The metaverse offers the Chinese fashion industry both immense opportunity and creates potential concerns of its impact on the economy and consumers.
, with a huge influx of capital from investors, a flurry of “bets” made by the business world and a steady stream of research from the scientific and economic communities. The Chinese fashion industry is rushing into this new world, too, vigorously exploring its deeper dimensions.
In China, companies have taken a more multidimensional approach to the metaverse, applying it to design and development, marketing and creativity, and manufacturing, as well as permeating it throughout the infrastructure of their digitalization process. Zhu predicted that 2022 will be a critical year for the integration of the metaverse into the operations of all industries in China.According to Zhu’s analysis of the Chinese market developments in 2021 the country is likely to take a leading role in combining the metaverse with education, culture and the intelligent manufacturing industries.
Zhu thinks Morgan Stanley’s statistics are quite conservative, believing the metaverse will grow at a much faster pace. The exclusivity and uniqueness of luxury goods means they inherently are the easiest to combine with NFTs, but NFTs alone aren’t enough — there must be a more profound experience and engagement, meaning the metaverse is needed. This makes the metaverse plus NFTs plus luxury goods a new trend in the fashion industry with explosive potential.
How can such a disruptive revolution be achieved? Digital technology plays an infrastructure-like role in this.
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