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Tushar Gandotra, Founder and CEO, FiEx
Meta Description: Metaverse and NFT seem all ready to take over the fashion and luxury segments thanks to the immense opportunities these digital technologies offer to stakeholders across the ecosystems.  
Metaverse and NFTs  
Metaverse and NFTs have spawned an entirely new digital economy that is defined by virtual interactions and experiences in the digital space. These segments offer immense opportunities and create a win-win situation for all stakeholders across the business ecosystem. No wonder, industries are showing a mad rush today to adopt metaverse platforms and come up with digital avatars for their offerings. Still not convinced then look at the numbers put out by the consumer research firm Gartner which has thoroughly researched the metaverse and NFT scenario and come up with the following results: 
The figures are encouraging and going by the pace of current developments, we seem to be at the cusp of a digital revolution spearheaded by metaverse and NFTs. 
Applications in Fashion and Luxury Segments
While the market potential for metaverse and NFTs is huge, these technologies are particularly disrupting the fashion and luxury segments of the global markets. The trends of digital fashions have started to unfold and as people split their time between the virtual and the physical worlds, the demand for virtual luxury goods is also picking up considerably. 
Specifically, the craze for digital fashion in the form of digital assets such as NFTs is finding immense favour with fashion designers, buyers, and brands, with all stakeholders finding these technologies more enticing and fulfilling. 
Industry Trends and Developments 
As fashion plays an incredibly important role in defining one’s personality, NFTs on various metaverse platforms have the capacity to become a gamechanger in the luxury and fashion categories. The industry seems to agree as it’s very much apparent from moves that all major luxury and fashion brands have made with regard to putting their undivided focus on metaverse and NFTs. 
Sample this: in December last year, the major sportswear manufacturer Nike acquired RTFKT, virtual collectables and sneakers brand, to make its entry into the metaverse space. This development signifies that fashion brands are seriously mulling taking the virtual space and putting efforts to conquer the digital territories before rivals. 
It is also worth noting that luxury brands such as Jimmy Choo and Dolce & Gabbana came up with their own NFT collections at the 2021 New York Fashion Week. The nine-piece NFT collection released by Dolce & Gabbana was conceptualised by UNXD, a reputed boutique that creates designs for several iconic brands in the luxury space. 
Metaverse Fashion Week: Start of a new Era in the Fashion Industry 
Witnessing the huge impact that metaverse and NFTs have already had in the fashion world, it is quite natural to see their progression onto metaverse platforms. In fact, this collaboration has resulted in the fruition of “Metaverse Fashion Week” with many more such events on their way to becoming part of the fashion calendar in the coming months and years. 
The success of one such event “Metaverse Fashion Week” organised by Everyrealm on 14th February 2022 with 40,000 audiences in attendance testifies to the huge scope that metaverse and NFTs have in the luxury fashion categories of the market. 
Incentives for Stakeholders
Another important factor that is fuelling the adoption of metaverse and NFTs in the large number of creative opportunities these generate for stakeholders across the business ecosystems. While Creators and brands get a chance to connect more deeply with the customers, customers get access to unique, interactive, and more immersive experiences that are equally unique and exclusive. 
This mutually beneficial relationship where all parties win without any stakeholder sacrificing their interests is the basis for the self-sustaining ecosystem. Metaverse and NFTs are helping to create such a self-sustainable ecosystem, and this explains their tremendous appeal among the participants.  
Conclusion 
NFT collection on metaverse platforms represents an innovative way to connect with a wider and more diverse set of customers. Given the success we have witnessed lately around metaverse and NFT space, it is highly likely that digital fashion and designs will continue to have their dream run in the future too. 
Of course, there are creative and technical challenges (e.g. interoperability) associated with these emerging categories but these issues can be easily solved with the help of a collaborative approach. Experts in the industry suggest that the future of the luxury and fashion segments lies in metaverse and NFTs and as companies explore new ways to engage with customers, metaverse and NFTs can offer them the opportunity to experiment through hybrid/virtual offerings and merchandise.
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Views expressed above are the author’s own.
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