In the realm of digital transformation, few industries remain untouched. In her insightful exploration, McKenzie Miranda unveils the transformative potential of the Metaverse in the fashion industry. Here’s a closer look at this new frontier, as seen through Miranda’s lens.
With global spending on virtual goods reaching a staggering $110 billion in 2021 – a full 30% of which was dedicated to virtual fashion – Miranda identifies a trend that’s set to change the face of fashion as we know it. As this digital realm expands, projections suggest spending on virtual goods could hit $135 billion by 2024 and 5 trillion by 2030!
But, as she rightly points out, the impact of the Metaverse extends far beyond numbers. It’s also about the transformation of creativity and design principles. In the Metaverse, the ordinary rules of fashion design dissolve, opening up unprecedented opportunities for creative expression.
Miranda highlights the flourishing success of independent digital designers in this space. She draws attention to Samuel Jordan, a 23-year-old designer who saw his income escalate from $30,000 in 2019 to over a million dollars in 2021, thanks to innovative digital designs sold on Roblox. These examples underscore Miranda’s argument that the Metaverse has become a game-changer for the fashion industry.
She also notes that industry titans aren’t sitting idly by. She underscores Nike’s strategic acquisition of RTFKT, a millennial-run digital design studio. From a valuation of $33.3 million in January 2020, RTFKT, backed by Nike, now stands as a strong contender in the Metaverse fashion scene.
Miranda paints a vibrant picture of the fashion industry on the brink of a digital revolution. Her exploration reveals a landscape where independent designers rub shoulders with major brands, all playing out in the Metaverse – the hottest new frontier in fashion. It’s clear that as we step into this digital future, the lines between fashion and technology continue to blur, driving home Miranda’s compelling assertion: The future of fashion is here, and it’s digital.