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The Next Trillion Opportunities in the Metaverse

Read this article in 27 Minutes

In the future, there may be a lot of NFTs in your Meitu Xiuxiu, which will provide you with the convenience of changing clothes at any time when you take pictures.

Original author: Bixin Ventures, Songyu.eth, Jiacheng

In the fairy tale "The King's New Clothes" written by Hans Christian Andersen in 1837, It tells the story of an emperor who was fooled by two swindlers into putting on an invisible—in fact nonexistent—clothes and parading naked. The Emperor also became the first Virtue Fashion victim. Let's fast forward to 2022, as long as you have a smartphone, you can not only see a piece of clothing that doesn't exist, but also wear it with AR technology.

What is Digital Fashion

Although you may not pay attention to the development of fashion trends, you are also likely to spend in Digital Fashion. If you have purchased skins in Glory of Kings or LOL, congratulations, you are also a fashionista!

Digital Fashion is not limited to Fashion Week in Paris, France, but has spread to every corner of the Metaverse. Digital Fashion is mainly divided into two categories:

- On Real Life (ORL): People wear.

- Un Real Life(URL): The (skin) worn by the virtual character.

ORL and URL

2. Technology Development and Fashion< /h3>

The evolution of fashion is always inseparable from the development of science and technology, let us start from the first crisis faced by mankind after the birth of the computer Start reviewing.

In 1999, human beings faced a computer bug-Y2K (Y2K) that spread all over the world. Y2K was a computer bug that caused systems to crash due to their inability to handle inter-century dates. Computers interpret the year 2000 as 1900, causing date confusion in electronic systems across industries. Human life at that time has greatly enjoyed the convenience brought by computers and the Internet. The unpredictable future makes people full of imagination and sense of crisis for the millennium, and Y2K aesthetics was born here.

Y2K, (Y-year, 2K-2000) is mostly designed with metal materials, transparent PVC and Fluorescent color materials to depict high tech. This was people's imagination of an extremely informationized and highly technological world at that time. If you watched Happy Planet as a kid, you would have noticed that their clothing was Y2K. Twenty years have passed, and the Y2K bug has long been resolved, but the Y2K style has continued to this day. For example, the costumes of the theme song of the sister who rides the wind and waves, the priceless sister, and the clothing of the minority youth subculture known as the subculture, are the continuation of the Y2K style.

Y2K clothing in "Happy Planet"
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In 2018, Lil Miquela, a Brazilian-Spanish mixed-race girl with 3 million fans on Ins, became the new favorite of the fashion circle. She holds the Ins account of the Prada AW18 show, has cooperated with many big names, and was also included in the "Time" annual list of the most influential people on the Internet together with Trump and Rihanna.

Public information shows that she is a mixed-race girl from LA, a model, a singer, and has released her own single Song "Not Mine". However, she is not a flesh-and-blood person, but a computer-generated image (CGI).

Instagram: Lil Miquela

High technology often means high value, advanced and civilized, which attracts the attention of fashion brands.

3. Entered

nearly two In 2019, due to the impact of the COVID-19 epidemic, countless people were forced to stay at home, and people spent time in the virtual world, which accelerated the progress of fashion digitization. In October 2021, after Zuckerberg announced that he would change the company's name to Meta, many people heard of the Metaverse for the first time. Fashion immediately became a topic in the metaverse, and major manufacturers also entered the venue one after another.

On Meta's official Twitter, "Hey @Balenciaga, what's the dress code in the metaverse?"

Sports brand:

Nike entered the world's largest multiplayer online creation game Roblox and launched the virtual world "NikeLand". In "NikeLand", players can pack characters with special Nike products, such as classic shoes such as Air Force 1 and Nike Blazer payment. And spent 200 million yuan (estimated) to acquire the virtual sneaker company RTFKT in 2021. Since the announcement of the acquisition, the floor price of the NFT CLONE X series released by RTFKT has soared from 2 ETH to 16 ETH.

Adidas purchased a space consisting of 144 parcels of land in The Sandbox in November 2021. Users who purchase the Adidas Originals collection of NFTs will receive exclusive access to products, including virtual wearables that can be used, as well as physical products such as hoodies and sportswear.

On December 2, 2021, Adidas announced the "Leap Forward" Metaverse, which is a partnership with Bored Ape Yacht Club, gmoney A collaboration between NFT and PUNKS Comic. At the same time, Adidas released its first NFT series "into the Metaverse". This "new technological species" combines future concepts, art and trends. NFT is inspired by the fancy support dance "WOTAYI", which mainly comes from cooperation with IP and brands in Heyuan Universe, including the team behind NFT pioneers Bored Ape Yacht Club, gmoney and PUNKS Comic. There are a total of 29,620 NFTs in this series, with The price of 0.2E sold out quickly, and the sales revenue was about 22 million US dollars.

Luxury giant:

As early as three or four years ago, Gucci has begun to lay out the virtual world, providing virtual clothing and accessories for Sims and Pokémon Go. Gucci cooperated with the technology company Wanna in March 21 , sells virtual sneakers on the virtual APP. The sneakers named Gucci Virtual 25 sell for only $12. A 4-minute micro-movie "Aria" was traded on Christie's platform in April, and finally sold for 25,000 It was sold for US$1,000. All proceeds from the auction were also donated to the United Nations Foundation.

Kering Group, to which Gucci belongs ), began to lay out the blockchain in the past few years. Using its technologies such as full traceability and traceability, it has continuously expanded the new situation of the integration of luxury goods and technology. Kering has long used AR (augmented reality technology) for product display and sales , also sold the famous $12 virtual shoe.

Balenciaga as a pioneer in fashion collaborations with the Metaverse , cooperated with Fortnite in 21 years, and launched several t-shirts, sweaters, sweatshirts, shirts, leather jackets and baseball caps in the game. Since then, Balenciaga has also cooperated with Epic Games to create the game Afterworld, which will be their autumn fashion show Presented in the form of a game, each character in the game is dressed in Balenciaga clothes.

RIMOWA, May 21 ; Announced on the social platform Instagram that it will cooperate with NUOVA Design Studio to launch 4 pieces of NFT artworks, named "Blueprints from the Metaverse".

In August 21, Burberry partnered with Mythical Games' popular blockchain game Blankos Block Party to add The image of a small shark wearing a Buberry TB pattern

In August 21, Louis Vuitton launched a free mobile game "Louis The Game". Encourage players to learn about the history of the brand through the game. LV put 30 NFTs in "Louis The Game", 10 of which were from digital artist Beeple. It is estimated that the value of these 30 NFTs is between 20,000 and 20 million US dollars. As for the method of acquisition, LV said that during the player's play period, NFT works will be given to winning players in a fixed-cycle lottery draw.

October 21 Jimmy Choo launched an NFT sneaker in collaboration with artist Eric Haze and fashion designer Poggy . It is also the first NFT released by the fashion brand.

GIVENCHY:

n In June, Givenchy first launched NFT virtual work. The series, a collaboration between Givenchy, London gallery owner Amar Singh and artists from the Rewind Collective, features animated portraits. It is understood that the NFT series of virtual artworks will be released on the VeVe platform from June 21st to 26th, with a limited number of 1952 pieces, and the proceeds will be used to support the LGBTQIA+ community.

n November Givenchy creative director Matthew M. Williams and artist Chito launched 15 NFT works. A lot of spray paint and images of dog heads are full of street style, and the income from all works will be used to protect the ecological cleanliness of the ocean. The "Chito x Givenchy NFT" series features a collection of cartoon characters and symbols, some of which are animated and others with the Givenchy logo. The collection will be released on NFT marketplace OpenSea on November 23rd. After a week, the highest bidder will receive their NFT.

l Valentino displays four digital blockchain pieces by artist Matthew Stone at its Episode SoHo store in New York City work. At the same time, Stone's NFT exhibition was held in a residence in Rome

l Dolce & Gabbana (Du Jiaban Na) announced that it will launch its first NFT series. It is reported that the series of NFT is called "Collezione Genesi", which is inspired by the city of Venice. It is also reported that the works of the Collezione Genesi series will appear in three D&G activities in the future, namely Alta Moda (that is, haute couture or haute couture), Alta Sartoria (that is, haute couture), and Alta Gioielleria (that is, haute/fine fashion). Jewelry) collection, held in Venice on August 28, August 29 and August 30, respectively. The Collezione Genesi will be available on September 1st.

4. People-oriented

"These Big factories don’t understand the Metaverse at all, they are just FOMO. Clothes have no other use than looking at them.”

“Currently, the Metaverse is still in its early stages, we need to build it first, and then build it Clothing."

"Fashion is a subdivided track, and the current daily activities of the Metaverse platform are too low."

It is easy for you to have the above triple question. These three questions need to be answered from the perspective of Digital Fashion users and designers (producers).

First of all, with the help of AR technology, ORL has long realized wearable clothing. For example, in 2021, Snapchat will enable users to carry different styles of Prada bags in the app and take pictures. Earlier, Snapchat also cooperated with Gucci to launch AR trial shoes.

Snapchat AR Trial

Virtual fashion has officially entered the real world, wearing the Buba dress designed by Tribute Brand, which is full of characteristics of the digital age.

There are two main groups of Digital Fashion users:

-Fashion blogger/UP master: A person who can make money through traffic.

Digital Fashion provides these fashion KOLs with new display tools, and also provides These KOLs save costs. Compared with buying clothes, bags, and jewelry at home and unpacking them, and then displaying them to fans, Digital Fashion allows them to save the cost of producing content and reduce production costs. It is also possible to let KOL promote the product through Digital Fashion before the new product is officially released.

-Pinduoduo Ladies: Want to buy a brand but can’t afford the high price< br>

I want to carry a Hermès bag and go out to take pictures, but I can’t afford 50,000 yuan, so I want to make a bag with others Or buy an A product on Weishang, anyway, it is a small red book, why not choose a Digital version? Afraid of hitting the bag? It’s okay, you can fight to buy a 1/1 NFT with high rarity.

Digital Fashion gives designers:

-Achieve mass production

The catwalk in fashion week is what most people think about fashion impression. We always see clothes at these fashion weeks that are very avant-garde, daring and unsuitable for the daily commute. In fact, only 10% of the garments shown at a fashion week are ever produced, because the vast majority of these garments are designed for the fashion week runway. But whether it is ORL or URL, these designs can now be "worn" on the body, and can be mass-produced (ERC-1155) and reach consumers.

-Clothing works copyright protection

It is extremely difficult for clothing creators to protect the copyright of their works. Most clothing can be easily copied, but it is difficult and costly to investigate every infringement, which severely hits creators enthusiasm. The NFT generated based on blockchain technology can provide the only reliable "ID card" for the product, allowing designers to protect their own rights and interests.

- No waste, no postage; any size, any gender

NFT allows fashion designers to no longer be bound by fabrics, craftsmanship and functionality. Bold and more imaginative creations. At the same time, for brands, creating NFT can not only reduce environmental pollution during production, but also reduce the problem of overcapacity to a certain extent.

From the perspective of using Digital Fashion, Fashion is not a subdivision track in the Metaverse. Clothing products under the ORL category do not rely on a metaverse platform to provide services to users. In the future, there may be a lot of NFTs in your Meitu Xiuxiu, which will provide you with the convenience of changing clothes at any time when you take pictures.

In addition, according to Vice’s survey of 3,000 respondents, it was found that among those interested in Digital Fashion 47% are non-currency users. 70% of people say they buy something to enhance their digital identity, express themselves or own something unique, just like in the real world. Digital Fashion can create more equitable spaces and experiences for plus-size consumers, people with disabilities, and the LGBTQI+ community, enabling people to explore new modes of identity unconstrained by traditional roles, expectations, and constraints.

Currently, gaming is the main consumption place for Digital Fashion, 62% of surveyed US consumers have bought virtual items . The best-selling Digital Fashion products in Roblox are casual wear, such as T-shirts and masks. According to Roblox's VP Wootton, "Some people choose to reflect their everyday looks and clothing in real life, while others want to experiment with bold looks and styles they wouldn't wear in the real world." And the rainbow flame halo top was also ranked in the top ten of last year's best-selling list.

The consumption of NFT will reach $41 billion in 2021. As people’s recognition of the value of digital identities continues to increase, It is estimated that in the next 5 years, you, you in games, you in Zoom, and you in social platforms will wear Digital Fashion. Digital Fashion can reach the same $1 trillion scale as the current global apparel market.

5. Final FOMO (related financing information)

< /p>

RTFKT: Acquired by Nike in 2021 with an estimated price of $20M. This is not much to introduce.

Space Runner: Metaverse wearable fashion brand, products can be in Metaverse and reality wear in. Space Runners launched its first NBA Champions Sneaker Collection last December with former NBA champions Kyle Kuzma and Nick Young March 2022 Space Runners announced the completion of a $10 million seed round led by Polychain and Pantera Capital, Accel, Jump Crypto , Yat Siu, executive chairman and co-founder of Animoca Brands, and Justin Kan, co-founder of Twitch, participated in the investment.

UNXD:UNXD is a metaverse fashion company currently building a B2B2C platform, and will also independently create NFT collections and NFT markets. In March 2022, it was jointly invested by Animoca Brands, Polygon Studios, and Red DAO, and the seed round financing was $4 million.

DressX:DressX is an American virtual fashion platform, founded in August 2020, He has cooperated with many designers and brands, allowing them to create and trade various virtual fashion products on their own platform. A $3 million seed round was completed in July and September 2021, respectively.

Red DAO: A DAO focused on investing in Digital Fashion. A total of 3700E was raised, which was about $12M at the time.

SandStorm:SandStorm provides construction services to the world's top brands and brings builders together together. The seed round of financing will be completed in March 2022, with a financing amount of $2.5M. Major investors include The Sandbox, Sanctor Capital, Fenbushi Capital; angel investors include The Sandbox co-founder and chief operating officer Sebastien Borget, etc.