HOW WEB3 STARTUPS CAN REVOLUTIONISE THE FASHION INDUSTRY
I have spent half of my marketing career working with corporate sharks and the other half working with tech startups. Both teams can generate brilliant ideas and products based on experience and internal drive.
The world of fashion is constantly evolving, and we have seen how big fashion names like Prada, Gucci, Nike, Off-White, Rolex, and Adidas have begun to heavily incorporate web3 technology in 2022, mostly by showcasing unique digital art and wearables.
Web3 technology is used to create virtual fashion shows, allowing customers to interact with the clothes in a digital environment. This greatly increases the reach of fashion shows, making them accessible to people all over the world.
Another potential use for web3 in fashion is the use of digital collectibles. These digital assets can be used to represent ownership of physical garments and can be bought, sold, and traded on the blockchain.
The world of fashion is constantly evolving, and we have seen how big fashion names like Prada, Gucci, Nike, Off-White, Rolex, and Adidas have begun to heavily incorporate web3 technology in 2022, mostly by showcasing unique digital art and wearables.
Web3 technology is used to create virtual fashion shows, allowing customers to interact with the clothes in a digital environment. This greatly increases the reach of fashion shows, making them accessible to people all over the world.
Another potential use for web3 in fashion is the use of digital collectibles. These digital assets can be used to represent ownership of physical garments and can be bought, sold, and traded on the blockchain.
The value of the metaverse industry is projected to hit about $13 trillion by 2030, with fashion and luxury retail representing $50 billion, a study from Chalhoub Group shows.
But today, I would like to talk about the synergy between the corporate world and startups that can bring new levels of innovation, particularly when we talk about blockchain, AI and IoT.
Startups have the advantage of being able to enter the market rapidly. Their ability to swiftly develop and introduce not only products but also marketing strategies can be intimidating to established companies. Furthermore, startups typically foster a culture that promotes a growth mindset, which drives their teams to continually innovate, overcome challenges, and find opportunities for expansion.
That's what we need in a decentralized web today.
But today, I would like to talk about the synergy between the corporate world and startups that can bring new levels of innovation, particularly when we talk about blockchain, AI and IoT.
Startups have the advantage of being able to enter the market rapidly. Their ability to swiftly develop and introduce not only products but also marketing strategies can be intimidating to established companies. Furthermore, startups typically foster a culture that promotes a growth mindset, which drives their teams to continually innovate, overcome challenges, and find opportunities for expansion.
That's what we need in a decentralized web today.
To quote Filippo Chisari, Web3 Strategic Advisor “Brands are starting to experiment with customer-facing use cases of blockchain, and the next phase would be using the technology to improve business processes.” And here startups can help us with this next phase. They have a more prominent inclination toward problem-solving compared to their archaic corporate counterparts (no offense here:)
There are a few areas where startups can spark their ideas for web3 fashion:
- Operations. Leveraging the power of blockchain technology, artificial intelligence, and advanced privacy we can track the journey of each product throughout the value chain. But accurate data input across different locations and stakeholders is still a pain point.
- Employee Training. To bring innovation to staff across big corporations or fashion houses requires a lot of educational programs and training. Web3 educational products for employees/staff training could advance the mass adoption of blockchain. EdTech products should be tailored to meet the unique goals and requirements of a business, with a blend of theoretical education and hands-on experience, which will be more effective.
- Communications (AdTech and MarTech). We know that web3 marketing and communication are different but the tools we have are still limited. “Storytelling is a powerful communication tool but we are lacking it in the web3/blockchain space. We need to deliver a simple, understandable story to shape public perception", comments Costantino Roselli, Founder & CEO at digital luxury fashion studio NTZNS. It is time to revolutionize advertising and marketing ecosystems with new platforms.
The best way to start a web3 fashion startup is to start small and build from there. This means starting with a small pilot project that allows you to test your ideas and see what works and what doesn't. You can then use this pilot project to raise funding and build a larger, more sustainable startup.
Overall, web3 fashion startups have the potential to create a more sustainable, transparent, inclusive, and equitable fashion industry. However, there are still relatively few web3 fashion startups, and more are needed to help drive the industry in a more sustainable direction.
Overall, web3 fashion startups have the potential to create a more sustainable, transparent, inclusive, and equitable fashion industry. However, there are still relatively few web3 fashion startups, and more are needed to help drive the industry in a more sustainable direction.
Of course, as with any startup, you may face challenges in product development, team building, investment, product launching, and many other things. But on the brighter side, you are not alone and those words actually mean something in web3. The significance of community in web3 can be measured by the prevalence of decentralized autonomous organizations (DAOs). An engaged community helps us better our products with their feedback, add more features based on their needs, and onboard more people onto web3.
It is now your chance to discover your role in the Web3 "new frontier."
It is now your chance to discover your role in the Web3 "new frontier."
Metaverse Fashion News
- Advisory board member of DAO MFCCMO at GlobalUp | Marketing & PR | Web3 | Content Producer | Fashion Lover
READ MORE