2 trillion opportunity by 2030

Fuelarts together with Denis Belkevich and DAO Metaverse Fashion Council have recently hosted a webinar in order to discuss collaboration between metaverse fashion and digital arts, NFT technology in the fashion sector, financial opportunities for fashion brands in Metaverse and much more. Here are some of the highlights from the webinar:

— "2 trillion opportunities by 2030". What does this number stand for?

“2 trillion opportunities by 2030”. What does this number stand for? Everyone understands that no company can get $2 trillion alone. Yet, according to the recent McKinsey report, Metaverse has a potential to generate up to $5 trillion in value by 2030 and it is a fair guess that the fashion industry would take up about $2 trillion. This market can be taken by young startups, developing Metaverse Metaverse already today. There are many forecasts as well as speculations on the future of Metaverse Fashion Metaverse, but we already understand that DAOs (not the big brands as in physical world) will play a key role in Metaverse Fashion. This can be explained by the decentralized nature of metaverse as well as by GenZ’s desire to manage their own assets (as well as their identity through the world of fashion). From 2023 we're enreaching Fuelarts' mentors team specialized in Art+Tech & NFT with digital fashion designers and metaverse architects. These mentors will help startups, that are merging art and fashion in the metaverse.

Denis Belkevich

— From 2020 we see a lot of collaborations between fashion brands and digital artists / NFT startups. Do you think these brands try to speak the digital language of Gen Z, persuading them into buying real clothes? Or these brands see full-fledged digital apparel as the future? What do fashion brands currently create within Metaverse?

With the latest release of the Tiffany’s x Crypto Punks project, it was interesting to see the fashion industry connect directly to a crypto native community and to customize a product with no true connection to their own current market or brand audience. This strategy leveraged existing holders within key web3 communities using the access already proven to be valuable and reduced the risk of the brand needing to invest in it themselves. To truly characterize a project as web3, I believe it should authentically align with the brand message, leverage new and existing communities through an open dialogue, and utilize the revolutionary technology that is the blockchain

Lauren Kacher

— How can NFT technology improve and develop the fashion sector? What issues can NFT possibly solve within the industry? What makes MFC special?

NFT technology can democratise access to the industry for both creators and fans. By providing transparency through on-chain data we can start to make the fashion supply chain sustainable and purpose driven. We can allow creators and designers all around the world direct access to consumers and events through the metaverse. Culture and ideation will be nurtured and supported globally and locally, direct to consumer. New forms of creativity, meaning and production will be born through DAO and decentralised collaboration methods, that remove the need for gatekeepers in the industry.

What makes Metaverse Fashion Council special is that we are dedicated to supporting the development of the whole digital fashion ecosystem. Focused on community driven standards, transparency and creative incubation. We provide advisory, education and project launch/collaborations services to the rapidly growing industry, while providing a safe and equal space for DAO members to share knowledge and learn.

Miki Elson

Watch the full video to get the insights on the matter from the speakers and stay tuned for upcoming webinars with the speakers of the DAO Metaverse Fashion Council