Are you ready for the Metaverse?

The buzzword at the end of 2021 was metaverse and we saw a huge number of fashion brands move into this new world. But do you know what the metaverse is and are you ready to join?

What is the Metaverse? In basic terms, it means a combination of all the multiple elements of technology, including virtual reality, augmented reality and video where users "live" within a digital universe. By ‘live’ we mean that the metaverse is where in the future we will work, connect with friends, shop, spend leisure time and even travel. Mark Zuckerberg has said that within 5-10 years the metaverse will become mainstream – therefore brands need to start planning for this now, though most already started a couple of years ago.

The fashion industry is already obsessed with the metaverse, as it offers new ways of making money that is much needed by a struggling industry. So far we have seen many luxury brands step into the metaverse through the production of video game ‘skins’ – a low cost and sustainable way to engage with a new fashion savvy gaming community. The metaverse offers a new opportunity to create less physical products, avoid international sourcing issues and make your products available to a much broader customer base.

At the moment the metaverse may not be suitable to every brand, but every single business should have it on their business plan for future development