Fashion is a 3 trillion dollar industry, contributing 2 per cent to the world’s GDP. The growing demand for apparels coupled with the rise of e-commerce industry has further boosted this sector in the real world. Metaverse on the other hand turned out to be a new place for brands to experiment with their designs and collections.
To bridge fashion between the two worlds we have Metawear. It has an ambitious plan to bring the fashion industry to the metaverse. Will it be successful in connecting with the users and onboarding fashion brands to its ecosystem? Let’s find out in this review –
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What is Metawear Fashion?
Metawear is the fashion bridge between two worlds i.e real world and the metaverse. It aims to transform the whole textile industry with its state of art practices and at the same time integrating it with the metaverse.
The project was born in Turkey and has plans to expand its presence in London, Paris & Milan by 2024. Clearly, the team is targeting two growth areas with the following functions in mind –
Universe (Real-world):
In the real world, it wants to make the existing textile industry and all its elements more efficient, more environment friendly & more accessible on a global scale using the latest cutting-edge technology. From purchasing to sales, the complete product cycle will be taken care of by Metawear.
Metaverse:
Metawear wants to integrate every component of textile industry with the metaverse. Designers, manufacturers, fashion brands, fashion shows, shopping malls, POS and display stores will be assisted and integrated by Metawear on the metaverse.
Metawear is focused on solving the real-world problems & onboarding fashion industry into the metaverse
Problems Addressed by Metawear:
It aims to address and solve the following problems in the textile industry –
Recycling & Sustainability:
There’s a long process involved in producing the final product. At first, strategy is made, designs are finalized, fabric, yarn, dye and other raw materials are selected. Samples are created and sent for approval. After approval and changes, final product is produced in different sizes and colours to be distributed, marketed and sold to the end user.
The problem comes in the form of unsold inventory which accounts for maximum wastage and highlights inefficiency in the system. The worst part, textile products cannot be 100% recycled.
In 2018, H&M had $4.3 billion in unsold clothes
Metawear aims to create sustainable production by reducing wastage via pre-made on-demand production systems and planning. To achieve this, it will deploy a simulation system with 98.5% realism using MetaHuman that brings designs to life, checking demand in the metaverse.
Costs:
According to a field study, textile companies still use the traditional costing system while procuring raw materials and producing the final product. The practice leads to increased costing and leaves a lot of room for improvement.
Metawear will integrate a digitized solution by breaking up the complete costing structure into differents fields, each representing the cost involved in the respective field that includes raw material costs, personnel expenses, energy expenses, sales & marketing expenses.
Environmental Impact:
In 2019, the fashion industry accounted for the highest carbon emission when compared to all international flights & maritime combined. As per the data published by United Nations Conference on Trade & Development, nearly 93 billion cubic meters of water and half a million tons of microfibre are being used by the fashion industry on yearly basis.
Metawear aims to minimize the detrimental impact of the fashion industry on the environment by creating state-of-art ecosystem.
Metawear Ecosystem:
Metawear Design Office:
Metawear designers can create their own brands and collections and sell them both in metaverse & in the real world. Investors can hire trained staff from the MetaWear Design Academy directly from its HR office.
Metawear Transformation Office:
Metawear will transform real-world brands and products into the digital world. Any player in the fashion industry who wants to digitize their collections can use its transformation services to reproduce them digitally.
Some people will watch it from behind. Our community will be the closest witness of how fashion evolves
— MetaWear® (@metaweartoken) September 8, 2022
Metawear Fashion Dome is coming 💎
(5 Days) Get Ready for 🚀🚀🚀#metaversefashion #wearables #web3fashion #Fashion #NFT #VR #digitalfashion @Bondeglaur #FashionDome pic.twitter.com/iWUxm4ggQj
Metawear Design Academy:
It’s the place where Metawear teaches cutting-edge design softwares to students and certifies them. Tools like Swatchbook, CLO, Poly9, Creative Cloud and more will be taught to the students who want to be part of the digital revolution transforming the textile industry.
Metawear Design Academy will train textile professionals with global certificates
Metawear HR Office:
Metawear HR Office looks after the placement of professionals trained in its academy, helping businesses with designs and digital transformation.
Metawear Shops:
Shops are the place where buying and selling of digital items i.e apparels take place. Only certified & registered textile products based on digital fashion will be put on sale. Virtual fashion shows, special collections are all part of the Metawear shops. Checkout Metawear Shops
Metawear Shops will be the biggest fashion center of the future
Metawear Driving Pillars:
Metawear Entrepreneurs:
Entrepreneurs are the investors and owners of Metawear Design Offices & Metawear Transformation Offices. They will invest and build independent entities to drive their business in the digital world. Metawear Academy will help them provide the skilled workforce that will work on designs and digital transformation of the complete brand & its collection.
Metawear Designers:
As the name indicates, Designers are an integral part of Metawear Design Office, helping brands with designs and creating collections that can be sold in the real world and in the metaverse. They can also work as freelancers for the various projects developed by entrepreneurs.
Metawear Teachers:
Certified and experienced designers with advanced design and application knowledge can extend their careers by teaching about the designing skills or softwares in the Metawear academy. They can also give lectures and conduct classes in the real-world, spreading knowledge among the aspirants.
Metawear WEAR Token:
WEAR is the native BEP-20 token of the Metawear ecosystem. It has the following utilities –
- Governance
- Staking Rewards
- Metawear NFT purchase
- Premium access to services & tools
- Buying Event Tickets
- Membership Access
The token utilities will grow as the platform develops its ecosystem.
WEAR Tokenomics:
WEAR had one seed round, two private sale rounds and one public sale round offering 875 million tokens in total. The IDO sale was priced at $0.005 per token. The token distribution is shared below –
The token vesting schedule is shared below –
The total supply of WEAR token is capped at 5 billion
Metawear Team:
Metawear has 14 team members lead by A.Bahadir Yener. Yener is a computer & system engineer plus a business development expert and investor. He founded Metawear in 2022 and holds 25 years of rich experience. Checkout his Linkedin profile for details. Visit the official website to check the complete list of team members and advisors.
Metawear Benefits:
First Mover Advantage:
It’s the first project to bridge all components of the fashion industry between the real world and the metaverse. There’re other projects focused on fashion but not at this scale.
MIRL NFT Fashion is another crypto project focused on the fashion industry with wear-to-earn concept.
Audited Contract:
The token smart contract is audited and approved by Hacken, adding a layer of trust and security to its ecosystem.
Partners & Investors:
Metawear has strategic partners & investors helping steer the project in the right direction. From Gate.io to GTS Ventures are supporting the growth of its ecosystem.
Metawear Drawbacks:
Competition:
Where there’s fashion, there’s competition. Metawear does have a first mover advantage but it won’t be long for big players like ZARA & H&M to join the bandwagon and that can pose a threat to Metawear ecosystem.
Under Development:
Hate to break it to you but the project will take sometime to mature and gain some ground in the digital space. It just finished the IDO round and is busy working on the development part. Token holders will have to wait for sometime to see some serious traction on the project.
Metawear WEAR Token Price:
Please check the latest price of WEAR token, shared below –
WEAR Token Price Prediction:
Metawear is listed on the exchange as $WEAR. The project has successfully completed the sale rounds and working on the development of its ecosystem. From the utility standpoint, the token fundamentals are very strong but it will only work if the team delivers the ecosystem as per the expectations.
We do not have much clarity on the technical charts and it will take another 6 months for the coin to flourish and gain traction from retail investors. The project is fairly new and the prediction at this time will be equivalent to shooting the target in the dark. We will update this space after proper analysis.
Where to Buy WEAR Token?
Wear is listed on Gate.io. Soon it will be available to trade on other exchanges (CEX & DEX).
Should you invest in Metawear?
Metawear is about fashion. It has two motives, the first one is to build better real-world processes, making an efficient system that’s eco-friendly and the second is to digitize all components of the fashion industry by developing an inclusive ecosystem that helps designers, brands, and professionals learn important skills and help transform their brands from the real world to the digital world.
Metawear isn’t just sticking to a mere rewarding system or just producing products after receiving demand from the metaverses like Decentraland (MANA), it is after revolutionising the complete fashion industry and that will take time.
#Metawear Cross platform It is.@decentraland
— MetaWear® (@metaweartoken) September 6, 2022
is amazing metaverse and we are integrated now. Soon every single collection will be integrated wearable.
Because we love @decentraland#metaversefashion #wearables #web3fashion #Fashion #NFT #VR #digitalfashion @Bondeglaur pic.twitter.com/b3eyNjEgFX
It’s too early to predict the future of this project but one thing is sure, if you’re someone who’s following the fashion industry or has a taste of fashion then you much take time to review this project. Overall it’s a wait and watch game until the ecosystem comes to life.
This completes my review of Metawear Fashion. In the next post, I will talk about FADO Go & Kaizen Finance. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.