First Metaverse Fashion Week raises questions and opportunities

The first Metaverse Fashion Week #MVFW23, managed by the open source platform Decentraland

Metaverse Fashion Week 2023

Author: House of Eden

Paris, Milan, New York, London, and now are also decentralized: high fashion is virtual! In March 2023, the first Metaverse Fashion Week (#MVFW23) took place, setting a milestone in the global fashion industry with over 60 participating brands, artists and designers. The event featured a mix of classic legacy labels alongside digital brands. In addition, digital collections, virtual spaces and immersive experiences.

The first Metaverse Fashion Week as an open source event

Under the curatorial motto "Future Heritage," Metaverse Fashion Week 2023 aimed to reshape the future of fashion. Realities and worlds should be connected with each other through diverse ways of representing aesthetics. The #MVFW23 was organized by Decentraland.

Launched in 2020, Decentraland is the first decentralized Metaversum, which is open source. Within the Decentraland platform, users can create, experience and monetize content and applications themselves, as well as socialize and participate in community-driven events. Decentraland is owned by the people who use, create and manage it every day.

Virtual fashion and its impact on the environment and industry

Digital fashion has its roots in the early days of the internet, but only in recent years Augmented and virtual realityadvanced the discussion about the technology. The COVID-19 pandemic has continued to put digital fashion and the Metaverse in the spotlight. Brands like Dolce & Gabbana and Adidasalready have digital collections with them NFTsintroduced or announced their presence in the metaverse.

The Metaverse refers to a virtual space created using 3D technologies on the Internet and is directly related to technologies such as blockchain, augmented and mixed reality, and NFTs. In the fashion context, there are two main forms of metaverse fashion:

  1. A combination of physical and digital worlds in which clothes can be worn using augmented or virtual reality
  2. A fully digital form of fashion where items are sold directly to avatars or as NFTs

Famous fashion brands like Gucci, Balenciaga, and Nike have already created virtual products and experiences in the Metaverse to appeal to tech-savvy and young consumers. Brands like Nike are pioneers with their own Metaverse shop "Nikeland" and with the idea that virtual goods have the same value as their real-world counterparts.

The Metaverse: An Opportunity for More Sustainable Fashion Practices?

The fashion industry is known for its lavish nature. Digital fashion advocates believe the Metaverse could help reduce some of the industry's environmental impact. By using virtual showrooms and product presentations, designers could improve their production, reproduction, and fashion wastesignificantly reduce. Fashion thus moves from status symbols and possessions to the entertainment factor.

However, the Metaverse is not a one-size-fits-all solution to the fashion industry's current challenges. It's essential to keep digital fashion's potential benefits and pitfalls in mind and work towards making the industry more sustainable and ethical - in both the physical and digital worlds.

Green Bonds
European green bonds: investing free from greenwashing? Unified Green Bond Rules Promise Less Greenwashing and Financing a Green...
green startups
Green start-ups: Drivers for sustainability in business and society Sustainable start-ups in Germany: The importance of green...
re.FASHION ACADEMY
re.FASHION ACADEMY – the new educational platform of the Fashion Council Germany A wide range of educational opportunities for designers and brands to shape the future of the fashion industry...