The Metaverse At Work

The central aspect of the metaverse is actually culture. Since there is no tangible object that is purchased, what consumers have is access to a brand’s community. More importantly, having a piece of a company (owning an NFT) means investing in something with value that can potentially increase, depending on the brand’s performance. That means, one can be that brand’s shareholder and community member at the same time.

Similarly, the metaverse flings the door wide open, not just to fashion-schooltrained designers, but also to a whole range of other creatives. Despite the tech-heavy identity of virtual fashion, there’s still as much human work present; therefore, it remains as an immersive experience.

During Decentraland’s Metaverse Fashion Week held in March, showrooms, live band sessions, and brand after-parties were still part of the event. Only this time, guests of the four-day virtual show purchased from avatars strutting down the runway. This emerging, low-risk virtual home for global fashion week events hosted luxury and rising brands, as well as digital-first creators, with the number of participants greatly exceeding the expected capacity. The digital clothing NFT can be worn by a person’s own avatar in the virtual world—but it can also be sold, kept, or even redeemed to receive its physical complement.

From trying to figure out the concept behind the metaverse almost a year ago to including it in long-term brand strategies, companies and consumers have taken virtual events seriously. Even the local fashion scene is stepping up and scratching the surface of the metaverse with digital initiatives.

Is the Philippines ready for the upturn in NFTs and virtual realities? Let’s take a look at what’s happening in the country.