Fashion and metaverse market to reach over $6 billion by 2026
The increasing number of fashion brands with a virtual presence in the metaverse could see the fashion and metaverse market increase to $6.61 billion from 2021 to 2026, according to a recent report.
Virtual fashion designers may be in high demand over the next few years with many clothing apparel brands taking their labels into the virtual world.
Over a quarter of British retailers are looking at entering the metaverse, and brands such as Nike, GAP, and even Coca cola have already released virtual hoodies and sneakers for consumers to purchase. Typically, the virtual attire can be bought in the form of an NFT.
In April, Nike launched a virtual sneaker named RTFKT x Nike Dunk Genesis CRYPTOKICKS collection, with the aim to enhance consumer interaction and to improve brand awareness.
According to the report, shoppers can expect to be able to walk into shops through virtual reality, and engage with the clothing brand of their choice in real time.
They will be able to enter, explore and check out the items they want to buy and even communicate with shop assistants in the virtual shop.
The report highlights that security and data privacy could be a significant challenge with fashion brands taking to the metaverse.
As the metaverse collects and processes vast amounts of information about users and their environment, security concerns pose a serious threat to users privacy.
It is not just retail entering the metaverse space, but also hospitality with beer company Heineken releasing an NFT virtual beer for people to virtually sip on.
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