What You Need to Know About the First Metaverse Fashion Week
Inevitably, high-end fashion will soon be available for your Decentraland avatars during the very first metaverse Fashion Week coming up in March.
MVFW 2022 is an exciting opportunity for you to grab desired fashion like men’s leather jackets or couture dresses for your digital selves. Many items will be created by some of the world’s greatest fashion houses like Hugo and well-known digital content creators such as Nina Nesbitt.
What is the Metaverse?
Once the idea of science fiction, the metaverse is now a reality, with such strong an influence that the Facebook group recently changed its name, directly reflecting its belief in the future of social technology. Taking the web as an example, the metaverse refers to interactive worlds represented in 3D space rather than traditional chatrooms and social media posts.
Popular virtual world simulation Second Life, launched in 2003, is considered the first metaverse space. However, new technology and a rise in popularity mean metaverse spaces are now taken more seriously. For instance, if you play Fortnite, you will be aware of the virtual performances from the likes of Travis Scott and Ariana Grande, and VR tech makes them more immersive.
The metaverse concept refers to any interactive space in a simulated or virtual space. In theory, any game with a chat feature could be considered a metaverse. However, in the strictest term, enthusiasts and professionals consider purpose-built social spaces the metaverse. Second Life, for example, is a true metaverse program. However, there are contenders.
The potential applications of a metaverse simulation are almost limitless. And considering they emulate real life, they lend themselves well to a digital representation of life and the self. Therefore, you can apply your existing skills and knowledge to virtual scenarios to make a living. For instance, talented full-time Second Life creators can earn over $5,000 per month.
Second Life isn’t the only popular metaverse program available. Up and coming services of note include The Sandbox, Somnium Space and Decentraland. Decentraland, in particular, is among the biggest and brightest with masses of potential. Consequently, Decentraland will host the upcoming premier Metaverse Fashion Week from the 24th to the 27th of March this year.
The first-ever metaverse fashion show aims to demonstrate the immense talent of some of the world’s greatest creators, as well as established and recognized fashion houses. As of yet, what is in store is anyone’s guess, but you will probably see digital recreations of stunning and iconic pieces, as well as brand new virtual gowns and dresses created especially for the show.
Immersion for All
Attending a runway fashion event is something to behold. If you have never had the privilege, it can only be described as glamor at its finest. Some of the world’s most structurally beautiful models demonstrate immensely talented designers’ exuberant artistic and technical expression. Yet attendance is limited to select guests and press and is expensive.
Fortunately, many online content creators and global brands like Hugo and D&G are already confirmed for the MVFW event. So regardless of how much you earn, your social standing, or your geographic location, you can get up close to stunning gowns. Additionally, if you own a virtual reality headset such as Oculus Rift or Vive HTC, you can immerse yourself further.
The Technical Aspects
The metaverse requires a compatible access point such as a PC, tablet, phone, or video game console. Meta’s (formerly Facebook) Horizon Worlds is an example of how the metaverse works. Like most online social spaces, you create an account and log in. However, being a virtual world, you must create an avatar for interacting with others and navigating around.
But unlike most other metaverse platforms, Horizon Worlds is VR only and currently only open to US and Canadian citizens as a quasi-Beta test. Fortunately, other metaverse platforms aren’t as restrictive. Decentraland, for example, is available to all, and you can interact with the platform via a compatible web browser (Chrome or Firefox) with your Apple Mac or PC.
Decentraland operates using modern decentralized technologies such as non-fungible tokens, digital wallets, and cryptocurrency. Unless you live under the proverbial rock, you have undoubtedly heard of cryptocurrencies like Bitcoin and Ethereum. The basis of cryptocurrencies is that they are decentralized from banks and exist in digital form only.
Cryptocurrencies are rising in popularity because they facilitate online transactions anonymously, untraced, and encrypted. Therefore, they have more security than a traditional bank-to-bank transaction with surprisingly lax security. Standard transactions can essentially be hacked and intercepted, resulting in stolen money, making crypto the better choice for some.
Non-Fungible Tokens (NFTs)
Using Bitcoins or other cryptocurrencies, you trade one for the other. These are called “fungible assets” because they’re the same. A non-fungible asset is something that’s one of a kind. For example, an elegant dress by Gucci for your Second Life avatar or a plot of land for your virtual home. To prove ownership, you can add an NFT blockchain entry.
Blockchain is used to store ledger information for NFTs built on Ethereum. The primary purpose is to store highly encrypted data that you cannot change. NFTs are built with blockchain features, so they’re great for tracing ownership since all transactions are transparent on the blockchain ledger. But like anything, digital assets can be counterfeited.
Digital wallets and digital currency aren’t the same things. Digital currency refers to virtual tender like Bitcoin, while digital wallets store electronic money equal to monetary top-ups. For instance, your Google Wallet, PayPal, and Venmo are perfect examples of a digital wallet. The value of funds stored is the same as that transferred from your bank account or another digital wallet.
However, you can also top up digital wallets with cryptocurrencies like Bitcoin, Ether, and DOGE to be used as payment equal to the current value of each. In addition, MVFW will offer virtual items for sale and special access to party lounges with performances from famous artists. You will need access to a digital wallet compatible with Decentraland to pay for extras like these.
Sustainability and Viability
The fashion industry is a globally recognized institution that garners respect and envy the world over. Yet, like all industries, changing times and attitudes require fashion to amend some of its practices. One of the hottest topics of our time is the sustainability issue. Currently, the fashion industry contributes 10% to all carbon emissions, and 85% of materials end up in the landfill.
Substituting real-world fashion events for virtual ones could be the answer to reducing the industry’s carbon footprint. When you consider the resources needed to create a high-quality garment compared to digital creation tools, material requirements alone make the argument. Yet we must consider increased energy use for devices such as PCs and consoles.
The Future of Fashion?
As future-forward, creative, and inventive as a metaverse fashion show is, there is much to be said about artistic expression facilitated by Depeche couture. A common misconception is that fashion caters to the wealthy elite as an exclusive and inaccessible art form. Yet, anyone enthusiastic enough can attend all but the most expensive fashion event.
However, metaverse and virtual fashion shows open up the world of high-end design and modeling to a much broader audience. Many of them aren’t able to make it for many reasons such as affordability or physical disability and therefore spend time in virtual worlds. Conversely, however, expensive equipment such as VR headsets is required for the best experience.
Ways to Participate
The event’s host is UNXD, who previously hosted D&G’s NFT collection. The primary purpose of MVFW is to provide you with premier and unique digital wearables for your virtual avatars in Decentraland and possibly other platforms, but this is yet to be confirmed. But you will have to pay extra for specific services at the event, such as unique live music events.
You can buy your desired assets through the Decentraland Marketplace. Decentraland uses a fungible cryptocurrency called MANA, which you exchange for goods in the virtual world. For example, you use MANA for purchasing land within this metaverse. However, you can exchange MANA with other users as well. To buy MANA, you must connect a compatible digital wallet.
What to Expect
As it stands, there aren’t any precise details of what exactly will happen. We know that there will be live runway shows and new additions to the fashion district so you can buy new digital items. However, based on previous events held in Decentraland, you should expect to see fun and entertainment from some of the world’s most famous people.
The platform has previously hosted events such as music festivals with performances from the likes of DJ 3LUE and Paris Hilton. Additionally, fashion events have previously been held, and more are coming. However, none have attracted the globally huge labels set to appear at the upcoming MVFW, with Vogue Business and Hugo enthusiastically confirming their attendance.
Metaverses are interactive worlds represented in 3D space instead of chat rooms and social media posts. There are almost no limits to what you can do with one. And they’re imitating real life, so they’re great for digital representations of yourself. In March, Decentraland will host the premier Metaverse Fashion Week where you can buy digital assets for your avatars.
Known fashion houses and some of the world’s most talented creators will take part in the first-ever metaverse fashion show. Digital wallets, cryptocurrencies, and non-fungible tokens are used in Decentraland. MVFW’s primary goal is to provide you with unique virtual avatar wearables. The event takes place between March 24 to 27, 2022.