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BullCaster #11 | How the Metaverse Is Changing the Fashion Industry
BullCaster #11 | How the Metaverse Is Changing the Fashion Industry

With the metaverse, we can now create any look we want and experiment with new styles without having to leave our homes. This is a huge shift for the fashion industry and it’s only going to get bigger from here.

  • How does the metaverse allow for more creativity in fashion design and production?
  • How does the metaverse make it easier for fashion designers to connect with their customers and followers?
  • What are some of the challenges that the metaverse poses for the fashion industry, and how are they being overcome?

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How would you describe the metaverse fashion niche and how does it fit in Europe right now?
There are some very competent people in this space. I think there’s lots of people with expertise and the people I certainly get infused by kind of communicating and meeting other people with external non-tech backgrounds. They are looking at opportunities and then also the tech companies that are looking at opportunities. That’s when it is becoming really exciting. From a metaverse perspective, we’ve got a massive evolution of our world as it is at the moment; we’ve had some challenges we’ve all known over the last few years. I also love the idea of decentralization. From an industry perspective, we need a change of guard. We need people to not care so much about the way that brands and retailers have imposed “this is what you should be wearing”; on the contrary, they should give control back to the consumers.
What are the biggest challenges of adapting to this new trend? How do we handle this immersion of the older generations?
The generational shift has been the challenge. It is so clever of all the major brands to be thinking about the current and upcoming generations as consumers. If we look at the older generations though, I personally have had multiple conversations with people of different ages and most of them don’t know what an NFT is, they’ve never heard of DAO, etc. In 10-15 years time, I’ll be 65. A 65 year old then will be very different to 65 year old now as we have had a 65 year old 20 years ago. There’s a great book that explains this age gap concept. It is called “The Hundred Year Life” by Lynne Gratton and Andrew Scott. It talks a lot about how generations kind of adapt to change and how they get their mindset. It is very relative because we’re going to be spending much more time in recreational time and part of that will be recreating our skills and experiences through the metaverse.
According to McKinsey, China was the standout metaverse fashion performer over the last year. In your opinion, what countries will lead the way in the metaverse fashion this year?
There are some great things being done in South Korea as well as China. In fact, the Far East generally is doing some amazing things. Also, places like Canada where pockets of people group together on LinkedIn or Discord to form new communities within which they all are uplifting each other. Israel is a hot bed at the moment for tech; I interviewed Danik Peleg, an unbelievable 3D designer. There’s also a report that the fashion metaverse council put out there for everyone and it says that France comes out as one of the most progressive and involved countries. As we develop, the world has gotten so much smaller now; with all the technology, it keeps getting smaller and smaller. We all are getting closer; the fact that we are having this conversation online right now says it all.
What will happen with physical fashion? Will brands reduce the number of physical stores? How will this impact the traditional economy?
I’ve grown my career using physical stores and COVID was a big shock to the system. Certainly, to my business as well because I lost interaction with physical stores overnight. Now, we all need to dress ourselves; eventually, we are going to need clothes. However, the perception of the consumer is changing. They’re becoming more conscious now. Our habits are changing too, including listening to podcasts instead of reading a book. I believe brands need to be a bit more cognitive; a lot of them have been very complacent for the past few years. They also need to be a bit more mindful how the customers and consumers are going to be buying in the future. And that ties really nicely with transparency and blockchain.