Following Mark Zuckerberg’s October 28, 2021 announcement that Facebook would rename ‘Meta’. The word ‘metaverse’ actually came out of the backroom. Where a gamer is consuming games like Roblox or Fortnite, in everyone’s attention. Metaverse is expected to be the next big thing on the internet. The cross-country and digital world, where the unpopular realities of taxpayers we see and the virtual reality enable people to develop and live in new countries or areas.
When Mark Zuckerberg released a video announcing the re-branding
His avatar went through a wardrobe of fashion opportunities, and the fashion industry seemed equally obsessed with metaverse. Major fashion brands are already making millions of dollars by selling clothing and accessories that are only available on the metaverse. Next time, when your work and play takes place in the metering, you will want to have clothes!
Conducting trade on the metaverse raised an important question for Edgar, Dunn & Company, leading strategic payments and fintech consultancy. Is there a better set of payment methods designed metaverse instead of using the set of payment tools we have in the real world? Another important question we want to explore in this article is what should fashion retailers do to stay relevant in this game?
Metaverse requires a new currency designed for the new world and not from the old world. Blockchain technology, cryptocurrencies, and non-token tokens (NFTs) are ready to become a recognized base for all trades in the metaverse. Grayscale, Bitcoin Trust, recently suggested that the metaverse has the potential to generate USD 1 trillion per year in revenue in the emerging new world.
The Grayscale report, published in November 2021, refers to Decentraland
A 3D virtual reality world powered by the Ethereum blockchain. Another example, Enjin Coin (ENJ), also an Ethereum-based token, aims to make it easier for users, businesses, and products to use mold-free tokens (NFTs). Enjin Coin a used to directly reproduce the amount of NFTs generated within the Enjin ecosystem. This would be a good metaverse equation and use a certified Ethereum token.
Whether government-sponsored Central Bank Digital Currencies (CBDCs) or other cryptocurrencies it is expected that the future of money in the metaverse will be based on new digital currencies. With Ethereum and NFT closely integrated into providing security and integrity, it is highly likely that Ethereum will become an integral part of digital marketing in metals.
Most of the investments in the fashion industry in metals have been video game skins
Which makes an estimated market of USD 40 billion per year. Skins represent an inexpensive way to connect with the gaming community of fashion experts. Balenciaga, a luxury fashion house founded before the internet in 1919 by Spanish designer Cristóbal Balenciaga, has partnered with Fortnite and worked with Fortnite parent company Epic Games to produce a video game for its Fall 2021 fashion show. -the brand is now announcing a similar collaboration – for example, British designer Stefan Cooke has announced that his designs will be part of the Sims. Burberry and Louis Vuitton created NFTs that are flexible.
Adidas, Nike, and H&M have also turned their attention to demanding their presence on the metaverse. Adidas Originals, a fashion and lifestyle component of the German sportswear brand. Is launching its NFT collection for both physical and digital products. Gucci’s Roblox bags, now popular, were re-sold in addition to their original body bags. The Burberry NFT coins of the Blankos Block Party sold for eight times their original value.
The metaverse represents an attractive area for future fashion product growth. The NFTs predict it will cover 10% of the luxury goods market by 2030. A revenue stream of EUR 56 billion, according to Morgan Stanley.
Only digital products
Such as fashion skins, NFTs, music, games, will soon be on sale. Equally, there will be events, such as music gigs and business conferences, which will be semester. All of this will need to be sold & purchased the metaverse. And blockchain technology will be the preferred payment method. Defining a metaverse economy would be pioneering, flexible. And unlikely to be based on the old world or the ecosystem of real-world payments. For retailers and fashion brands, metaverse will be about setting up their own brands by capturing as much real-world real space as possible.
Accomplish be the target of digital fashion in history. Edgar, Dunn & Company will remain vigilant about how trade and payments aim to work together and trust consumers and businesses as we see volatility occur over the next few years.