What some believed to be a passing fad, looks like it’s here to stay. We are talking of course about the Metaverse, specifically digital fashion in the Metaverse. In fact, we dare say that not only is the Metaverse here to stay, it is here to thrive.
According to a study conducted by crypto-giant Grayscale, it seems like the Metaverse could potentially go on to generate over $1 trillion revenue annually. This past year we’ve seen many brands that are beginning to jump on the bandwagon of the Metaverse and digital fashion, eager to get their foot in the door early. What appeared to be a niche market for gaming geeks, has now captured the attention of key figures all across different markets. From streetwear the most lavish luxury. Moreover, we’ve also witnessed the birth of fashion brands whose existence is purely digital, nurtured and cared for by trailblazers and ground-breaking creatives.
With the proliferation of digital fashion, it comes as no surprise to see Fashion weeks evolve into a digitally inclusive space. We’ve even seen the rise of Fashion Weeks such as Cryptofashion Week, which is entirely dedicated to virtual fashion. Decentraland is taking it a step further, and hosting its first Fashion Week. Could this be the first official Metaverse Fashion Week?
Decentraland’s first Fashion Week is set to take place from March 24th through to March 27th 2022. The four-day event will be comprised of runway shows and immersive experiences by the hand of the luxury marketplace UNXD. If UNXD rings a bell, it’s probably because you might remember them from when they released the Dolce&Gabbana NFT collection.
For all of us digital and NFT fashion geeks, we can’t help but squirm with excitement at the thought of Fashion Week finally taking place in the Metaverse. Not only that, Decentraland’s Fashion District is beginning to grab the attention of company’s as a real estate opportunity, with experts in the field affirming that currently, purchasing a plot in Decentrand’s Fashion District is akin to buying a plot on Fifth Avenue in NYC way back when. Recently, a company paid close to $2.4 million in order to buy a few plots of virtual land in Decentraland’s Fashion District.
The Metaverse is no longer a future possibility. The Metaverse is here, and it’s happening now.