The WEB 3.0, the internet’s next generation, can house virtual environments – like the Metaverse –, products – as the NFTs – and social organizations – as the DAOs. With all these new terms and settings, we get to think there are plenty of options to innovate with a fashion brand or company.
This article will get into all these topics and discuss the options for a fashion business to innovate in Web 3.0. Keep reading!
But First, What is Web 3.0?
According to Investopedia, Web 3.0 represents the next iteration or phase of the evolution of the web/internet and “potentially could be as disruptive and represent as big a paradigm shift as Web 2.0 did”.
In addition, a survey found that as of May 2022, approximately 46 percent of all mobile apps that used the keyword “Web3” to define themselves were finance apps.
Furthermore, a highlight published by L. Ceci says: “Around nine percent of social apps, as well as tools and utility apps, used Web3 in their description or title. Additionally, less than six in 10 mobile gaming apps were reported using the keyword as of May 2022.”
With that in mind, fashion businesses and many other industries have various opportunities to discover and innovate in this environment. After all, we are in Web 2.0, which hosts the most used social media and websites.
So, what about Web 3.0?
Web 3.0 & Digital Fashion
This term is the visual representation of clothing constructed using computer technologies and 3D software. According to Founder and CEO of Chief Metaverse Officer Nico Fara, “we still need to express our moods and identities in these environments and digital fashion is the solution to that.”
But opinions seem to be split regarding Digital Fashion, especially when the main topic is the Metaverse. Some people say that the future is today. However, many still see the metaverse as something distant. Nico Fara shares how it all goes back to definitions.
“Metaverse, like any other new technology term, has different meanings to different people. I believe Metaverse is the future of the internet, but more enhanced, immersive and efficient. With this definition, we have a world of opportunities for what we can create or even re-create”, she says.
Nico states that most things we do in the physical world, like shopping, entertainment, socializing and almost anything we do on e-commerce or social media, can be done better in the metaverse. “We can have the best of both worlds: the immersive and social aspects of the physical world and also the efficiency of the digital/e-commerce.”
How Can a Fashion Business Innovate in the Metaverse?
Gucci, Nike, Burberry, Louis Vuitton… It’s been a while since all of them – and others – have entered the Metaverse. But besides the big brands, we wonder: How can a small brand innovate with NFTs, for example? After all, new technology seems to cost, and a small or new entrepreneur must take care of the risks regarding these innovations.
The answer to this question is that NFTs are not the only way to innovate, just like the Founder and CEO of Chief Metaverse Officer says.
“They can take the time to innovate on their digital fashion designs, build and educate their community, establish a web3 community/DAO, and create a metaverse presence to be able to offer more utilities for their existing or future NFTs.”
She says that fashion businesses can build with no boundaries in digital fashion and use metaverse as the medium where these clothes live. Also, “They can create short-term (virtual events or pop up) or long-term presence (virtual stores). Game engines have enabled us to create almost any environment for the metaverse and our imagination is the only limitation.”
Brands can create their own metaverses with the support of companies like Chief Metaverse Officer. “Also, build the most aesthetically pleasing and user-friendly metaverse experience while having full control over their customer journey to be able to learn and iterate their execution,” she completes.
But…
The bonds of fashion and the Metaverse can be complex. For instance, many problems appeared in the first Metaverse Fashion Week. In theory, the event looked promising, moreover, the race for innovation without a closer look at these new technologies still needs to be considered.
With this in mind, it is justifiable to think that the Metaverse still needs to be improved, right?
By the way, you must read this article to know more about this topic: The Fashion Weeks: a Recap of the Big Four & Its Future.
Community Help & Connection in the Web 3.0
But now, let’s talk about something we don’t usually see people discussing around there.
Getting out of the box and trying new challenges is already a risk for a business, but it can lead to several positive returns. The truth is that the risks are usually associated with not doing the groundwork of educating and making yourself practically familiar with these technologies.
And regarding that, the CEO of Chief Metaverse Officer says: “I recommend brand owners and designers joining a community/DAO to learn all of these concepts with like-minded people in a real setting and be able to translate that knowledge to their own business application later.”
DAO stands for “decentralized autonomous organization.” It creates and runs decentralized network games, non-fungible tokens, and other companies.” According to the Bits crunch Website, the objective is to construct robust virtual worlds, exciting games, and Dapps and to manage all projects and assets with the community.
The Fashion DAO is a good example where various fashion industry professionals from multiple backgrounds, from design, production and supply chain to marketing and tech, came together to utilize web3 technologies to better the fashion industry.
To Sum Up
After all, Web 3.0 looks promising. Of course, we shouldn’t ignore the improvements and the risks. However, it is exciting to see the fashion industry taking place in a new space, especially for new entrepreneurs.
Like this article? Then you must read this one: What Artificial Intelligence Really is?
