Metaverse and fashion

Abstract

Few months back Facebook announced that it would be rebranding itself to Meta to focus on the rising concept and technology of “Metaverse.” Since then there is a buzz and confusion around the actual meaning of the word. In the words of Kristi Woolsey, Associate director at BCG, “The term Metaverse is used to describe a combination of the virtual reality and mixed reality worlds accessed through a browser or headset, which allows people to have real time interactions and experiences across distance.” Metaverse arises from intersection of 3 technologies: 1. Metaverse Worlds (m-worlds): It is gathering of millions of active users through their smartphones, tablets and PC’s which is facilitated by cloud services and connectivity 2. Augmented, Virtual and Mixed Reality: Integration of digital objects in physical world in AR and Immersion in 3D world not interacting with the physical world as in VR. 3. Web 3.0/ Collectibles & NFTs: Economic activity within community interacting within virtual setting. As of today, not a lot of people are using all the three metaverse technologies simultaneously. But there are clear point of intersection between all three technologies. It is believed that the convergence will be gradual depending on the headset penetration. (Jean-François Bobier, 2022)