SNEAK PEEK
- Vogue Singapore and several other fashion platforms are coming up with web3 communities.
- Digital technology’s development and increase in online living in the post-epidemic era have opened ample opportunities for the fashion industry.
- Awareness and interest will inculcate amongst the Gen Z and older audience will be brought into the metaverse.
A recent report by Technavio has concluded that by 2026, the metaverse will hit a market share value of $50.37 billion. With this, there need not be any surprise that the trillion-dollar fashion industry’s fondness for the metaverse has increased.
Though many luxury brands are dedicated towards creating NFTs to recreate physical items, certain projects are pulling their communities in the metaverse.
For instance, Vogue Singapore launched “Vogue Singapore’s New World” on September 5. Vogue Singapore previously also indicated its likeness for NFTs when they tokenized their September 2021 cover. Managing Director of Vogue Singapore, Natasha Damodaran, said that the publication has created a virtual experience to enclose the theme of New World’s fashion. She further said that through the platform, the community can engage with different types of imagery and content.
Head of marketing at Spatial, Gianna Valintina, said that Vogue Singapore’s metaverse can be accessed through desktops, mobile devices and virtual reality.
Additionally, she said that upon entering the New World, users can create a custom avatar and dress it in two Vogue-special wearable creations. Also, users can engage with the September cover of Vogue Singapore while going through several content pieces related to images.
Vogue Singapore’s New World provides an interactive way for users to view and read content; however, it also enables communities and brands to create enhanced experiences. Damodaran shared that the metaverse gives labels a chance to outgrow their reach into other segments of the market while also displaying creativity and craftsmanship.
Despite being a new concept, it resonated with Yimeng Yu, who’s behind the platform’s two digital couture designs.
CEO of The Council of Fashion Designers of America, Steven Kold, shared that to strengthen American fashion’s impact worldwide, the CFDA will organize an exhibition in the metaverse. It will also help to reach new audiences along with bringing an interest in American fashion as well as designers.
Vogue Singapore’s metaverse project will evolve; however, CFDA’s metaverse exhibition will be a “test and learn” experience for the organization.
Jinha Lee, co-founder and chief product officer of Spatial, said that users spent around four million minutes on the platform, which in itself speaks that the majority of people enjoy the space.
