Big fashion brands are putting all of their attention into the metaverse and NFTs, but brands that have always been in the Web3 space are going back to the real world to get noticed.
This fall’s New York Fashion Week (NYFW) sees Web3 fashion flipping the script. A two-day show organized by Nolcha Shows will feature the real-world (IRL) debut of fashion firms that are native to the Web3 area.
For 14 seasons, Nolcha Shows has been actively curating events. Nevertheless, there will be a Web3 edition this year with Web3 native brands and a panel discussing Web3’s influence on the future of the fashion industry.
Giants in the fashion sector have jumped into the digital world with lightening speed in recent years. Along with its metaverse and NFT collaboration with Roblox, Gucci began to accept cryptocurrency in stores earlier this year. Other well-known companies with ambitions for Web3 integration include Balenciaga, Hermes, and Phillip Plein.
Even though these brands have made millions by experimenting with decentralized technology, Web3-born brands are going back to IRL events to get their names out there.
One of the Web3 native brands that will be at NYFW is the fashion brand ChainGuardians. It’s a brand that relies a lot on the trendy word “phygital,” which refers to Web3 assets that combine parts of real life with digital ones.
Nonfungible tokens (NFTs) are a type of wearable that can be used in the metaverse but also has a physical counterpart. Mandel says that phygital products will be the most interesting way that Web3 will be used in the fashion industry.
“Phygital products that will blur realities and enable people to form numerous personal identities in both worlds – virtual and IRL.”
He also said that brands could save money on physical products and retail services by using these kinds of products.
From March 23 to 27, this year, the first-ever metaverse fashion week was held in Decentraland. Mandel, on the other hand, says that for brands that have grown up in these digital spaces, going to IRL events helps move the Web3 principles of accessibility and community forward:
“The reason web3 native brands opt for IRL events is to lower the threshold adaptation. Right now, the entry point and access to bigger crowds in a meaningful way is at in-person events.”
The fashion industry veteran says that it’s important to remember that Web3 is not a full replacement for in-person events, even though it adds a new dimension to them.
“Phygital is cyclical and reciprocal. It’s about creating IRL products and experiences that will blur the lines between real life and virtual reality.”
Still, there needs to be a balance between those inside and outside of Web3.
Mandel says “tech jargon that people don’t understand and actually fear so prefer to ignore.” He thinks that these barriers will be broken down as more native brands move into the space and more Web3-born brands move into the real world.
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