Web 3.0: Virtual closets, digital runaways, digital economy
Ever thought having a metacloset where you can store your own digital fashion? What seemed like a far-fetched reality few years back is the new reality now with fashion steadily moving towards the digital space – fashion in metaverse, a world with digital runways, virtual closets and personal avatar try-ons.
As more and more of people’s lives moves on internet there will be an increase in demand in digital fashion and luxury goods. Morgan Stanley forecasted that Metaverse gaming and NFT tokens would represent a potential market of ~$56 Billion Euros by 2030 for the luxury market, 10% of overall NFTs market says Morgan Stanley1. This presents the huge potential of revenue generation for luxury market in web 3.0 aka metaverse which is reserved for personal avatars or human representations that can be styled and dressed.
With recent launches such as Burberry’s NFT collection, Gucci’s Garden Metaverse with Roblox and Louis Vuitton’s “Louis The Game’NFT”2, big brands have begun to breakdown the conventional methods of business and pave their way into the multibillion-dollar industry.
Offering exclusivity to the next generation consumer
Be it virtual designed spaces, gaming, fashion avatars; creating, exchanging and owning digital goods is the new norm for Gen-Z. This generation born into the digital world will be the most acquirable market for brands looking a decade into the future. Apart from differentiation from physical items, high precision and attractive price points NFTs enable customers to experience luxury in a complete remodeled way, reduce their environmental footprint and experience the same sense of excitement digitally. NFTs even though in its nascent stage is expected to get buyers given both luxury and NFTs are all about collectibles and are sold on the idea of exclusivity.
The market potential is huge which makes it evident for Metaverse to be fashion’s next major investment.
JIGEN – First gateway for Fashion and luxury items in the metaverse and gaming ecosystem
JIGEN is the latest hotbed in the NFTs market offering unique business-oriented solutions to luxury brands to exploit the enormous potential of blockchain effortlessly. Jigen holders can buy tokenized versions of luxury goods via their NFT launchpad, can use them as collectibles, seek market opportunities on DeFi or simply redeem the physical item.
Brands on the other hand can deal with counterfeit; digitize, track and trace the entire lifecycle of an item and have the opportunity to tap into the market which is much ahead of its time.
$JIG token serves the community that functions at the intersection of passion for blockchain and love for luxury.
With adequate partnerships in place and defined goals and objectives JIGEN has laid out a roadmap for development of platform having the potential to transform the way digital fashion is shared and luxury is experienced. Project expects to be launched in public domain by Q1 2022 climbing the first step of becoming the premier brand of metaverse.
References:
- https://www.vogue.in/fashion/content/is-the-metaverse-ripe-for-new-fashion-experiences
- https://www.coindesk.com/business/2021/11/22/metaverse-gaming-nfts-could-account-for-10-of-luxury-market-by-2030-morgan-stanley/
- Parul Aggarwal
Image: Pixabay
