Vikram Subburaj, CEO, of the Giottus Crypto Platform discusses the pros and cons of investing in the metaverse
Do you think the Indian fashion industry is ready to explore the metaverse?
The metaverse is an immersive digital space and Gen-Z is already entrenched in it. They play, shop, manage relationships, and even get married in their meta-avatars. So, fashion will definitely be an integral part of the metaverse which continues to evolve.
Are Indian customers open to spending money and time on virtual avatars and clothes?
While there are concerns on the free fall of certain crypto assets, users are quite aware of the risks and the opportunities.
Fashion and vesture in the metaverse will need to combine a bit of science and fantasy. Say, there could be a dress that changes colour when someone dances or a jacket that grows wings when a person dreams. So, the general perception is that there will be a lot of informed activity that will be paid for.
As an investment, what is the potential of fashion NFTs?
There is already a lot of buzz in the space. Big brands are vying for their cut of the pie and eyeing long-term benefits. The space is open to smaller players as well and if an individual artist’s or creator’s work/NFT gets noticed, there is no cap on its growth.
Similar to crypto markets, market pricing for NFTs can be volatile but they will grow over time as a general rule.
What kind of opportunities do you see for designers and consumers?
Designers can create labels and brands exclusively for the metaverse. And, because of the nature of blockchain, these brands could be easily verified (unlike the real world where we might encounter fakes). In transactional terms, a dress that a user buys offline will fetch an associated NFT in the online world that one could use for their avatars.