New York Fashion Week Enters the Metaverse With Nolcha
The Nolcha Shows promise to not only provide an exciting and engaging experience for participants (both in-person and virtually), but also to pilot an innovative set of Web3 use-cases that will forever change the fashion industry.
Nolcha Shows, an independent fashion designer firm, is hosting a virtual-reality fashion event at the World Trade Center for New York Fashion Week, introduced newcomers to the exclusive world of design. Participants were able to interact with cutting-edge technology that incorporates fashion in the metaverse, virtual avatars, augmented reality, and digital wearables.
The web3 conference took place on the 69th floor of the iconic 3 World Trade Center. In contrast to traditional NFT events, the goal is to create a new destination, or highway, connecting web2 and web3 communities where they can collaborate, according co-founder of The Nolcha Shows at New York Fashion Week.
Even though the fashion show was an invite-only event and there was a limit to the number of people who can live in the venue, Mandel believes that the use of Web3 technologies will allow “everyone to experience fashion week—not just the select few.” Participants were able to see how different clothing looks on the runway using augmented reality without having to physically change their clothes, allowing for greater creativity with fashion styles than has previously been possible.
These runway shows, featured ready-to-wear Web3 native brands, began at 2pm on September 13th, and panel discussions was held at 12pm on September 15th, providing opportunities to share and exchange ideas about the impact of Web3 on the fashion industry.
It’s about educating brands on the distinction between NFTs for speculation, collectibles, and virtual spaces where people are walking around—and all the real potential for Web3. It’s about opening up an entirely new direct channel of communication with their customers, where they can continuously reward and incentivize behavior.
Many brands have traditionally regarded NFTs as an intriguing show-and-tell technology, but we are now at the now what? stage. How are you going to increase brand and customer engagement now that you have people’s attention? The distinction between more and less successful web3 projects is those that respond to and engage with their customers. We need to align the technology that we’re seeing with what people want and provide them with an entry point and access. NFTs provide a new direct engagement channel for continuously rewarding and incentivizing consumers for specific behaviors. Marketers no longer need to spend millions of dollars on advertising to create content that consumers do not want to see. Instead, Web3 empowers consumers to own their own data, implying that brands must earn their customers’ trust by providing value.
Everything in your wallet, from loyalty points to information from your fit size to digital wearables recommended by artificial intelligence, provides opportunities to co-create, support local creators, vote on collaborations, and control real-time supply chains, a Web3 fashion retail activation consultant and lecturer.
Some innovation is also occurring on virtual land. For example, LandVault has created 100 million square feet of brand-specific land in the metaverse. Metaverse is the 3D version of the internet. As the internet enters a new era, all brands and businesses will need to figure out how the new platform works. We think of ourselves as in the business of creating experiences.
Because metaverse spaces are not constrained by physical or geographic boundaries, they provide an opportunity to gamify brands and create virtual experiences. Every campaign has different objectives, which differs from Web2; it’s about recreation and entertainment, not specific numbers or a single campaign.
Because these web3 experiences naturally attract consumers who are more interested in the product or service, brands have seen much higher engagement and conversion ratios into sales—even as high as 70%. The future store is dynamic and offers a downloadable immersive interactive experience for customers and the community to interact with the brand and have a say or stake in their goods and services.” The Nolcha Shows promise to not only provide an exciting and engaging experience for participants (both in-person and virtually), but also to pilot an innovative set of Web3 use-cases that will forever change the fashion industry.