Get ready for the virtual fashion week. In the metaverse. The first fashion week hosted by Decentraland will take place on the platform in March of next year, shortly after the presentations on the IRL catwalks in the major fashion cities of Paris, Milan, London and New York have ended.
Decentraland is partnering with Unxd for the event, a curated digital culture marketplace better known to fashion insiders than the company that recently launched Dolce & Gabbana’s first NFT apparel collection.
In separate tweets, Decentraland and Unxd called on all designers, brands and fashionistas for a week with pop-up shops, catwalk shows, after-parties and immersive experiences and introduced the hashtag # mvfw2022.
Why fashion is becoming more and more important in the metaverse
Virtual land in Decentraland’s Fashion District recently sold for $ 2.4 million and, according to Medium Market Insider, the metaverse’s digital fashion business could reach $ 1 trillion a year. In comparison: the fashion industry has an annual turnover of xx trillion US dollars.
Luxury fashion brands from Gucci to Balenciaga have tried their hand at dressing up avatars and selling NFTs with digital collections and partnerships with online gaming companies like Roblox and Fortnite.
“We think acquiring the Fashion District is like buying Fifth Avenue in the 1800s … or creating Rodeo Drive,” said Lorne Sugarman, executive director of Metaverse Group, the firm that sold the Fashion District conveyed to Business Insider.
The Metaverse has seen a flurry of fashion activity in the past few months. Fashion companies seize the opportunities in an environment created by the convergence of virtual worlds, augmented reality and internet services and focus on immersive virtual experiences and digital collections.
This translated post previously appeared on FashionUnited.uk.