3 June 2023
Warner Music Group Broadens Metaverse Strategy with Digital Fashion Startup
DressX, which creates blockchain- and non-blockchain-based digital fashion wearables, has inked a deal with Warner Music Group as part of the latter's continuous attempts to form Metaverse relationships with entrepreneurs. Artists signed to Warner Music Group will have the opportunity to create as well as license augmented reality (AR) wearable 3D avatars of virtual garments that can be seen on social media sites like Instagram as well as Snapchat. Among Warner's many record labels are those for such household names as Lizzo, Madonna, Ed Sheeran, Coldplay, Dua Lipa, and the Red Hot Chili Peppers.
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What is a Metaverse?
Several in the information technology field see the Metaverse as the next generation of the internet: a unified, social, interactive, permanent, and 3D digital realm where people may have experiences they wouldn't have access to in the real world. Virtual reality (VR) headsets as well as Augmented Reality (AR) glasses are two examples of technologies that provide access to this simulated environment, but other essential elements of the Metaverse, such as sufficient bandwidth or interoperability norms, are likely decades away or may never eventuate at all. This idea has been around for some time: Although the word "Metaverse" was first used by Neal Stephenson in his 1992 science fiction book Snow Crash, the technology that supports a web based on VR have been developed for years.
Also Read: Building The Metaverse: Powering Virtual World Technologies
What are Virtual Reality and Augmented Reality?
Movies such as "Minority Report" and "The Matrix" come to mind whereas most people hear the term "Virtual Reality" (VR). While it's true that technology has always been a part of our lives, it's become more integrated into our everyday routines. Virtual reality is not going anywhere anytime soon. The goal of virtual reality (VR) is to create the sensation that one is really there in a computer-generated world that looks and feels genuine. Those experiencing this setting do so by donning a Virtual Reality helmet or gear. Using virtual reality, we may play video games as if we were a person, practice doing heart transplants, and enhance our athletic abilities. This may seem like something from the far future, yet its history is far more ancient than we may believe. Several individuals believe that the Sensorama, a gadget with a built-in seating which showed 3D movies, released smells, as well as caused vibrations to provide the most lifelike experience possible, was one of the earliest Virtual Reality gadgets. As long back as the mid-1950s, the innovation was being worked on. Gadgets as well as user interfaces have undergone steady growth as a result of subsequent technical and software advancements throughout the years.
The term "augmented reality" (AR) refers to a method through which the actual physical environment is supplemented by digital visual components, sound, or other sensory inputs and presented via technology. It's a rising trend in the realm of mobile computing, especially in the realm of business software. Among the key aims of AR is to emphasize certain elements of the physical environment, raise knowledge of those qualities, and generate clever and available information that could be used for actual realm applications, all in the midst of the surge of database gathering as well as analysis. These massive datasets may be used for a variety of purposes, including informing business decisions as well as learning more about consumer buying patterns.
Bitcoin's Lightning Network is being used to create the last of the offline payment systems. DressX also receives an investment from WMG as part of the deal, albeit the size of the investment is unknown. WMG's Chief Digital Officer as well as Executive Vice President of Business Development, Oana Ruxandra, said that the company's involvement in DressX stems from its conviction that people's lives will continue to become increasingly virtual. In the coming years, the way we exhibit ourselves digitally will be just as significant, if not more so, than the way we show ourselves personally.
DressX was founded in 2020 by tennis players Daria Shapovalova and Natalia Modernova with the goal of "giving a meta-closet to every individual in the world." While DressX was the first firm of its sort to market virtual accessories through Meta's Avatar Store in July, several Web3 purists criticized the move. In 2022, with the DressX partnership, WMG will have fulfilled all of its Web3 commitments. WMG revealed in January that the company will be hosting digital performances by its artists in the upcoming Ethereum-based Metaverse game The Sandbox. A month later, the label announced that they will be working with Web3 gaming firm Splinterlands to develop blockchain games for enthusiasts based on the artists' work.
NFT clothing has failed to attract considerable popular interest at this initial stage in the evolution of the Metaverse, considering the excitement about digital fashion in Web3. This includes releases from historic fashion houses as well as countless startups. Although, the widespread adoption of digital wearables has already been shown in the realm of Web2 gaming. Over a billion virtual fashionable clothing have indeed been distributed via Roblox's system so far in 2022, the popular game development suite and proto-Metaverse platform among Gen Z users.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.