Metaverse fashion week
The first Metaverse fashion week in history was held 2 weeks ago and lasted four days. The even took place in Decentraland and promised to showcase a virtual list of global labels. Word-wide known brands like Roberto Cavally, Tommy Hilfiger, Dolce and Gabbana and many others were attending the fashion week. Analysts and public were positively surprised on the number of famous brands joining, despite knowing the results of this experiment.
Fashion week is a good move towards making Metaverse and virtual life better and more advanced. Thanks to emerging technologies like NFTs and such events, it is on a good way, however there is still a long way to go before being implemented and used in daily life. Some experts are even describing it as “far from perfect.”
But platforms like Metaverse are described as the biggest technological disruption to human life and a multi-trillion-dollar opportunity for businesses. Still, there is scepticism that it is too good to be true – a virtual world to exist that would offer us escape from reality. There have been plenty of metaverse platforms available, however they are far off in terms of number of users compared to Meta (formerly Facebook) predictions.
The first bigger platform is called Second Life and it was established in 2003. In their 19-year history they did not come even close to the number of users that was predicted by Meta. The second, and newer, is Decentraland. Since Meta announcement, the platform has taken off. It is captivating the imagination of businesses using economic and blockchain elements like NFTs and MANA. MANA is a cryptocurrency, which is used for payments in Decentraland. So, if somebody wants to buy something in this platform, they first must get MANA cryptocurrency. The whole platform is based on Ethereum blockchain.
Businesses are already making use of Metaverse. JP Morgan for example, bought virtual real estate and opened its own metaverse lounge; Pfizer gave vaccinated gamers a blue badge for their avatar; and as mentioned before, major fashion companies attending the Fashion Week.
According to some experts and analysts, 2022 will be the biggest year for Metaverse so far, as Meta, Google, Amazon, and Apple are gearing up to release new hardware products and software services for virtual reality. Big technology companies are betting, that Metaverse will bring a lot of new opportunities with software programs – same as Apple’s smartphone did in 2007 and changed the world of mobile phones, while adding countless opportunities, both hardware and applications. It is predicted that anyone who has a smartphone today, will probably have a pair of VR glasses in few years.
So far, around 10 billion dollars was invested by venture capitalists, and it is not including investments by big tech companies. Goldman Sachs is predicting, that in few years, the investment in Metaverse will pass the 1,35 trillion dollars mark.
Movement of MANA since October 2020. (Source: CoinDesk)
Sources:
https://www.coindesk.com/price/decentraland/
https://metaversefashionweek.com/
https://www.theblockcrypto.com/post/139904/inside-the-first-ever-metaverse-fashion-week
https://cointelegraph.com/news/the-first-ever-metaverse-fashion-week-digital-fashion-is-here-to-stay
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