You will surely be forgiven if you missed the first Metaverse Fashion Show, hosted by the blockchain-based, 3D virtual world Decentraland, which took place between 23rd and 27th March.
Although dozens of brands, including Tommy Hilfiger and Dolce and Gabbana, showcased their collections on the catwalk of the virtual reality, three-dimensional, browser-based world event – where the price tags of printed bucket hats, puffer jackets, and tuxedos by German fashion designer Philipp Plein range from € 1,500 to € 2,500 – glitches and basic visual graphics left room for vast improvement.
Challenges with low-quality visuals and streaming speed, though, didn’t seem to affect the enthusiasm of brands and marketers eyeing-up the multibillion potential of the gaming industry, a trend backed by recent studies. According to a 2021 Morgan Stanley Research Report, a 31% year-on-year increase can be seen when it comes to how people have been turning to games. The number is even more impressive if compared to the previous two years, when users grew by just 7% – the study reveals.
Currently popular across all ages and demographics, gaming has been of interest to young consumers before, during, and after the global pandemic. A recent study conducted by management consulting firm McKinsey, in partnership with fashion business intelligence portal Business of Fashion, found that 81% of Gen-Z played video games in the past six months – with the younger generation spending an average of 7.3 hours per week in virtual worlds.
No wonder longstanding brands are keen to enter the game:
“When I founded my namesake brand in 1985, I never imagined I’d see a time when fashion weeks would be held in a 3D, fully virtual world,” says Tommy Hilfiger. The American designer showcased his Spring 2022 collections and hosted a digital retail platform during the virtual event, where consumers were able to shop NFTs for their avatars or purchase physical items from within the Metaverse. “As we further explore the metaverse and all it has to offer, I’m inspired by the power of digital technology and the opportunities it presents to engage with communities in fascinating, relevant ways.” – says Hilfiger.
Online, the event received mixed reviews, with London-based Digital and Social Strategist Candyce Costa sharing: “I went to Metaverse Fashion Week, and it was awesome (and weird!).”
Tech & culture journalist, Elsa Ferreira, shared the technical challenges her avatar faced trying to enter the event:
“For this first Metaverse Fashion Week (MVFW), it was, above, all necessary to find a computer powerful enough to access this virtual world. Four computers later (including one borrowed from a developer, which will not prevent execution times worthy of Windows 95), here we are in Decentraland.”
Designer Julia Rosti celebrated the fact that the week-long virtual event also connected to the current happenings in Europe:
“So great to see that even @decentraland Fashion Week has found an opportunity to support Ukraine.” – Tweeted the founder of the digital fashion atelier BlancdeBlanc.
The free event, where Ethereum, a type of cryptocurrency, was needed to buy the fashion items showcased in the virtual world, is already confirmed to be coming in 2023 via the Decentraland platform.