Facebook announced its new name this month, which sent out ripples around the world. The new name META simply stands for the Metaverse.
But what is the Metaverse really?
Metaverse is hypothesized to be the next iteration of the internet. The internet we currently use is a two-dimensional interface. It means that we are simply looking at the content via videos, images, and text. But the metaverse would allow us to be present inside the internet using various hardware like VR headsets.
Although Facebook changed its name to Meta, metaverse will not be owned by a single company. Rather, it will be built by numerous other companies. In the current scenario, games like Fortine, Roblox, and Minecraft are primary examples of the metaverse. In these games, players can build their own avatars and experiences.
In Fortnite, famous rap artist Tavis Scott and pop artist Marshmello conducted concerts in which more than 10 million people were joined from various parts of the world. Such virtual events are increasingly becoming a part of the growing metaverse.
What are avatars?
Avatars are the digital versions of the players. It represents the real person. But the player has the ability to change its avatar into whatever he wishes. This is where the opportunity lies for fashion. But before we get into it, let’s see what are NFT’s and why it matters to fashion.
What are NFTs?
By now you may be familiar with what NFTs are because they made quite a few headlines on the internet when a simple ‘jpeg’ file was sold for $69 million. NFTs or Non-Fungible Token, are unique digital assets like artwork, videos, audio, and music that are tracked through blockchain and cannot be interchanged.
NFTs give the buyer complete proof of authority and can be moved seamlessly through the internet. Luxury brands in fashion are also utilizing this opportunity to make millions. Brands like Gucci and Balenciaga have sold thousands of dollars worth NFTs. These NFTs are simply a digital version of their products. The amazing thing about them is that the avatars can wear them to participate in the metaverse.
Watch this video by Bloomberg on the potential of this technology for fashion:
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People are increasingly willing to own digital assets and other digital wearables. This is a growing industry in which fashion will be heavily participating. If you have seen the above video, you know how fashion brands are trying to integrate their products into the metaverse. Soon our avatars will be able to wear these products and walk around various metaverses.
What are your thoughts on these emerging technologies? Will you buy NFT’s in the coming future? Let me know in the comments.
