Fashion has long been noted as a potential use case for the metaverse. If you’re going to navigate virtual reality as an avatar, don’t you want to trick your reps with the best digital swag?
The thinking behind the brands that participated in the 2nd edition is the same. metaverse fashion week (MVFW) Last week. The 2023 event will feature nearly 60 designers and fashion houses including Bradley Sharpe, Dolce & Gabbana, Tommy Hilfiger, Adidas, Philipp Plein, DKNY and more, with virtual his catwalks, panels and parties showcasing his new collections. provided a case.
So was it a success? And will fashion continue to be a viable industry for the development of the Metaverse?
Fashion brands adopting a “consistent strategy”
Based on reports from those who attended the four-day Metaverse Fashion Week this year, there are both positives and negatives to be drawn from the opportunity.
On the positive side, the 2023 event will: Decentraland A platform like last year as it bridged to other metaverse venues such as Spatial and Over the Reality, the latter of which boasts AR capabilities that overlay virtual assets on top of the real world. There were also many novel experiences such as Tommy Hilfiger and his AI fashion challenge on DRESSX. This challenge gave budding AI designers the opportunity to create designs through written prompts.
Participated in the first-ever hybrid catwalk show #metaverse fashion week In the heart of Milan 🇮🇹 Thank you @OVRtheReality 💜💜💜 pic.twitter.com/MYrFl7jqyK
— Ecoolska (@ecoolska) April 3, 2023
We’ve also introduced a significantly improved feature this year, allowing Decentraland attendees to click on their favorite outfit’s avatar for more details and a purchase link. Hugo Boss, on the other hand, showed off Its products were presented in an AI-inspired gamified showroom that acts as a “digital extension” of the Miami Fashion Show.
“We had more brands last year, but now we know better what they want,” says Mike Charalambous, CEO of Threedium. Said Forbes.
“Behind it is a coherent strategy that embraces true stories and brand values.”
Perhaps one of the coolest things about MVFW23 is Adidas partnering with Decentraland. This will allow Virtual Gear NFT owners to sport their items within the virtual reality platform. The sportswear giant actually gave away his 5,000 runner jacket to the participants.
Another big difference from last year is market sentiment. When Fashion Week 2022 kicked off on his March 24th, the ETH price was around $3,100. In November, he was a little further from the ATH of $4,810, but significantly higher than it is now. On the first day of the 2023 event (March 28), ETH he traded at $1,715.
Since last year, Metaverse maximalists have faced a bit of a reality check, with searches trending downward, multiple projects being dropped, billions of dollars lost, and thousands of jobs cut. increase. Which brings us nicely to the “cons” of this year’s Fashion Week.
The metaverse is still far from complete
70 brands participated last year, and 63 brands participated this year. Additionally, he had fewer than 50,000 participants, compared to a reported 108,000 in 2022.
On the other hand, one reviewer criticized The fact that the avatar choices were limited to pre-customized options “was forced to choose something I didn’t particularly like but had to roll back” and “bugs, glitches, page crashes Piloting his avatar “felt like moving a heavy trolley around the mall.”
Also, the relative lack of hype and discussion on social media couldn’t be ignored. director We received just 16 RTs and 177 likes from over 25,000 views from Tommy Hilfiger’s official account with 1.5 million followers.
Third day #MVFW23 Welcome to People’s Place, where it all began. Take pictures in the photo booth, solve puzzles to win artwork, and don’t forget to share your AI challenge designs with us.step in with https://t.co/0FtfWkqy6U. # Tommy Hilfiger pic.twitter.com/6nHu3o2njX
— Tommy Hilfiger (@TommyHilfiger) March 30, 2023
The aforementioned reviewer also noted the low number of attendees, stating, “For most of the show, I was able to get the best view in the front row with a handful of other avatars.”
Perhaps digital wearables, like so many others, are lost in the turmoil as AI takes the industry’s attention with the success of ChatGPT and other tools. Perhaps the third edition of Metaverse Fashion Week will dominate the headlines, thanks to technological advances and more lucrative markets.
Another possibility is that fashion houses and clothing retailers are entering the reverse course of the metaverse, motivated by a sense that the general mood music and metaverse hype cycle has stalled. only time will tell.