The trillion dooll fashion industry is Exploring new ways to reach people in The ever growing digital space and some Companies think web 3 might be the way To do it fashion houses are using web 3 Components like nfts blockchains and the Metaverse to bring their designs into The next iteration of the internet Allied analytics found the global Digital clothing Market which Encompasses augmented in virtual reality Ai and blockchains could Skyrocket to Nearly $5 billion by 2031 that's compared to about $500 Million the digital clothing industry Generated in 2021 the blockchain segment Was the largest market that year Contributing to a third of the global Digital market share blockchain Technology is expected to maintain its Leadership status through 2031 the Apple Vision Pro and the future of VR provide Such an opportunity for us to create Digital clothing that people can wear And and and flex in in their cyber world Metaverse whatever you'd like to call it As the industry at Large grows through AR and VR and as that space continues to Develop the digital clothing Market will Continue to accelerate Nick Adler and Brandon Russo are co-founders of the Fashion brand mintage the vintage Clothing brand which launched in 2022 Integrates blockchain technology into
Garments when we think about the Blockchain ad mintage we really think About it as an important feature within The overall brand the first and foremost Thing that we've done is to integrate NFC chips into our products super simple No logins you tap your phone up against There you tap the link that opens up the Web browser and then it pulls up the Verified um the verified token and so Really blockchain is kind of the Backbone within that digital receipt When you open it and you start to browse We can continue to update it and refresh It and add more information a lot of What's really important to us right now Is storytelling so we want you to know Who designed the item what number the Item is in the collection what potential Uh rips and tears and things that we Call traits live with the item Potentially who wore the item um was it Worn by some celebrity mintage isn't the Only fashion brand looking to harness Blockchain technology to benefit its Business and its customers major labels That have been around for decades are Two lvmh the conglomerate behind some of The biggest brands in fashion like Louis Vuitton and Christian Dior expanded Their web 3 push in June by announcing a Partnership with epic games the collab Operation allows lvmh to utilize epic 3D Creation tools to offer things like
Virtual fitting rooms and fashion shows And Gucci has ventured into the world of Web 3 gaming teaming up with platform Roblox and augmented reality mobile Games like Pokémon go Gucci has also Been big on nfts in July the luxury Brand teamed up with Auction House Christies on an nft collection the Italian fashion house is one of the First Major Brands to truly embrace the Space accepting crypto payments and US Boutiques Gucci with their nft drop and Then continuing to push the boundary Whether it's Roblox or some of those Other video game spaces those are Awesome wins for the industry at large Lvmh doing their via collection Adidas With what they've done with their ults Community and how if you really love Basketball you can go by the basketball Um nft and then that one gives you Basketball related experiences same Thing with running same thing with music That's also a really cool way to engage Your community and your customers now Here at this conference called fash Innovation worldwide talks the topics of Tech and fashion took center stage and That includes web 3 events together is really for the Industry to get together to collaborate To change ideas super important Especially as everything moving so fast Jordana and Marcela gumas are the
Founders of fashion Innovation a global Platform aimed at fostering innovation In the fashion industry I think web 3 Could be a huge asset when it comes to The the industry being more sustainable Because then you don't need to have Things physically where you're touching Them you're still experiencing fashion And you can even like create things and You could be a part of that ecosystem Without us having to have so much ways At the end with things that don't have To exist she predicts web 3 will become Synonymous with fashion within the next Few years especially with the Integration of AI the technology that Was the main focus at this conference a Lot of your panels here today focus on It So you is that taking away from of the Blockchain nft meta worth web hpe that We heard so much about in 2021 and 2022 I think yes NFD metaverse Specifically a lot of big brands that We've spoken to espec even when it was The the big hot thing you know a lot of Them said to us like I you know I don't Really know how I can integrate this Into I don't know if it's going to work I don't know if I'm going to get new Consumers by doing this with virtual Reality these different experiences I Think it's just going to take time Kimberly Carney is the CEO of fashwire a
Shopping app Marketplace she says there Are more than 500 brands from 50 Different countries on her platform and She's not hearing much from them about Web 3 what we're thinking of is we want The try on products through AI we want The customer to be able to come into the Website come into the app try it before They buy we want them to see what it's Going to look on them so they have that Experience of not only knowing the brand Being able to get feedback but also they Can see it on themselves before they Even go to the Brand's website AI right Now is absolutely All the Rage Alan Max Says the crypto winter partly drove the Fashion industry's rapid shift to AI but A majority of people we spoke with at This event say web 3 still presents Opportunities for fashion especially as Crypto makes a comeback in real life Experiences I think are going to be a Big thing um whe whether that be like if You're a musician for something like That you can you know buy something at The merch stand at a concert and then When you tap into it you can unlock Digital downloads or other experiences It'll unlock maybe like a recording of The concert that you were just at and That could be something that's really Special when I think of fashion in this New era of internet connection I think Of Technologies like blockchain um and
How we can utilize that to create uh Chains of ownership um how we can use it For uh loyalty programs and for Consumers to connect more deeply and Intimately with the brands that they Participate with and I think of it in Terms of artistry and storytelling so How we can use these emerging Technologies to create really immersive And emotional experiences for Brands and Consumers to connect and when I think of The future of fashion I think it's Becoming more accessible and what that Means is is when you look at augmented Reality when you look at virtual reality Both of those are giving experiences From home as like we've all been more at Home we've all been more remote those Experiences give people that maybe Wouldn't have had the opportunity to go To a brick and mortar store go try Something in person have like more of an In-person experience with that product And I think that's really beautiful While some brands have been taking the Plunge experimenting with web 3 not all Are sold some fashion designers like Like Nicole Miller who has been around Since the early 80s say they have no Plans to move into web 3 I think we're Going to get away from all this Silliness and you know all this Artificial stuff and you know you know Fake clothes and everything and and
Having avatars I think we're just going To go back to real clothes and natural Fibers and I think we're going to revert Back the other way because I think it's All going too far there's always going To be people who want to be traditional And are really about the authentic Brand or the authentic art and I Ultimately respect that technology is Something I welcome and I'm truly Excited about I think that web 3 is just Another technology that we can adopt and We can figure out ways to integrate I Don't believe it's going to uh take over An entire industry I think it's an Exciting opportunity like I think of the Internet like I think of other types of Tech it it just opens up new categories Um and I think that people will slowly Embrace it and it'll become something That we don't even think twice About
