Reviewing the coverage from the premier of Meta fashion Week's four-day event hosted on Decentraland, the show looks underwhelming and glitchy. Whilst NFTs are the new hype and are now part of everyone's lexicon, it makes sense brands like Etro, Dundas Worldwide, DOLCE&GABBANA and The Estée Lauder Companies Inc. capitalised on this opportunity, but it seems like it was too premature. Computers and browsers, ultimately, aren't powerful enough yet. However, it's a great example of an immersive blockchain-facilitated experience that can host talks, exhibitions, workshops etc.
Will wearables become a new industry that sits on top of IRL fashion...yes. Consumers will use wearables in web3 as shorthand signals that showcase how they culturally identify, much like IRL. However, it won't reflect IRL fashion. Web 3 provides limitless opportunities for self-expression. I believe virtual first designers like RTFKT studios will continue leading the charge, but I'm sceptical of mass adoption. The potential uplift to the fashion industry profit pool will probably be limited long term. That said, Morgan Stanley estimates that virtual luxury goods could constitute 10 per cent of the market by 2030, marking a €50 billion revenue opportunity.
