The metaverse
The metaverse refers to current web spaces changing into 3d virtual spaces, accessible and shared among users. It is an immersive and virtual online world. It is the intersection of the physical and digital worlds, where augmented reality, virtual reality, and blockchain-based environments enable people to develop and live in new virtual ‘worlds’ to express themselves, connect, interact, etc. Basically like the physical world but without the restrictions of the real world.
It is an exciting and interesting idea built on the capabilities of the development of the web3, and whatever is coming afterwards. However, being “realistic”, the metaverse brings restrictions of its own. The technology needed to be able to enjoy these environments is quite expensive and not widely available. Those issues may be solved soon but we will have to wait and see. As a user, you can buy a piece of land in one of these worlds but it turns out most of the pieces of land have been sold now to people that thought it was cool, or that thought it was a good investment. Therefore, there is not much more land to buy, unless you have the money to pay for the excessive price imposed by the virtual law of supply and demand. So the people that had access to the expensive technology first, have occupied all the virtual space and now sell it to others fighting to get there. Not very inclusive if you ask me. Does it sound a bit too real-world familiar?
In the fashion context, the results are similar. The latest Metaverse Fashion Week hosted by Decentraland, dropped its attendance to fewer than 9,000 unique visitors, a staggering 92% dropoff from last year, according to third-party metaverse analytics firm GEEIQ. And the conclusions are familiar: the experience was technically clunky, the spaces were a little underwhelming and the interactions with the items were too similar to the experience of walking around a real shopping center.