Find out how Web3, NFTs and Metaverse are in fashion - Sourcing Journal

Find out how Web3, NFTs and Metaverse are in fashion – Sourcing Journal

Council of American Fashion Designers (CFDA) recently that it will celebrate its 60th anniversaryThe tenth Anniversary by “looking to the future” with a metaverse, Web3 Expo and NFT in Dec. While the themes of the event may be unfamiliar to many, the organizers hope to use them to show fashion players the opportunities that are becoming available in the digital world.

“Our vision at 5Crypto and with this partnership is to empower and educate Web2 brands on Unlimited opportunities offered by Web3and creating special moments that bridge the gap between the consumer and cryptocurrency,” said Akbar Hamid, Founder and CEO of 5The tenth Column and 5Crypto, a communications agency for cryptocurrency, metaverse, NFT, and consumer brands. A little more about Web2 vs. Web3.

The CFDA event A metaverse exhibit (the metaverse can mean augmented or virtual reality, or avatar/game reality, among others) of 60 looks from the six CFDA contracts, as well as exclusive NFTs (non-fungible tokens) that will be up for auction.

Valentino Vittori, founder, Arcadia EarthA platform that aims to raise awareness about sustainability and circular design, says fashion companies can start creating values ​​and relationships with their customers through Web3, NFTs, and cryptocurrencies. During a recent presentation New York clique show, Vettori described Web2 as a website where you sell the brand to others. Then he explained that Web3 is almost like crowdsourcing – the brand is owned by whoever buys a piece of the company with non-fungible tokens or cryptocurrencies. It can be owned by 100 people or 1 million people, depending on the value someone creates for their company. The ownership is then distributed through digital assets such as NFTs, whose ownership can be tracked through restricted smart contracts.

“NFTs can still be a simple loyalty program if you own one NFT, you can participate in my fashion show, or if you own my cryptocurrency, you can own a part of my brand,” Vittori explained. “Let’s say I launch shoes and put pretty pictures on the digital contract that says if you own the shoes in the physical space, You also own it in the digital space. Once you own the shoes, you can also resell them. If it is a limited group, then this has value and you can now make money from it. Also, if you are someone who doesn’t have money but you have a lot of friends and you want to start a fashion business, you can create a brand and break it into little pieces. And then you create a cryptocurrency (Vittori says it’s not that hard to do), and you’re technically raising money pretty quickly. Before you know it, you have raised funds with your investors who are also your consumers and your community – and all transactions are tracked through their blockchain using this smart contract.”

This may sound like a head spinning. But it also appears that it can be profitable for both retailers and brands, especially if it is implemented with well-known names that actually provide consumers with a certain level of comfort. Currently, shoppers buy most of their clothing from wholesalers like Walmart and Target (22 percent), according to Cotton Incorporated’s 2022 Lifestyle Monitorsurvey. Followed by Amazon (13 percent), chain stores such as Coles (12 percent), department stores such as Macy’s and Dillard (11 percent), non-price stores such as Ross and TJMax (10 percent), and specialty stores such as Gap and American Eagle (9 percent) and fast-fashion stores such as Zara and Uniqlo (6.6%).

Currently, most consumers prefer buying their clothes from a physical store (58 percent) versus online (42 percent), according to observer™ Search. It’s still quite traditional. But GWI, a UK-based market research firm, says more than a fifth of Generation Z and Millennial Shoppers want retailers to offer augmented reality (Augmented Reality) so that they can experience products digitally. The company says there has been a 29 percent increase in the number of VR (virtual reality) headset owners since 2020 Shoppers turn to retailers and brands’ websites more (35 percent) when looking for ideas for buying clothes online, according to observer™ Search. This is followed by social media (30 percent), e-commerce-only sites like Amazon and Net-A-Porter (28 percent), e-commerce-only apps (27 percent), emails from retailers and brands (24 percent), and merchants only. Retail and branding apps (22 percent), fashion or fashion sites (20 percent) and emails from e-commerce sites only.

GWI adds that brands should be too Enter the world of games, as you would expect players to be among the first users of the metaverse. To get clever, GWI relates, 22 percent of consumers interested in participating in the metaverse are already playing Minecraft.

While some of the digital future of fashion may seem very Future retailers and brands should note that most consumers (58 percent) say the past few years have changed the way they shop for clothes in the coming years, according to observer™ Search. Nearly half of those shoppers (47 percent) say they will shop for more clothes online. And 41 percent said they would be more informative about the clothes they buy.

For its part, CFDA is using its 60th anniversary to help the industry move forward.

“CFDA has always been a pioneer Creative and innovative thinkingsaid Stephen Kolb, CEO of CFDA. “And with our premiere metaverse and NFTs, we are embracing this new era of digital transformation.”

The Cotton Incorporated Lifestyle Monitor™ Survey is an ongoing research program that measures consumer attitudes and behaviors related to clothing, shopping, fashion, sustainability, and more.

For more information on the Lifestyle Monitor™ survey, please visit https://lifestylemonitor.cottoninc.com/.


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