Chris Ierino has been a fan of Ralph Lauren since he was 15 years old. He has a sizable collection of vintage goods, Polo mugs, and Purple Label (Ralph Lauren's finest apparel) that make him feel like a member of a club. He even has a tattoo of the Polo Bear on his left arm.
So when Ierino received an email last year about a Ralph Lauren digital collection – yep, virtual fashion exists – he decided to give it a chance, albeit cautiously. Ralph Lauren teamed up with the global gaming platform Roblox last year in the hopes that people would buy virtual garments to spruce up their avatars in the same way they would in real life.
Ierino initially thought the designer label was patronising, but his younger siblings persuaded him to give it a try. He purchased a blue-white-and-red beanie and a backpack, which were little and pixelated copies of real-life things that would now be featured in his Roblox game. His purchases were less than $5 at the moment, but they doubled in value the next day.
"It's another collector's piece, and I wanted to contribute to my interest. It's a matter of ownership. That's what this is to me, the same reason someone owns memorabilia "Ierino remarked.
The fashion industry is on the lookout for a new gold mine.
For their digital avatars, millions of gamers around the world buy accessories, apparel, and skins (graphics that change the look of an object in a video game). Ralph Lauren, in fact, credited some of its high third-quarter results to these virtual expenditures and the younger generation of customers it has attracted. In 2021, the global gaming market was estimated to be worth $173 billion.
Other firms, such as Nike, Adidas, and Vans World, are wagering that there's opportunity for much more expansion, and that gaming will become only one part of a larger metaverse.
More people are joining computer-simulated online communities that mimic the real world as the virtual world grows.
The fashion industry believes it has discovered its next gold mine there. Customers can already customise their avatars in virtual environments such as Horizon Worlds and Decentraland. Avatars aren't the only ones that dress up in virtual reality. You can pose with virtual clothing for images on social media feeds or wear them in Snapchat or Zoom meetings. You can wear a black-tie dress to a business meeting when it's really just a t-shirt, or post a picture on Instagram of a luxury jacket that's never been touched in real life. Virtual fashion can be purchased in a variety of ways, including: from video game platforms From digital images to augmented reality videos and even NFTs, there's something for everyone.
There will be virtual fashion displays in the near future.
Fashion designers and brands no longer require fibres or even factories in this new world. They can use computer programmes and 3D animations to bring their ideas to life.
They believe that the metaverse's potential will be enormous. The term has been used in science fiction for two decades, but its application in the actual world is still in its infancy. Last year, when Mark Zuckerberg announced that his firm will be known as Meta, rather than Facebook, the metaverse quickly became associated with the giant. It does not, however, belong to Mark Zuckerberg or anyone else. Proponents of the Metaverse claim it is the next generation of the internet.
"There is only one metaverse, but there are many metaworlds, just as there are countless websites on the internet," stated Cathy Hackl, a digital futurist and author. "It's not just virtual; it also includes the physical realm. It's the coming together of the physical and digital worlds."
The virtual fashion sector, according to Morgan Stanley, could be worth more than $55 billion by 2030. While some fashion businesses are already preparing virtual fashion shows and a Rodeo Drive-style boulevard in the metaverse, others are dismissing these expenditures as a waste of money.
According to Max Powell, senior advisor for The NPD Group, a market research firm based in the United States, fashion brands are simply using virtual fashion as a marketing incentive to get customers to spend money on their real-life clothing. "I don't see a direct commercial opportunity here. There are business reasons why you want to be [in that space]. And I have a feeling we will see several brands jump into the space simply because everyone is talking about it, maybe not even understanding the consequences of it," said Powell.
Virtual sneakers aren't something I'm interested in selling.
The companies he manages, including Dior, Louis Vuitton, Fendi, and Givenchy, aren't in a rush to enter the metaverse, according to Bernard Arnault, CEO of LVMH, the world's largest luxury goods firm. "It's not our goal to sell virtual footwear for ten euros," Arnault stated at his annual investor presentation.
However, the erasing of real-life and physical limits is part of what makes this new era of fashion so alluring to creatives and designers. Transparent clothing, jackets that change colour, shoes that make you look like you're flying, and dresses that are on fire can all be found on DressX, an online marketplace for virtual fashion.
Up-and-coming designers have more access to this new space than they do to the physical fashion market. They don't need extensive training, expensive materials, or a lot of money.
"For designers and makers, this is an opportunity to democratise the business," says Daria Shapovalova, founder of the web marketplace DressX. "Being a youthful designer is difficult, but with digital fashion, everyone can attempt. You're alone with your laptop."