NFT fashion hits the runway as designers launch in the Metaverse

cointelegraph.com:

The rise of the Metaverse has resulted in an entirely new digital economy, one defined by virtual experiences and interactions. In turn, metaverse ecosystems consisting of avatars are also emerging, allowing individuals to express themselves through digital customizable 3D characters. This idea was recently broadcasted to the mainstream when Facebook’s parent company, Meta, introduced a series of inclusive avatars. 

While the Metaverse may sound futuristic, recent findings from technology research and consulting company Gartner predict that 25% of people will have spent at least one hour per day in the Metaverse by 2026. Gartner vice president Marty Resnick has also predicted that 30% of organizations worldwide will have products and services in the Metaverse by 2026.

Given this, it shouldn’t come as a surprise that digital fashion created for metaverse environments is also starting to unfold. Lokesh Rao, co-founder and chief operating officer of Trace Network Labs — a decentralized protocol enabling lifestyle and luxury brands to enter the Metaverse — told Cointelegraph that fashion has always been a way for people to express and carry themselves in the physical world. Yet, as it becomes more common for people to split their time between the physical world and the Metaverse, Rao believes that demand is growing for virtual luxury lifestyle goods. In particular, Rao mentioned that digital fashion in the form of nonfungible tokens, or NFTs, are starting to gain traction with major brands and high-end fashion designers:

To Rao’s point, it’s become apparent that major brands are starting to pay attention to NFTs. In December 2021, sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand