Virtual wearables, also known as digital wearables, are a type of wearable technology that exists solely within the digital realm. They include virtual clothing, accessories, and other items that can be worn by avatars or digital representations of individuals. The popularity of virtual wearables stems from the growing trend of online socialization and the emergence of virtual worlds, such as Second Life and Fortnite, where individuals can create their own identities and interact with others in a virtual space.
Virtual wearables have become popular due to their ability to provide a sense of identity and self-expression in the digital world. They allow individuals to customize their avatar’s appearance and express their personality through virtual fashion. Virtual wearables also offer an opportunity for individuals to experiment with different styles and looks without the limitations of the physical world. Moreover, virtual wearables can be a way to display status and wealth in the virtual world, just like physical fashion does in the real world.
In the real world, digital wearables have a viable market in gaming, where players can purchase and equip virtual wearables to enhance their gaming experience. For example, in games like Fortnite and Minecraft, players can purchase skins and other virtual items that change the appearance of their avatar. These items can be sold for real money or traded with other players, creating a virtual economy. Digital wearables can also be used in virtual events, such as concerts and conferences, where individuals can create a digital representation of themselves and attend the event in the virtual world.
Games such as Destiny 2 have seen a massive upsurge in funding and profits from its wild spaced themed fashion, the “Guardians” have outfits that have many themes with some of the themes even being based on pop culture and anime.
Its safe to say the armor sets are “out of this world”
In the web3 and metaverse worlds, digital wearables have even more potential. Web3 refers to the next generation of the internet, which aims to be decentralized and provide greater control and ownership to individuals. In this context, virtual wearables can be used as a way to express ownership and control over one’s digital identity. In the metaverse, a term used to describe a fully immersive virtual world, digital wearables can play a significant role in creating a sense of identity and community. They can also be used as a way to monetize content and provide a source of income for creators.
Nike’s RTFKT collection is an example of how digital wearables can cross over into the real world. The collection consists of limited-edition virtual sneakers that can be worn in the virtual world and also purchased as physical shoes. The virtual and physical versions are linked through blockchain technology, ensuring authenticity and ownership. This demonstrates the potential for digital wearables to have real-world value and be collectible items.
Virtual wearables have become popular due to their ability to provide identity, self-expression, and status in the digital world. They have a viable market in gaming and virtual events, and their potential in the web3 and metaverse worlds is significant. Digital wearables can also cross over into the real world, as demonstrated by Nike’s RTFKT collection. As the trend of online socialization and virtual worlds continues to grow, the demand for virtual wearables is likely to increase, creating a new market for designers, creators, and entrepreneurs to explore.
Dress X raises $15M
Digital fashion house DressX has raised $15m in a series A funding round to expand its offerings of virtual and augmented reality wearables. The funding was led by crypto investment firm Greenfield Capital and also included investment from Slow Ventures, Warner Music, The Artemis Fund and Red DAO. DressX designs virtual fashion items that can be worn by virtual avatars as NFTs on-chain and as skins in non-blockchain-based gaming ecosystems. The company also creates augmented reality outfits that can be worn as filters on social media platforms. DressX has straddled both sides of Web3 discourse and aims to prioritise mass adoption over strict adherence to decentralised principles. The funds raised will allow the company to begin scaling, particularly on the technical side.
DressX was launched less than three years ago but counts itself among the oldest and most established players in the rapidly evolving, metaverse-oriented economy of digital wearables. However, its partnership with Meta to bring digital outfits to the corporation’s off-chain Horizon World metaverse caused controversy, as some argued that the company was allying with the greatest opponent of, and an obstacle to, an open, decentralized metaverse. DressX’s founders said they were trying to bring digital fashion to the largest audience possible. Meta’s announcement yesterday that it would wind down support of NFTs on its platforms will not affect DressX’s offerings as they don’t live on the blockchain.
DressX will continue to offer digital outfits compatible with the blockchain but may stop calling those items NFTs, as the community has moved away from even using the term. The company’s primary use case, so far, is social media, where users can wear AR digital dresses in Instagram photos or virtual hats in front-facing videos. DressX will launch a beta version of a program that, aided by AI, will allow users to quickly throw digital outfits onto large quantities of photos or video. The funds raised will allow the company to begin scaling, particularly on the technical side.