The metaverse is a term that means beyond the universe, where the universe is a single reality while the metaverse goes beyond it, for example by adding virtual features to a real object e.g. with augmented reality.
Why is metaverse becoming important for fashion and for the economy?
The metaverse is becoming important in for fashion brands and the economy in general because people are spending more time in virtual realms. If you have studied marketing and advertising you may know that people used to spend a great part of their spare time in front of the TV and that made that medium a powerful tool for advertisers as it allowed to reach millions of people repeatedly.
How big is the NFT market?
Analysts at Morgan Stanley say the market for virtual luxury goods could be as large as $50 billion by 2030
Digital demand for fashion and luxury brands is expected to grow from current low levels and result in extra sales for the industry that could reach $50 billion by 2030, according to Morgan Stanley
According to Morgan Stanley, NFTs (non-fungible tokens) and social gaming could expand luxury group’s total addressable market by more than 10% in eight years time and boost industry earnings before interest and tax by around 25%.
It also said Italian brand Dolce & Gabbana’s recent sale of nine NFTs for $5.7 million, albeit small, highlights the virtual and hybrid luxury goods’ huge potential over the coming years.
What is the relation between cryptocurrency and the metaverse?
The cryptocurrencies are often used for transactions in the metaverse, however the thing that they have in common is the blockchain technology which is a distributed calculating approach.
Is Facebook a metaverse?
Facebook is part of the metaverse even if it’s not a 3D virtual
3 elements that characterise the metaverse
- Presence of Avatars instead of real people;
- Interaction with other avatars is possible;
- It’s represented as a virtual place;
What is Gucci superplastic?
Gucci superplastic is a collection of super-limited NFTs created as part of a collaboration between the Gucci brand and digital artist
These were co-created by Alessandro Michele, Gucci’s head of design, and SUPERPLASTIC synthetic artists Janky and GuggimonDesign TAXI
It’s a series of NFTs co-branded Gucci. Some screenshots from Superplastic website below.
Watch the Gucci Superplastic video
Not all metaverses are 3D spaces: discord servers.
With Discord app people can create virtual spaces where they can collaborate, discuss and play with groups friends. In Discord you will need to create a space that is you and your friends own. It is a virtual space but it’s not in the form of a 3D ambient.
What is the difference between the metaverse and virtual reality
Virtual reality is a technology that is used to re-create the visual forms of reality in a digital environment, typically a 3 dimension digital world that can be navigated on a flat screen or by the use of special glasses Virtual Reality Glasses. The essential feature of VR is that you see the “fake world” in first person and it’s a 3D environment.
A metaverse can be represented as a 3D virtual world, but the key difference is that in a metaverse the relations between people is a core feature, while in Virtual Reality the relation with other people is not mandatory.
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