The fashion industry is gearing up for a major transformation with the emergence of Web3 technology. As the latest wave in fashion, Web3 promises to bring about a seismic shift in the way the industry operates and engages with consumers. With new opportunities for collaboration, creativity, and innovation, Web3 is poised to redefine the fashion landscape in exciting and unprecedented ways.
As an industry that has always been at the forefront of innovation, from Coco Chanel's revolutionary trousers to Réard's daring bikinis and Westwood's punk-inspired designs, fashion has played a key role in reflecting and shaping cultural and technological changes. Now, the industry is undergoing a transformation on multiple fronts, including the empowerment of women, the integration of artificial intelligence, the drive towards a sustainable economy, and the emergence of Web3 technology.
A new industry is driven by a new internet
The advent of Web3, also known as the "new internet", has given rise to a collaborative fashion industry where brands, artists, and consumers come together to create, collect, and trade in both physical and virtual realms. With the emergence of technologies like blockchain, augmented reality, non-fungible tokens (NFTs), and the Metaverse, the industry is now moving towards a new paradigm of blending real apparel and digital fashion, rather than treating them as separate entities. This presents exciting new opportunities for the fashion industry to innovate and engage with consumers in unique and immersive ways.
The convergence of Web3 technology and the fashion industry presents a wealth of unprecedented marketing opportunities for enterprises operating in this ecosystem. A prime example of this is the recent collaboration between Portuguese fashion house Alexandra Moura and Seamm, which has resulted in a digital collection of exclusive and legitimate apparel that can be earned by customers and even commercially traded or worn in video game characters and the Metaverse. This innovative approach has been further supported by insights from Web3 consulting agency, Moonblock, which predicts that retailers will increasingly turn to strategies such as phygitals, loyalty programs, and token-gated content as part of their Web3 marketing efforts in 2022. At the same time, companies are leveraging the power of tokenization and digital marketplaces to create new revenue streams and monetize their Web3 initiatives.
Web3 technology is opening up new avenues for digital artists to collaborate with fashion brands in innovative ways. One prime example of this is the growing trend of non-fungible tokens (NFTs), which has seen leading fashion houses team up with visual artists to create unique digital collections. In addition, some artists are even venturing into the realm of virtual real estate platforms, expanding their fashion lines into new and exciting territory. London-based fashion brand Martina Spetlova, for example, recently partnered with Seamm to create a digital collection of her garments in the Decentraland metaverse.
Marina Martianova, the founder and CEO of Seamm, explained to Starupt Magazine that the company is focused on bringing selected apparel and accessories from the real world into digital form, making them accessible across a wide range of metaverses and video games. This approach is creating new opportunities for collaboration and engagement between artists, fashion brands, and consumers, and is poised to reshape the fashion industry in exciting and unprecedented ways.
Digital Fashion is here to stay
According to Gerard Lopez, Co-founder and CEO of the Lydian Group, "the mainstream adoption of the digital assets space continues to grow thanks to the blend of fashion and technology, which bridges the gap between physical and digital worlds."
Indeed, the following business and tech landmarks support the increasing investments in Fashion Tech:
AR as a digital try-on feature.
Most valuable fashion brands creating NFTs.
Major retailers accept online crypto payments.
Customizable gaming characters lead to new revenue streams.
Metaverse's immersive and social shopping.
Digital clothing translates into sustainability by reducing waste.
Along with AI, Web3 is the next technological milestone. In fact, Vayner's report, What to watch on Web3, describes how enterprises implemented avant-garde strategies over the past two years in this new digital arena. And as expected, given its cutting-edge DNA, the fashion industry is leading this revolution, driven by companies like Seamm.
"Seamm is pioneering fashion's evolution into digital collaboration. First, we approach independent fashion designers and hand-picked brands to enhance their uniqueness digitally. And thus, consumers enrich their experience with their favorite brands in a new digital ecosystem. We are expanding fashion's innovative nature into Web3.", concludes Martianova.