Metaverse in the Apparel Industry – Analysing Trends, Opportunities and Strategies for Success
All the vital news, analysis, and commentary curated by our industry experts.
Metaverse in Apparel Market
Since Facebook changed its name to Meta in October 2021, conversations surrounding the possibilities which the metaverse could bring to the apparel industry have skyrocketed. At present, the future of the metaverse in the global apparel market remains relatively undecided. However, new technological developments are opening the doors to significant commercial potential, and opportunities have already begun to arise for fashion brands to claim their space in the metaverse, particularly if the concept begins to push into day-to-day life. Brands are already experimenting with virtual apparel through augmented and virtual reality, gamification, and Non-Fungible Tokens (NFTs).
While the precise nature of the metaverse remains largely conceptual, some practical applications to the global apparel market are becoming more apparent. Creating new digital assets can be exciting for apparel brands, however, they must be cautious of the volatility of the current NFT market, which could still prove to be a fad in the long term. Most crucially, apparel brands must ensure their metaverse projects are appropriate for their target consumers to ensure engagement and interaction remain high.
The metaverse in the apparel market research report offers a comprehensive insight into one of the biggest talking points in the apparel industry. The report includes insight and analysis on the key trends emerging for apparel brands in the metaverse, alongside UK consumer survey data showcasing consumer sentiment surrounding NFTs.
Strategies for Success in the Metaverse
Understanding Consumer Demand: As with any aspect of the apparel industry, brands must tailor their metaverse offer to be appropriate for their target audience. Brands that engage with a younger audience are well-placed to succeed in the metaverse, as they often seek innovations in the digital sphere.
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Key Trends of Metaverse in the Apparel Market
The key trends of metaverse in the apparel market are as follows:
Virtual apparel has seen significant growth in recent years, propelled by new technological developments in augmented and virtual reality (AR and VR) and the increased uptake of social media platforms. Demand for virtual apparel will increase in the future, as the leading tech companies, including Meta and Microsoft, have been experimenting with incorporating virtual reality into workplaces, with Mark Zuckerberg acknowledging there is a key opportunity for apparel brands to provide virtual clothing in these scenarios.
Video games have long been a vital leisure activity for many consumers and are often the first instance where they will come across the metaverse in some form. Creating apparel collections for games requires less technical input from brands than other metaverse ventures, as they will most likely work with an in-house design team from the collaborating game.Clothing is an important part of the game for most consumers, as they can express themselves through clothing that they may not be able to afford in real life. While its users can design and sell their clothing on the app, some apparel brands are beginning to move onto the app and create capsule collections, including Gucci in February 2021 and Ralph Lauren in August 2021.
Non-Fungible Tokens (NFTs) are unique digital tokens on a blockchain that can be assigned to physical and digital assets, often used for collectibles such as digital artwork. Many apparel brands have begun releasing NFTs, so it is important to take a unique angle when creating an NFT to stand out and ensure the project’s longevity. As the NFT market remains relatively new, apparel brands must be aware of the lack of regulation on intellectual property, which can be taken advantage of.
For more insights on how metaverse is impacting the apparel market, download a free report sample
Metaverse in the Apparel Market Report Overview
|Key trends||Virtual Apparel, Gamification, and NFTs|
- With some countries including China banning cryptocurrencies, global brands will need to differentiate their metaverse offer to suit various markets, understanding the desired end use for different consumers will be crucial.
- Sportswear and luxury brands are best-placed for success, as their aspirational products and strong brand images typically encourage high levels of consumer loyalty, which is key to thriving in the metaverse.
- Brands that engage with a younger audience are well placed to succeed in the metaverse, as they often seek innovations in the digital sphere and find community values important.
Reasons to Buy
- Identify the key approaches innovative brands are taking to explore the metaverse to launch your initiatives.
- Understand the key strategies for success for apparel brands in the metaverse, including recognizing regional, sector, and price positioning differences.
- Understand the sentiment surrounding NFTs in the UK and what this means for apparel brands’ next steps.
Table of Contents
Table of Contents
Strategies for Success
UK CONSUMER SURVEY DATA
METHODOLOGY & CONTACTS
Frequently asked questions
What are the key trends of metaverse in the apparel market?
The key trends of a metaverse in the apparel market are virtual apparel, gamification, and NFTs.
How is metaverse affecting the virtual apparel market?
Virtual apparel has seen significant growth in recent years, propelled by new technological developments in augmented and virtual reality (AR and VR) and the increased uptake of social media platforms.
How is the gamification trend impacting the virtual apparel market?
Clothing is an important part of the game for most consumers, as they can express themselves through clothing that they may not be able to afford in real life. While its users can design and sell their clothing on the app, some apparel brands are beginning to move onto the app and create capsule collections, including Gucci in February 2021 and Ralph Lauren in August 2021.
What are Non-Fungible Tokens (NFTs)?
Non-Fungible Tokens (NFTs) are unique digital tokens on a blockchain that can be assigned to physical and digital assets, often used for collectibles such as digital artwork.
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