As more and more fashion brands begin experimenting with the metaverse, AR, VR and NFTs, market research firm Technavio reports that the global fashion metaverse market with grown by almost $7 billion between 2022 and 2026, a compound annual growth rate (CAGR) of nearly 37%.
According to the report, the growth, 38% of which will be in North America, is being driven by a demand for custom clothing and highly personalised digital experiences, allowing users to explore and communicate within metaverse platforms. On the downside, there are issues around privacy and security as well as legal challenges, not to mention the potential problem of attracting adults into these virtual worlds.
Source: Fashion United
Image source: 3DLook