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Is There A Fashion Metaverse?

Founder and CEO of The Business of Fashion Imran Amed steps into the virtual realm with the pioneering entrepreneurs behind Ledger, The Dematerialised and RFTKT Studios to discover why the metaverse is being seen as the next fashion goldmine. Video by Business Of Fashion

 

What is the metaverse?

The term “metaverse” refers to a collective virtual shared space, created by the convergence of the physical and digital worlds. It is often described as a collective virtual reality, in which people can interact and communicate with each other, as well as with virtual objects and environments. The concept of the metaverse is often associated with science fiction and futuristic scenarios, but it is also being explored in the fields of gaming, social media, and virtual worlds. Some claim that the metaverse eventually will become a new platform for commerce, education, and entertainment.

What is a fashion NFT?

NFT stands for “non-fungible token,” which is a type of digital asset that is unique and cannot be exchanged for other assets on a one-to-one basis. NFTs are often used to represent digital collectibles, such as art, music, or videos, and are stored on a blockchain. In the context of fashion, an NFT could be used to represent a digital garment or accessory, allowing it to be bought, sold, or traded on a blockchain-based marketplace. This could potentially allow for the creation of digital fashion collections, or for the creation of virtual fashion shows or events. The use of NFTs in fashion is still a relatively new and emerging area.

 

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