1992 can be considered a watershed year for the gaming industry. The author of the dystopian novel Snow Crash, Neal Stephenson, is often credited with coining the term “Metaverse” through his sci-fi. While virtual gaming has had its roots spread worldwide since 1991, the term Metaverse is completely new, encompassing infinite possibilities. As opposed to typical virtual reality games, Metaverse’s goal is to allow you to live through your avatars in the virtual world. You can practically experience existence outside of our realm, hence the creation of the word – Metaverse. NFTs will be the future of this Metaverse – practically speaking, through NFTs, you will be able to buy products in it.
In 2022, NFT is expected to be the vogue of the fashion business. Today, When the physical model of the industry is harmed by the developing virus, creating fashion trends for avatars’ skins appears to be a novel technique to establish an online consumer base. However, adapting to the latest technological advancement is equivalent to being in a rat race. High-end sumptuous brands have already stepped into the Metaverse to sell their apparel and lush fashion lines.
Recently Nike, in December 2021, ended up buying RTKFT, the virtual sneaker brand. Through this, Nike has now entered the virtual realm of Metaverse – a wise decision of digitally selling shoes via Non-Fungible Tokens. Balenciaga previously partnered with Fortnite to sell four digital pieces from its opulent brand range. This has opened an opportunity to elevate the monotonous fashion business. These fashion brands’ decision to enter the Metaverse in order to diversify their customer base is undoubtedly reshaping the future of the fashion industry.
NFTs, give fashion firms the ability to market their products in a completely digital environment. However, Suppose the fashion industry wants to participate in Metaverse. In that case, it must be ready for its ups and downs and eventual obsolescence, according to Vincent Quan, an assistant professor at the Fashion Institute of Technology NYU. Currently, Fashion is unbounded and inescapable when it comes to the idea of NFT.
Mark Zuckerberg’s decision to re-brand Facebook as Meta has spawned a pool of infinite curiosity among the millennials. This choice by Mark has sparked a debate over the viability of Virtual Reality in today’s fast-paced society, given the rise of Metaverse and NFT. There is an imperative need to investigate the possibilities presented by numerous Metaverse NFT GameFi games. The apparel firms stepping in Metaverse and GameFi can have a bright future ahead of them. Lux accessory and apparel businesses will be eager to know how to use this new technological breakthrough in the gaming sector to display their authenticity and grandeur.