Dec 23, 2022
Why did MIRL choose to revolutionise the billion-dollar fashion industry?
Web3 is here to stay. Besides the financial sector, fashion empowers wider retail adoption of web3 products and MIRL is here to pioneer that.
In recent years, digitalisation in the fashion industry has gained significant momentum with digital demand for fashion and luxury poised to generate revenue in the range of $50 billion by 2030. This represents a massive opportunity for the rise of the metaverse and fashionfi. Within a short time span, we have witnessed a couple of fashion houses finding new ways to stay relevant in the digital world.
The Web3 space of the internet will surely take years to develop and this could open up powerful opportunities for fashion to develop digitally. The metaverse could be the next evolution of how you represent and mirror “MIRL” your real-world identity online and dress up in the metaverse.
The idea of digital fashion and fashion in the metaverse is hard to grasp by the mass at first, but with this niche market continuing to gain traction and momentum recently, many are starting to view the idea of the metaverse reshaping the future of fashion more seriously.
How appealing is digital fashion?
As the Metaverse continues to evolve, it will indeed influence and revolutionize the fashion industry.
The industry has realized that the virtual world has profound utility when it comes to garments. The evolution of technology allows creative freedom for all designers, especially for some designs that can never be worn in the real world. The Metaverse removes this hurdle, allowing digital avatars to wear any garment without any constraints of type, design and fabric.
Online shopping gained tremendous traction over the past 3 years due to the pandemic outbreak. However, there are some ways in which it falls short. For example, when it comes to fashion, customers have always appreciated the opportunity to touch, feel and try on items of clothing, an experience that online shopping has not replicated well.
Web3 solves that.
The intangibility aspect of fashion when it comes to the Metaverse, such as no need for physical clothes, makes it easier for users to experiment and create lavish wardrobes for themselves, as compared to the real world. Furthermore, since the clothes are in the form of digital collectibles or NFTs, they can be freely traded across open NFT marketplaces in the secondary market, adding to their long-term value which many physical apparels do not possess.
However, the most important utility of the Metaverse for the fashion industry is that in a virtual world, users can deploy their avatars to visit different stores and try different clothes before making a purchase decision. Digital store reduces the need of brick and mortar store, which is an expensive proposition for brands, especially indie or new designers.
The Metaverse enables fashion labels to reap a host of advantages such as having a borderless presence that transcends physical limitations, creating brand awareness globally and retailing phygital clothes while delivering convenience to their customers.
Besides retailers and brands, consumers are afforded many benefits as well. For example, they can try on clothes at their own convenience, order garments from a virtual store either in physical format or as an NFT, get physical deliveries processed from anywhere in the globe, and maintain their ownership on the blockchain forever.
By marrying physical and digital collections, brands can give digital value to their collections. NFTs are innovative, allowing brands to come up with the wildest creations without any constraints around materials or logistics. Moreover, the psychology of scarcity and limited editions that seems to drive the NFT mania could be a real asset for fashion brands.
Imagine a metaverse where there’s millions or hundreds of millions of people, and they all want to differentiate. Current metaverse platforms allow you to pick from different avatars. Users would want to differentiate and acquiring unique fashionable apparel allows that. We want to express a certain status and affiliate with a certain community like MIRL. These objectives are where fashion and web3 can fill exactly the same need.
The current state of the digital fashion industry is vaguely similar to custom skins in video games, making the items relevant only within specific environments. If the fashion sector excels in web3, there is a chance for mass demand for fashion NFTs the same as how enthusiasts are eager to buy the latest sneaker or handbag.
Another aspect of fashion in web3 to explore is a payment method. It has become undeniable that it’s in the best interest of brands to explore ways to adopt blockchain technology and accept cryptocurrencies as an alternative payment method. However, at this moment, crypto as payment remains a good-to-have alternative payment method, instead of a defacto option, even for crypto natives.
Merging these the physical and digital worlds could have a massive impact on the fashion industry.
From new revenue generation streams to shaping what fashion looks like in the future, it will be a cultural revolution for the fashion industry.
Who is FashionFi for?
The younger generation is the key demographic for digital fashion, especially those individuals who see their digital representation as being an integral part of their social identities.
While the older generations may find Web3 elements hard to digest, there is reason to believe that, over time, more people will come aboard.
Entering the metaverse allows the marketing of a fashion brand to a new demographic. One example is social gaming that gathers many players and their avatars together; collaborating with gaming and metaverse platforms can thus allow brands to engage with new communities. These communities are made up of consumers who are immersed in the metaverse and likely willing to connect virtually with fashion brands.
As well as positioning themselves as trendsetters in this new evolving landscape, brands could use their virtual presence to drive traffic back to their e-commerce stores or to sell wearable designs directly.
Is the metaverse a fad?
Some would argue that the metaverse fashion phenomenon is most likely a passing fad that brands have adopted in order to keep up with the times and stay up to date with the latest digital developments.
However, with innovation and by leveraging on emerging technology, FashionFi could very well be a norm in the near future.
Virtual worlds offer creative opportunities, a white canvas free from stereotypes and social limitations. At its core, the Metaverse is an environment that encourages people to experiment and be creative in their endeavours.
The gap between real and virtual continues to narrow and Web3 brings along new technological advancements, average consumers will increasingly have more choices to express themselves. While not everyone can afford haute couture in real life, you might pick one for yourself in the digital world.
Although the metaverse seems to be a very challenging phenomenon for the industry, it offers brands a few opportunities for development and the possibility to remain relevant and meaningful in the digital world. Event activations are one way they can do so; brands can also explore the blockchain.
How FashionFi pioneers like MIRL lead this fashion revolution?
MIRL introduced various aspects that round out our ecosystem to push FashionFi forward, namely MIRL NFTs, an MIRL Labs e-store, a decentralized autonomous organization (DAO), Wear2Earn and an incubator program.
$MIRL, native to the MIRL ecosystem, serves as the utility token. From granting voting rights to staking bonuses, MIRL tokens create utility for holders and will play a crucial role in cultivating the MIRL ecosystem as FashionFi ramps up its popularity. One such utility involves embracing the MIRL Wear-to-Earn concept. As MIRL partner brands desire to expand their presence in the metaverse, they can take advantage of Wear-to-Earn mechanics. For example, brands can compensate customers for promoting certain pieces by giving them access to exclusive items or airdropping fashion pieces to their virtual wallets.
By resolving systemic fashion industry problems and rehauling the way future generations engage with the fashion industry, the MIRL ecosystem sets a strong foundation to transform into a metaverse juggernaut.
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About MIRL
MIRL is a FashionFi project to empower creatives around the world in both the metaverse and the physical world. Our ecosystem product includes the DAO and incubator that connects creatives and designers all over the world with a global community. MIRL brings the fashion industry into the Metaverse with community-driven products, unique wear-to-earn NFTs, and talented new creators; all while providing solutions to help manage the systematic issues within the current fashion industry model. While fashion has yet to establish a place in the current Metaverse, MIRL and the FashionFi industry have the potential to grow through building peaceful, mutually beneficial relationships to foster a better, more accessible Metaverse. Since its inception, over 350 aspiring designers have joined the DAO. MIRL is founded by designers and strategists who have worked with H&M, SHEIN, Yahoo, Google and Nike. MIRL is also in partnership with top players such as Bybit, Mintable, AVStar Capital, Solanium, MEXC, DAO Kondr, OXO Capital, Dexlabs, Vistalabs, Magnet Ventures and more.
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