world where people can connect with one another digitally. Along with interaction through games, challenges and even walking around a room with others who may be across the world.
Facebook has divisions that focus on products for communities. They will work across agencies, creators, e-commerce, virtual reality and augmented reality.
Last week, Facebook announced its rebranding to Meta and committed billions of dollars to build the metaverse, an immersive future state of the internet that would be a natural environment for digital assets like digital fashion or avatars.
Well just a week ago, Zuckerburg made this out-of-this-world idea a reality when he previewed his vision for this new kind of digital world by changing the name of his 2004 social media company – Facebook to his now 2021 pride and joy – Meta.
Now with Facebook’s recent purchase of Oculus, it has become clear that VR will be growing in popularity in the near future. However, this is just the start as slowly our ever-evolving world is joining hands to highlight the future of the internet and soon lifestyle.
The metaverse is considered to be the next stage of how we use technology — the successor of the internet age. Depending on who you ask, the metaverse is now extending to digital fashion, social media, augmented reality, virtual stores, video games and non-fungible tokens (NFTs), meaning that many brands are dabbling in metaverse principles even before the term became commonplace.
As fashion becomes increasingly entrenched in the metaverse and its core Gen Z customer base spends more of its time playing, socialising and shopping there, understanding its full potential is crucial.
In the past two months, leading fashion and gaming companies like Balenciaga and Fortnite, Vans and Roblox have announced collaborations that span digital fashion collections and physical activations. And throughout 2021, sales of non-fungible tokens (NFTs) dramatically rose to $10.7 billion in the third quarter from $1.3 billion in the second quarter.
Dolce & Gabbana announced on Sept. 30 it had sold at auction a nine-piece collection of digital NFTs, or nonfungible tokens, alongside some actual couture for a total of 1,885.719 Ether (Ethereum cryptocurrency), or the equivalent of nearly $5.7 million.
Collezione Genesi, conceived with and auctioned by UNXD, a curated marketplace for digital luxury and culture, was said to be the most complex fashion NFT created and offered so far.
Since the announcement, the cryptocurrency’s value has climbed — up 10 per cent as of October 2021 — making the collection now worth $6.1 million as the payment to Dolce & Gabbana will be made at market rates rather than values at the auction’s close. They created an entire digital store to explore.
On Instagram, their latest fashion pieces even echoed the resemblance of futuristic dresses. From silver robotic suits to blackout sunglasses, the designs really are out of this world.
Other brands like Burberry have collaborated with online gaming platforms to showcase their outfits, whilst brands like Gucci have created featured film NFT collections for their fans to enjoy.
There is also speculation from Meta that virtual reality will be giving people the opportunity to create their own virtual rooms where they can store their specific NFT collections or fashion pieces.
With the NFT world currently dominating the virtual space for fashion, we can definitely say for sure that the future is looking very bright for the metaverse. It is only a matter of time before our fast-paced evolving digital space will blossom into a world outside of this one.