The First Fashion Week in a metaverse will be on Decentraland, built on Ethereum

Source: Observatorioblockchain / Jenifer Maldonado

The First Fashion Week in a metaverse will take place on Decentraland, a decentralized virtual reality and gaming platform built on the Ethereum blockchain. The event is organized by the UNDX company, author of the successful launch of the Dolce & Gabbana NFTs collection in September. Attendees of this virtual event will be able to buy clothes and accessories in NFT format for the avatars they use to move around Decentraland.

Fashion Week at Decentraland

This first metaverse Fashion Week will take place from March 24-27, 2022. Created by former Vogue and WIRED employees, UNDX is a digital luxury fashion marketplace based on Polygon (compatible with Ethereum). UNDX uses NFTs to represent ownership. The virtual fashion event will feature catwalks, shops and numerous parties. The goal is to help brands showcase their designs to the new generation of digital consumers. Virtual fashion has captured the interest of large companies and luxury brands due to its high expectations as a business.

On its website, the UNDX team states that culture is currency and that NFTs have revolutionized the market around digital culture. UNXD NFTs, according to the creators of this trendy platform, aim to bring “tangibility” to the NFT space. «Our starting point is to intertwine the digital and physical worlds,» they stress.

Negotiate garments

In this unique fashion show in the Decentraland metaverse, the great brands of the industry will be able to show and negotiate their garments and designs in digital format. The devotees of all these firms will be able to enjoy a large number of immersive experiences. Brands like Dolce & Gabbana, Gucci, Balenciaga and Ralph Lauren, which have already experimented with NFTs, are expected to be present at Decentraland’s virtual fashion week.

NFTs de Dolce & Gabbana

Dolce & Gabbana launched its first NFT clothing collection in the UNXD luxury market last September to great acclaim. The collection, called “ Collezione Genesi ”, had sales of more than 5.7 million dollars. “Collezione Genesi” was personally designed by the founders of the Italian fashion brand, Domenico Dolce and Stefano Gabbana, exclusively for the NFT UNXD market. With the success of this digital fashion collection, Dolce & Gabbana has shown a true way to transcend the physical and the metaphysical, the brand said.

The virtual fashion business

The metaverse has become more than just a space for games and fun. Big brands are seeing new opportunities to grow and strengthen their businesses beyond physical space. Metaverses allow them to take their products and services to any corner of the world where the internet exists. The users behind the avatars are willing to dress their characters with clothing that characterizes them, to build their personality and identity in the virtual world.

Analysts from the US bank Morgan Stanley indicate that the fashion industry may be one of the biggest beneficiaries of the metaverse. This entity indicated that the virtual fashion business can represent a growth opportunity for the fashion industry of up to 50,000 million dollars in 2030.

To date, Gucci, Balenciaga, Louis Vuitton, Zara, Ralph Lauren, Nike and Adidas are the brands that have experimented with the different metaverses. Some of these digital clothing collections are traded on different market platforms. In late November, Decentraland sold a digital estate within its Fashion Street district for $2.4 million to firm Tokens.com. This firm plans to boost the virtual fashion business through fashion shows, stores and more.