Own the Runway at This Year’s Metaverse Fashion Week
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| By Beth Canova |
Bitcoin (BTC, Tech/Adoption Grade “A-”) has been moving sideways by trading around $22,500 since late last week. Its retreat from the $23,500 level was part of a broad market pullback sparked by crypto-friendly bank Silvergate’s struggles.
But just because the broad market is going through a correction doesn’t mean there aren’t positive stories unfolding that reinforce our bullish long-term outlook.
And the latest headline you’ve likely missed puts the metaverse in the spotlight.
To brush up your memory, the metaverse is an extensive virtual world where people can interact via digital avatars. It’s being brought to life by virtual and augmented reality … and enhanced by crypto technology.
Virtual worlds can be accessed through desktops, augmented-reality glasses and other gadgets.
Decentraland (MANA, Tech/Adoption Grade “B-”) is the world's first open source, shared virtual reality universe. This metaverse uses the Ethereum (ETH, Tech/Adoption Grade “B”) blockchain for true ownership of digital creations.
Users can own virtual land, create unique experiences and monetize their content through a native token called MANA. And that’s where the story really starts.
MANA was the largest gainer in the top 100 cryptos yesterday with over 6.2% in daily gains due to the upcoming virtual fashion week.
And this isn’t your high school’s charity fashion show. Think bigger … much bigger.
To be held from March 28 through 31, the second annual Metaverse Fashion Week has attracted several big names in the industry, including Dolce & Gabbana, Tommy Hilfiger, Adidas and DKNY to create and debut digital clothes.
Fashionistas will be able to instantly try on wearables designed in collaboration with select designers. They’ll even be able to pay for their non-fungible token wearables by credit card for a hassle-free experience at checkout.
In addition, there will be numerous special events during the week. Highlights include:
• The Tommy Hilfiger experience, which will include daily product drops, AI-generated fashion, unique collaborations and a community competition, with the winner handpicked by Mr. Tommy Hilfiger himself.
• Dolce & Gabbana will showcase a new digital Wearables collection co-branded with the winners of its latest competition.
• Miami Fashion Week will be the first globally recognized fashion week to participate in a digital fashion week. The organization will host events, panels and runway shows.
• The digital design community will pay tribute to the fashion icon Vivienne Westwood with an immersive installation inspired by her legendary punk fashion designs.
• Adidas will showcase their pioneering collection of Adidas virtual gear, the first-ever collection of digital-only apparel from the three stripes.
• Italian clothing company Diesel will throw an interactive virtual party that features multiple wearable NFT airdrops.
• Vogue Singapore will be announcing the winners of its digital fashion competition in addition to hosting other competitions focused on movement quality and fluidity of a digital wearable, its uniqueness, “wow and fun” factor and use case within the metaverse fashion week … as well as other use cases, such as in-store benefits.
In addition, various other events will showcase emerging digital fashion possibilities for fashion-themed video games, operas, dance battles and vintage fairground rides.
There will be a Japan-inspired fashion collection, as well as a virtual museum opened in partnership with the Buenos Aires government.
I don’t know about you, but I’ve never been able to go to an in-person fashion week. By creating a digital event, the Metaverse Fashion Week is bringing couture right to your computer.
The metaverse is still in its infancy, so seeing events of this size and popularity given credibility by the leaders and trendsetters of an industry as pervasive and profitable as fashion is huge. And we’re only seeing the very start of how the metaverse can be used.
This year the crypto world will push the boundaries of what digital fashion can mean. Who knows which industry will be next to expand their possibilities by using the metaverse.
It’s an up-and-coming sector, one that savvy investors should keep an eye on.
Best,
Beth Canova
