Fashion has been an evolving industry with ever-changing trends. Creativity has played a major role throughout the years in setting these trends and changing consumer behaviour. With new possibilities in technology, the fashion industry is stepping into virtual worlds.
In this week’s video, Rufus Parkinson, CEO and Co-Founder of Style.me talks about what the future of fashion looks like. The way we perceive ourselves in the virtual world is becoming an important consideration. Therefore, fashion has multiple opportunities to get to the right audience and make money. For instance, the gaming industry is a $176 billion industry that can be tapped by fashion companies. Recently, Balenciaga partnered with Fortnite to have a virtual store, which resembled their real store, and it was realized through skins and outfits in the game. Similarly, Dolce & Gabbana came up with an NFT collection worth $5.7 million. These developments are critical as the younger generation is focusing more on the virtual space.
Parkinson reports that the fashion industry has faced sustainability challenges in the past. With digital fashion in the metaverse, sustainability is not an issue. However, making the move to the metaverse comes with technological challenges including difficulties with interoperability.