Fashion in the metaverse. What are the NFT and why they are successful?

Why should I buy clothes in the metaverse?

People need to dress up also in the metaverse. Which means that your avatar need clothes, shoes, accessories and probably stuff his/her house and so on.

You don’t have an avatar? Don’t worry you don’t need one yet, but you are likely to have one in the near future, when “the metaverse will be a reality”. For the moment you only have an avatar if you are an online gamer of massive multiplayer online games, such as Fortnite, Roblox, Animal Crossing or League of legends just to mention a few.

These metaverses are virtual worlds where you have an avatar that you use to play and you can buy objects such as clothing in the game and you pay for these virtual clothes with real money.

The preferred currency to be used in these metaverses are the cryptocurrencies such as bitcon, which are based on blockchain technology.

Now, you or someone else could say “I don’t play games and my target audience doesn’t play games neither, so why is it interesting for me?”

Whether you play virtual reality games or not, the metaverse will come to you. Some people say you are already in it as you are in Facebook, Whatsapp and other applications where you have a Digital Identity. Perhaps you have a nickname or a username, a photo and some information about you. These pieces of information build up your digital identity.

Let’s imagine that tomorrow you can build an avatar on whatsapp with your face and when you do the calls whatsapp will present to the persons on the other end of the line an avatar with your face, a body and some clothes on. Would you want your avatar to wear standard clothes, like a red overall, or would you want your avatar to where a Dolce & Gabbana suit?

The concept of stock in the metaverse

In order to understand the value of products in the real world we need to consider if a product is scarse or if there is plenty of units around the world to meet the demand. If a good is scarse the price is higher because the supply doesn’t meet the demand and the seller can raise the prices of the scarse goods because they know that people will buy them anyway.

We all know that we can make as many copy as we wants of a file, like a picture, we could send a copy to each one of our friends, all of them will have a copy of our photo and the photo has no monetary value because it’s not scarse and we can make as may copy as we want. At the same time we would not be able to know who has the original photo, because the files are all identical.

In order to stop this to happen we can use the blockchain technology to add a certificate to a file that makes that file unique and identifiable, in other words that file has its own digital identity.

By assigning a unique blockchain code to each single copy of a file we can create the quantity of stock available of a specific file. Let’s imagine that you want to buy a Gucci bag in a virtual world and there are only 3 bags available. The blockchain technology helps us to create 3 unique digital bags that are recognized on the internet and you own one of these three bags.

The non-fungible tockens NFT applied to fashion

One a virtual object like a digital handbag has been provided with a digital identity with the blockchain, it becomes a Non-fungible tocken, which means that:

1. If you loose your tocken the tocke is lost and cannot be replaced;
2. You can resell your tocken if someone is interested in buying it;
3. You can use it in all virtual environments that are compatible

With this last point we touch one of the most important open points of “the metaverse”: we need a common language, in order to make sue that the Avatars and NFTs created around the world will be compatible, in otherwords a standard.

Here some resources to understand even better the NFTs:

Ian Rogers: “Five years from now, we will have closets where we share our digital collections”