Despite a crypto market crash and waning interest in 2022, there are still considerable opportunities for the fashion industry in Web3. The immersive e-commerce market could reach nearly $800 billion next year, and China's AI market value is expected to exceed $26 billion by 2026. However, challenges remain, including regulatory and copyright issues, particularly with AI-generated humans. As legislation solidifies, the use of AI in luxury fashion is set to rise significantly.
Key takeaways:
- Immersive e-commerce, also known as i-commerce, is one of the biggest Web3 trends in 2023, with the market value of the immersive category expected to reach nearly $800 billion next year.
- Augmented reality (AR) is enhancing the physical world around consumers, with more brick-and-mortar retailers deploying AR tech in their physical shopping spaces.
- AI-generated content and machine learning technologies are now an ubiquitous tool for companies and brands, with China's AI market value expected to exceed $26 billion by 2026.
- Brands are connecting virtual twins to physical counterparts to provide buyers with double the value, creating a new range of 'it' products, and NFT-powered community memberships have become a popular gateway to onboarding audiences through exclusive incentivization.