Written by Lokesh Rao, Co-Founder & CEO, Trace Network Labs
The fashion industry is responsible for a significant amount of waste annually, estimated at a staggering 92 million tons. Reports by the Ellen MacArthur Foundation suggest that the fashion industry is responsible for 10% of global greenhouse gas emissions and this figure is projected to rise by 50% by 2030.
It is becoming increasingly important to find sustainable solutions to reduce the carbon footprint of the fashion industry. One approach to reducing waste and promoting sustainability in the fashion industry is the use of virtual clothing and the development of Metaverse technologies.
Fast fashion is a significant contributor to pollution in the fashion industry due to overproduction and overconsumption.
Current production practices also rely heavily on materials that have a negative impact on the environment, resulting in pollution of waterways. Moreover, the global supply chain, including shipping and air travel, adds to the greenhouse gas emissions, and the inefficient use of resources, such as water and energy, leads to depletion.
Transparency and traceability are also major challenges in the industry, making it difficult to determine the origins of clothing and ensure the ethical and sustainable practices in production.
The use of virtual clothing presents a unique solution to the challenges confronting the fashion industry. Digital wearables do not have the environmental impact of physical clothing produced in the fashion industry. The benefits of virtual clothing are many, particularly in terms of reducing waste.
This feature also allows fashion companies to create unlimited collections catering to any person and geography. Companies can experiment with various designs and materials and test the markets before going into production. The adoption of demand-based production leads to a reduction in physical manufacturing, storage, and shipping resulting in reduced logistics costs and more effective inventory management.
It offers other benefits, such as online trials, enabling customers to try clothing from anywhere in the world without physically possessing it, thus saving resources and time associated with shipping and returns. Virtual clothing creates greater design and customization flexibility, allowing any changes to be quickly and easily made without requiring physical prototypes.
The use of Metaverse technology also offers exciting opportunities for the fashion industry. Metaverse enables the creation of a platform where companies and consumers can interact seamlessly, and blockchain technology can address challenges related to inventory management, traceability, and trackability.
Trace Network’s PARIZ Metaverse is leading the way in the intersection of metaverse and sustainable fashion.
PARIZ is the world’s first fully functional metaverse for Fashion & Lifestyle that is revolutionizing the fashion industry with its innovative approach to virtual brand stores & virtual clothing. It is pioneering the use of ‘phygital’ clothing in the fashion industry that can be bought in the metaverse and delivered at the doorstep of the customer – creating a virtual fashion marketplace that is both sustainable and fashionable.
It is also working on integrating blockchain technology into the fashion supply chain, which can increase transparency and traceability and promote ethical practices. PARIZ Metaverse is leading the charge in virtual fashion and sustainability, creating a new era of fashion that is both stylish and environmentally conscious.
Lastly, Virtual clothing offers designers and consumers the opportunity to experiment virtually with innovative and eco-friendly materials, express their personal style, and democratize fashion. Used in conjunction with the metaverse, Fashion companies can promote sustainable fashion practices that can significantly reduce the environmental impact of the fashion industry.
