Metaverse -A reality ?
The most revolutionary ideas that was once a figment of science fiction is now taking a digital transformation .The concept of meta verse is to blend physical reality into digital where users can navigate as avatars in the met averse which is a 3D environment similar to the real world.They can work, learn, and socialize in this virtual reality. Its a interconnected space of different virtual environments where user would be walking from one digital city to another shopping clothes , meeting friends, attending concert, going to work, while wearing a VR headset.
How it Works ?
Web3 technology allows users to securely control their digital identities and assets. Blockchain technology allows users to own virtual objects and real estate in the meta verse using currency MANA stored in Ethereum wallet. It uses VR and AR headsets, real-time collaboration software, and blockchain-based decentralised finance tools, AI, 5G and cloud computing empowers meta world.
How it will impact lives ?
Their will be immersive experiences where creativity will cater to diverse human needs and desires e:g attending virtual beach party with friends etc.
Interconnected environments where global connectivity will happen through collaborations like virtual boardrooms, co-working spaces, virtual offices.Industries like entertainment will have virtual movie screenings, theater performances,interactive story experiences .
Education will be reshaped where students can explore historical events travelling back in time and experimenting in virtual labs. Shopping will becomes more immersive in metaverse.. An on-going journey of technology advancement that demands the culture of adaptation and learning.
Meta verse in India in context to Fashion Retail
Facebook renaming it to Meta signifies that they want to build fully immersive met averse. Wider use in India will determine the future of met verse having a significant positive impact on retail and other industries.
To talk in particular for retail and fashion industries it is in midst of transformation reshaping how consumers will experience brands and make purchases making it very experiential ,full of creativity experience of shopping.
Virtual Shopping experiences
In the metaverse, with their digital avatars try on outfits by entering into virtual stores that mirrors the in-store experience.
Major international fashion houses like Gucci, Louis Vuitton, and Balenciaga are experimenting with metaverse stores making virtual collections blending digital art with fashion.
Meta Fashion World
Digital fashion is about clothing designed exclusively for virtual environments.
These digital fashion pieces will defy the laws of physics and material constraints, allowing for unlimited creativity to be experienced and shopped.
Digital Tokens-through NFTs
Non-fungible tokens (NFTs) serve as proof of ownership for unique digital assets which are one-of-a-kind fashion pieces.
Brands creating limited-edition digital clothing where consumers will show their collections on social media, in gaming platforms, or in virtual spaces.
Virtual Customisation
In metaverse Avatars in virtual environments can be dressed in customised outfits tailored to individual preferences.
Consumers can mix and match digital fashion items to create unique looks that reflect their style, just like in real life.
Virtual try-ons
The metaverse allows consumers to “try on” outfits on their avatars before making a purchase.
Using (AR) technology, shoppers can see how a dress, jacket, or pair of shoes would look creating more interactive and engaging shopping experience.
Brands like Nike have launched virtual try-on features for sneakers etc giving better experience and reducing return rates .
Virtual Fashion Events
The metaverse is transforming the way fashion brands show their new collections.
Users can attend as their avatars and watch models display digital and physical collections on runway shows.
Brands are now hosting digital fashion shows in the metaverse.
Sustainability
The rise of Metaverse offers a potential solution reducing the need for physical production and distribution. Fast fashion and overproduction have contributed to excessive waste, water consumption, and carbon emissions.
Future in retail
The metaverse—is a lucrative opportunity for retail as a whole. Brands must adapt their strategies to meet these digital-prone customers.
Virtual Malls and Stores: In the future, consumers may shop in virtual malls, browse collections, and make purchases for both digital and physical items. “Try before you buy” AR technology allows customers to visualize how it will look before making a purchase. Retailers can use AR and VR to create immersive shopping experiences foe better online and offline worlds.
Challenges & Concerns
Information privacy- as the met averse collects a lot of information about users and their environment and concerns are about how this information will be used. Deepfake videos, physical security,perception of real world, Identity and creative work theft ,are few other challenges that would need solutions !
