Even if the Web3 and the Metaverse still do not feel tangible in their existence for many: A new prediction from McKinsey certifies it a golden future.
In the future, people will spend between four and five hours a day in the Metaverse, according to a McKinsey survey of more than 1,000 people between the ages of 13 and 70. This result is comparable to that of a Nielsen study that found that consumers spend up to five hours a day in front of the television.
New business models and social networks are increasingly making use of the possibilities of Web3, but the fashion industry has so far hardly tapped them.
Immersive devices are required to fully experience the Metaverse and its offerings. This area of Web3 is still in its infancy as Virtual Reality (VR) and Augmented Reality (AR) products have not yet been widely adopted due to their limited usability. The trend won’t really take off until Apple launches its announced first wearable device next year.
VR and AR devices are required for immersive experiences
Current virtual reality experiences require headsets, glasses and some kind of controller to be fully immersed in a digital experience.
Augmented reality, which merges the physical and digital worlds, such as when shopping in the Metaverse, also relies on devices, cameras and technologies such as digital wallets.
Retailers and brands are looking for ways to use AR to sell products in areas such as virtual fitting rooms and body scans, as well as to test makeup and beauty products where a makeup or lipstick shade can be displayed on a smartphone or tablet computer camera can be projected onto a face or skin tone.
Auroboros, a London-based fashion tech brand, is at the forefront of digital fashion. She wants to combine science and technology with physical couture and all-digital ready-to-wear.
McKinsey’s prediction of time spent in the Metaverse is an important indication of anticipated human acceptance of the Metaverse and how far-reaching that could become. In their Value Creation in the Metaverse report, McKinsey seeks to better understand the value of the metaverse, where most value creation might be occurring, and what companies can do now to capture the value.
All of these questions will be answered over time, as will fashion’s ability to successfully make the leap into digital and alternative realities. But the most pressing question of all is how fast can they do it?
This article was previously published on FashionUnited.uk. Translation and editing: Barbara Russ