If web3 and the metaverse still feel intangible in their existence, a prediction by McKinsey will remove any doubt of their mainstream reality.
Millenials, Gen X and Gen Z are expected to spend between four and five hours daily in the metaverse, according to a McKinsey survey of over 1,000 people aged 13 to 70. The time is comparable to a Nielsen study finding consumers spend up to five hours per day watching television.
New business models and social networks are harnessing web3 opportunities, yet the fashion industry is has only entered the dabbling phase.
To be fully engaged in the metaverse and its immersive experiences, immersive devices are required. This area of web3 is still in its infancy, with broad adoption of VR and AR products yet to be made available at scale due their usability limitations. Perhaps when Apple introduces its first wearable device next year will the trend truly take off.
Devices are needed for immersive experiences
Current virtual reality experiences need headsets, glasses and some kind of controller in order to be fully immersed in a digital experience.
Augmented Reality, which blends the realms of physical and digital worlds, such as a shopping in the metaverse, also relies on devices, cameras, and technology such as digital wallets.
Retailers and brands are looking at options to sell products using AR in areas such as virtual fitting rooms and body scanning, as well as trialling makeup and beauty products, where a simple shade of lipstick can be rendered on a facial image or skin tone.
Auroboros, a London-based fashion tech brand, is an early adopter of digital fashion, merging science and technology with physical couture and digital-only ready-to-wear.
McKinsey's prediction of time spent in the metaverse is a critical of wide user adoption and how broad this could be. In their report “Value Creation in the Metaverse,” McKinsey aims to better understand the value of the metaverse, where the greatest traction might take place, and what businesses can do now to capture value.
All these questions will be answered over time, just as it will become clear how fashion can successfully make the leap into digital and alternative realities. The most pressing question of all, however, is how fast can they get there?