Writer: Nuttawut Kulkaew

Editor: Wittaya Wonglor

Fashion in the metaverse still faces many challenges. Designers or artists may lack organizational support. The metaverse might seem a chance for decentralization or an opportunity for smaller players to gain more space, as everyone can share the platform. But how platform owners regulate their economic policies needs to be clarified. Until all metaverse platforms are unified or structured so users can take avatars, data, and digital assets freely between platforms, artists may struggle to reach consumers. They may have to master and appear in every platform to get to customers.

For a solo artist or a small fashion house, the metaverse could be challenging. Big and long-established brands also face big decisions. Brands that want to lead need appropriate strategies and business practices. The metaverse will only be complete when its ecosystem is built and people can be brought into it. Brands must choose to own or co-create platforms or to use another organization's platform.

Environmental impact and sustainability are also critical issues. The global fashion industry currently contributes 5% of carbon dioxide emissions, making it one of the top 3 most polluting industries. This is a challenge for fashion in both the physical and virtual worlds. The sector has to take responsibility for its environmental impact. A 1% reduction in the fashion industry's overproduction could reduce global carbon dioxide emissions by an estimated 0.2-0.4%. Real-world and online efforts to make fashion more environmentally friendly include net-zero in the metaverse. Trying on items in digital platforms could cut sample production by 70% and development time by 40%. But using avatars in the metaverse could involve delivering items to homes in the physical world, raising further questions about supply chain sustainability and environmental impact.

Read more: Will the metaverse help or harm the environment? >> FB: https://bit.ly/3WHIeCq

Implications for the future:

- Calming consumer concerns about the environment will become a new selling point for fashion brands in both the physical and virtual worlds.

- The nature of hiring designers in the fashion industry may change with the introduction of the metaverse.

- The potential for the emergence, expansion, downsizing, and dissolution of fashion brands will be significant as the metaverse platform goes viral.

Refernce:

- 15 Fashion Brands Investing in the Metaverse  https://metaverseinsider.tech/2022/10/08/fashion-in-the-metaverse/

- Metaverse Fashion Week to return next year https://www.voguebusiness.com/technology/the-rise-of-web3-how-the-year-in-tech-changed-fashion-forever

- Metaverse Fashion Week to return next year https://www.voguebusiness.com/technology/metaverse-fashion-week-to-return-next-year

- The metaverse fashion stylists are here https://www.technologyreview.com/2022/12/07/1064364/the-metaverse-fashion-stylists-are-here/

- The Metaverse Overview (September, 2022) https://bit.ly/3YSnqKa

- Metaverse Fashion Week https://mvfw.org/

- Why cross-reality retail design is the next innovation frontier https://bit.ly/3Glw6kb

- Metaverse Fashion Trends 2022 https://bit.ly/3C7nMmL

- Insights From Our ‘2022 Metaverse Fashion Trends’ Report https://blog.roblox.com/2022/11/insights-from-our-2022-metaverse-fashion-trends-report/

- Metaverse & Sustainability in Fashion https://bit.ly/3PZ6OfP

- Shaping the Metaverse towards Sustainability https://bit.ly/3YUYvpz

- The Virtual Fashion Retail Environment https://bit.ly/3hYOy9W

- New Frontiers: Fashion in the Metaverse https://www.heuritech.com/market-reports/fashion-metaverse-arianee-report/

- Fashion-forward in the metaverse https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/fashion-forward-in-the-metaverse

- How the fashion industry can get into a metaverse mindset https://www.mckinsey.com/industries/retail/our-insights/how-the-fashion-industry-can-get-into-a-metaverse-mindset

- Fashion and metaverse market to reach over $6 billion by 2026 https://techinformed.com/fashion-and-metaverse-market-to-reach-over-6-billion-by-2026/

- The metaverse could add $3 trillion to the global economy within a decade, new study suggests https://www.euronews.com/next/2022/05/18/the-metaverse-could-add-3-trillion-to-the-global-economy-within-a-decade-new-study-suggest

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