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Creating your business model canvas, with a spotlight on design and fashion.
The Metaverse is being built at the speed of thought. Are you thinking about how and where your brand should play, or indeed not play?
Either way, what do you and your team need to consider as you decide to enter or stay away from this bourgeoning emerging market, mooted to be US$ 1.5trillion in a decade.
In our second X-factor of 2022, we take a look at the smart ingredients of a business canvas, with a spotlight on design and fashion.
The Metaverse is fast populating, with leading designer brands like Gucci, Louis Vuitton, Balenciaga, Tommy Hilfiger, Dolce & Gabbana, Prada, and Burberry seemingly as comfortable in the Metaverse as they are on a Fashion Week catwalk.
But what are they creating? What are they wearing? Indeed, what should brands, products, and even people look like the Metaverse?
Here’s what we notice.
Digital fashion is not limited to clothing for avatars. It’s a growing fashion subculture that includes the digital design and modeling of real-world clothing.
But most significantly, designs for both real and digital clothing & accessories are being captured on a blockchain. This way these digital assets can be ‘sold’ as NFTs or Non-fungible Tokens, creating a whole new possibility for value creation by way of ‘Collectibles’.
Indeed, we are also seeing digital clothes rendered onto real people. And there’s an early school of thought suggesting digital fashion could one-day eclipse people’s needs for real, tangible clothes.
Others are mooting that outfit repetition will become an outdated concern, since digital-only clothes exist solely for sartorial performance and self-expression, beyond the constraints of physical reality.
Let’s unpack, unravel and explore.
Join our global panel of Meta Shapers as they share their journey into the Metaverse.