Nico Fara On Why Digital Fashion & The Metaverse Offer Innovative Solutions To The Fashion Industry
On this episode of NEWFORUM, we had Nico Fara, Founder of The Fashion DAO & Chief Metaverse Officer. We had an in-depth conversation about the essence of the Blockchain and emerging technologies and how they offer a more sustainable, diverse, inclusive, and accessible Fashion Industry through the Metaverse and Digital Fashion. She also shared more about her work with Chief Metaverse Officer and their impact on Web3.
Nico began the conversation by telling us about her background and why she made the Web3 move?
“My background is in engineering, and I studied engineering. I started working in those spaces a few years, so that gave me a different perspective towards problem-solving, so I looked at different industries critically, and one of the industries that I was always very passionate about was the Fashion Industry…” — Nico
She started her Fashion business focused on using technology for better processes and solutions to the prevalent sustainable challenges known to the Fashion Industry. Her initial idea was to focus on creating virtual try-on software, size recommendations, and style recommendations to enhance customer experience. She added that it was mainly Web1 called the internet e-commerce platforms.
“As we’re working with these retailers and brands, we realized that with the pandemic, they are getting interested in creating more virtual stores or using more Digital Fashion technologies and just because they can have a broader reach to a bigger audience and be more efficient overall with everything, so that was the beginning of us getting into the Web3 space…” — Nico
Nico explained that transitioning to Web3 was a way to look at how they could use the latest technology to enhance the customer experience in so many ways;
- Making virtual environments and stores more accessible to everybody 24/7.
- Empowering designers and brands through Blockchain technologies, giving them options for NFTs; to use those NFT loyalty factors ( in luxury fashion, they don’t offer discounts or free products, so NFTs help with that, she explained).
Nico believes that the Blockchain and emerging technologies seem to provide excellent solutions for most of the challenges in the Fashion Industry.
The potential of these technologies for a sustainable Fashion Industry motivated her and her team to fill in the gaps by tailoring solutions for the industry. She added that that was how they started but are more focused on the Metaverse.
“ We realized that most of the Metaverse environments are gimmicky and blocky; they’re not up to the expectations of these fashion brands or luxury brands, specifically, and even the consumers wouldn’t necessarily enjoy those blocky environments, and then the other part was about accessibility. How can we make sure we have mass adoption or have more audience? It only comes from creating experiences and environments and visuals that are more to their taste, and so we brought a different perspective; bringing more women and minority designers and creators and giving them the tools to create these types of experiences from a very different lens…” — Nico
Watch her full interview to hear more about Nico’s background and experiences and why she is inspired to create virtual and aesthetically pleasing environments and experiences in the Metaverse. Nico even had a realistically rendered Metaverse she and her team built as her background.
She explained that they built the environment from the beginning, creating a Metaverse fashion show where people can come in with their avatars that are customized. They can dress their avatar however they want, do makeup, hair, everything and then walk around as they would at an actual fashion show and even better.
“ Because there are no limitations, it’s globally accessible, it could be at any point, any time, and while you’re in this environment, you can walk in each of those gazebos; showcase each designer or brand item, and while you’re in this environment similar to a physical experience you will be able to get 360 around the product; get close and see the information and even purchase it as an NFT right there…” — Nico
Hear her explain in-depth the user experience in the innovative environment she and her team have created in this episode of NEWFORUM.
What is the mission and vision behind Chief Metaverse Officer?
“The main focus is giving brands, retailers, and businesses an option to step into the Metaverse seamlessly and bring their audience. In Web1 or the internet, every successful business or brand had a website, and then Web2; every good brand or business has a social media presence, so it’s a natural evolution. In Web3, we will have places where people connect and things using the Metaverse presence…” — Nico
According to Nico, some people imagine going to Decentraland as the only Metaverse option, but she would say no.
“Because similar to selling some items on Amazon but you can still have your website and have control over their experience into your website or social media, you would need something similar in the Metaverse so that what we create; kind of like white label custom-designed and creation of the Metaverse environment that businesses and brands can basically put on their websites and engage with their audience, and then they will have a lot more control over their data, over the customers’ experience, they can learn and iterate from it…” — Nico
She concluded her thoughts, expressing that there is so much more than just going to someone else’s Metaverse.
What is the link between the Metaverse, Digital Fashion, and Sustainability in the Fashion Industry?
“So sustainability of creating Digital Fashion or Digital Garment that in itself creates a 97 percent less emission than physical items so that on its own is a drastic improvement that we can have…” — Nico
She stated that most people shop for garments not necessarily for functionality like staying warm and other needs, but the drive is mostly about how it makes them feel. Nico expounded on her thoughts that it’s about how they make us feel and how we express ourselves- the identity we are trying to convey.
She believes that through Digital Fashion, we will be able to express those emotions even better.
“Because you literally don’t have any limitation, you can wear fire, you can wear waterfall, you can be anything, so this versatility is powerful, and then you have many other aspects; like you can be gender inclusive, you can be body inclusive…” — Nico
From Nico’s perspective, sustainability is just one of the benefits of Digital Fashion and the Metaverse. According to Nico, they can;
- Be cost-efficient even with the production of a garment as it saves money from producing unnecessary prototypes or sampling.
- It reduces the amount of waste that goes to landfills.
- Allows people to express themselves without harmful consequences.
- It empowers creators, and other people can freely express themselves.
Nico dived deep into this topic and shared the many reasons from her perspective why Digital Fashion and the Metaverse are innovative tools that bring solutions to the Fashion Industry as we’ve known it. Nico shared tips on what it entails to build your Metaverse. She also discussed her views on the gaps in the Fashion Industry regarding diversity, inclusivity, and accessibility; and shared how the emerging technologies could help bridge the gaps, as we’ve already seen in Web3.
She also talked about the impact of Web3 on the Creator Economy.
We enjoyed hearing her explain the vision and mission of her business, Chief Metaverse Officer, in this episode of NEWFORUM!
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