Last year’s Metaverse and Web3 hype saw BlackPink put on a concert in a virtual stadium and Tiffany launched a $50,000 cryptopunk-inspired pendant. But now, three months into 2023, the widely predicted new digital world is in a lull. D.Digital fashion has been affected as a result.

“We’ve certainly noticed speculation waning and people not participating,” says Adriana. Co-Founder and CMO Hoppenbrauer Digital Fashion House’s The Fabricant said: still daily report.

To combat this declining interest, brands such as The Fabricant, Zero10 and The Institute of Digital Fashion (IoDF) are moving away from metaverse stereotypes and exploring new ways to use technology. Meanwhile, some digital platforms are working to expand the appeal of the metaverse beyond male cryptocurrency enthusiast crypto-his bro-like tropes.

It’s a restructuring that could create an entirely new industry.

the hype disappears

Scandals such as bankruptcy of virtual currency exchanges FTX Plunge in November 2022 crypto price It has tarnished the luster of Web3 and the metaverse.

From December 2022 to January of this year, Google Trends reported that searches for the term metaverse dropped by more than 80%. Since then, the media has predicted that tech leaders like Mark Zuckerberg, who touted a bright future for Web3, are looking to fill the virtual roadmap.Reality Labs, Meta’s metaverse arm, has announced a fourth In the quarter he lost $3.7 billion.

With brick-and-mortar stores closed during COVID-19 restrictions, interest in the online realm has skyrocketed, forcing brands to rethink how they engage their audiences. The resulting explosion of digital fashion has helped propel businesses like The Fabricant to the forefront of their industry.

“When COVID-19 hit, the demand for new experiences was very high. We started by building a digital showroom and helping brands digitize their processes. I decided to create a product that allows you to wear and create digital fashion.” Hoppen blower.

Redefining virtual space

With interest now waning, brands are looking at ways to inject new life into their Web3 and Metaverse offerings. One way is to demystify technology, especially related jargon, and make it more accessible.

“I want to create a business model for the masses, not for the niche.” hoppen blower Say.

“We intentionally don’t use the traditional Web3 language on our website because we don’t want to exclude people who don’t understand it,” she says. add.

Similarly, Zero10 and IoDF also avoid overusing the metaverse glossary, instead using terms like “technology forward,” “AR solutions,” and “digital collectibles” within their content.

Hoppenbrouwer believes that, like Web2, simpler languages ​​will eventually take hold.

“When we’re talking about visiting a website, we don’t say, ‘I’m going to open an HTML page,'” she says.

Seamlessness and familiarity are the watchwords when selling virtual assets like The Fabricant’s. The platform specializes in AR-powered accessories and customizable digital clothing.

By prioritizing accessibility and a seamless onboarding system, The Fabricant has cultivated a strong community of loyal consumers.Photo: Courtesy of The Fabricant

“We introduced credit card payments and found that over 70% of our transactions were done this way, so this was a great solution,” he says. Hoppen blower. “Also, our wallet system feels almost like traditional e-commerce shopping as it is just a case of entering your email. “

natural progression

Rather than view the recent decline in interest as a red flag, hoppen blower It is considered a stage in the technology maturity process.

“It’s a natural cleanup, it’s necessary. The concept of scarcity and abundance has always existed, because it determines value. We really feel like we want to wear it, and for that we need to make it affordable and accessible,” she says.

Fabricants tap into young trendmakers and their cultural capital to increase exposure and relevance. For example, she recently collaborated with Iranian-Dutch singer-songwriter Sevda Alizadeh, known as Sevdaliza, on a series of virtual girlfriend facewear called “XXories.”

Such a mutually beneficial relationship has allowed The Fabricant to create cult status for itself and tap into a loyal and active audience base.the brand today The demographic is about 30% creators, 30% investors and 30% fashion fanatics..

Digital fashion platform collaborated with musician Sevdaliza on the ‘XXories’ virtual accessories collection.Photo: Courtesy of The Fabricant

The market is also empowering consumers through loyalty schemes. Each wearable in the Wholeland collection acts as a key to unlock access to future collections and activations, offering buyers unique advantages and privileges in the virtual space.

While some observers remain skeptical, incentivized experiences and reward systems like this, coupled with simpler language and improved accessibility, could unlock the next phase of technological development in fashion. .

Focus on prizes

The future of Web3 and the metaverse may be far from certain, but it may still be too big to ignore.A global management company despite recent setbacks McKinsey & Company The Metaverse is on track to create over $4 trillion in value by 2030.

Upending the status quo in an industry like fashion is bound to meet resistance. However, The Fabricant continues to move forward, and its success is likely to spawn other digitally native startups that believe in the same future.

As Hoppenbrouwer says, Web3 isn’t over, it’s just going through the process of “finding a stable base.”