A recent report from technology research and advisory firm Technavio predicts that the Metaverse will hit a market share value of $50.37 billion by the year 2026. Therefore, it shouldn’t come as a surprise that the trillion-dollar fashion industry has started taking a major interest in the Metaverse.
While most luxury labels and brands remain focused on creating nonfungible tokens (NFTs) to replicate physical items, a handful of projects have started bringing their communities into the Metaverse.
For example, on Sept. 5, Vogue Singapore launched a fashion-first Web3 community known as “Vogue Singapore’s New World.” While Vogue Singapore has previously shown an interest in NFTs by tokenizing their Sept. 2021 cover, Natasha Damodaran — managing director of Vogue Singapore — told Cointelegraph that the publication has gone a step further by creating a virtual experience that encompasses the theme of “Fashion’s New World.” Damodaran explained that the platform allows its community to interact with various types of content and imagery. She said:
“Vogue Singapore’s New World currently allows users to explore a surrealism-inspired realm featuring a welcome video from Vogue’s September 2022 cover star and supermodel Lina Zhang. Users can also experience an AI-generated beauty shoot called Bio RESONANCE by artist Terry Gates, along with digital couture by Beijing-based designer Yimeng Yu created exclusively for Vogue Singapore.”
A glimpse inside Vogue Singapore’s New World. Source: Vogue Singapore
Damodaran explained that Vogue’s metaverse is powered by Spatial.io, a Metaverse platform that specializes in 3D spaces. The virtual space has also been designed by Polycount.io, an agency focused on NFTs.
Gianna Valintina, head of marketing at Spatial, told Cointelegraph that Vogue Singapore’s Metaverse is accessible via mobile devices, desktops and virtual reality (VR). She added that users who enter the New World are able to create a custom avatar that can then be dressed in two…