Physical jewelery market revenue and forecast Expected to reach $292 billion by 2025, its emerging virtual partners are in good company. Following the global pandemic and Zoom’s entry into public awareness, plus the social media filter frenzy, the digital jewelry trend has accelerated over the past few years, fashioning the market with outfits like Dress X, Alterrage and Jevels. is pushing to the forefront of a new wave of , intangible and even traditional hard luxury labels Tiffany and Bvlgari hop on board.
Virtually rendered accessories, from the gorgeous to the silly, are nothing new per se. Snapchat released his first filter in 2015, but Instagram’s introduction of augmented reality (AR) trials in 2018 caused offline retail sales to skyrocket. But as technological advances like the Metaverse approached mass adoption, the market has matured and democratized.
“When you talk about the potential of jewelry and eyewear, 90% of industry professionals already have models. They just don’t know how to use it.” “We introduce them to an AR system that people can easily access. As for it, it’s definitely enough for people to enjoy and enjoy the work.”
Formless was originally a design house created by Zhu and Panny Yu, but has since supported countless virtual creatives around the world and expanded its ambitions to offline exhibitions (now second life jewelry showcase in Shenzhen), in collaboration with Samsung and Web3 design studio G3NRA. The brand also recently collaborated with renowned fashion photographer Nick Knight to create his first-ever non-fungible token (NFT) drop, ikon-1.
The adoption of a work-from-home model due to COVID-19 has forced a large number of fashion consumers to rethink the act of “dressing up,” resulting in retailers shifting their strategy from tangible clothing to digitalized solutions. There has been a change to adapt. This trend continues even after some form of return to normality.
Marie Kim, founder of Web3 gem label Kaveras, said:
Unlike Formless, Kaveras uses Web3 technology to optimize the physical part. The company specializes in incorporating blockchain functionality into its model as a way to enhance the offline experience it offers to its customers. Coined as a “boundary-breaking luxury brand,” Genesis products that have yet to be launched include necklaces and brooches sold as NFTs, which are then manufactured as physical pieces upon request.
“Virtual jewelry will continue to be a growing fashion category for consumers due to their remote working lifestyle.”
New power of creativity
Startups like the one above are part of a new wave of artists pushing digital jewelry. Industry leaders are already emerging. His Xtended Identity, a digital fashion lab, is one of the first companies to use the product innovation potential of Web3 to create virtual rendering materials for jewelry.
Through Xtended’s exclusive marketplace, visitors can choose to own or rent one of the label’s otherworldly creations, from butterfly-inspired veils to cascading flame headpieces. The left-wing aesthetic of the design makes it almost unwearable in everyday life. But anything is possible in the metaverse.
“The best use case for digital fashion is wearable AR jewelry filters. The pandemic has forced us to adopt this digital form of work and communication, which is a huge opportunity to take advantage of.” said Lauren Kacher, founder of Alterrage, the first decentralized autonomous organization-driven Web3 physical fashion label. Alterrage previously launched her own collection of AR NFT earrings in collaboration with Metaverse accessory house Jevels. e-waste.
These up-and-coming pioneers have established an extensive community of enthusiasts.
“Our marketplace is the first thing we need to build an ecosystem and create a healthy and sustainable environment for more creators to participate,” Zhu said.
Today, Formless’ platform is home to about 40 eclectic creators offering products such as eyewear and full 3D makeup looks.
How Blockchain Technology Is Helping Real Jewelery BrandsDemand is hard to measure in new spaces like this. This means brands are reluctant to fully commit to the market. Instead of jumping headfirst into new and ambitious projects, many are looking at how Web3 technology can solve existing challenges.
Cabelas is a prime example. “While we are enriching the digital experience with digital wearables, NFTs and virtual events, it is important to establish a link between the physical and the digital,” said The Spot Room (Kaveras’ said Vivien Zhang, CEO of the company behind the technology. Say.
Each piece of gemstone label is embedded with a Near Field Communication (NFC) chip and includes a QR code and authentication certificate to provide access to the NFT, allowing owners to track the provenance of their piece. can.
“To ensure a permanent link, [an NFC chip] In a physical product, especially when you add assurance of its authenticity and ownership,” says New York-based jewelry artist Hannah Jewett, one of the new generation of gem creators taking over the industry. say.
Designers who straddle the line between online and offline with amorphous silhouettes often incorporate artificial reality-generated art into their work. This is a move that makes it difficult to determine what’s real and what’s not, which in itself is half the charm.
“I gravitate toward AI because it can offer new variations, patterns, and styles that designers wouldn’t necessarily come up with on their own,” she says. “It acts like her creative partner giving a fresh perspective and pushing her to be more experimental.”
Jewett’s avant-garde approach encourages aficionados to view jewelry as a work of infinite potential, rather than just a commodity. Her work resonates with industry favorites Billie Eilish, Bella Hadid and virtual influencer Lil Miquela.
Big luxury to tap the rise of digital jewelry
Startups aren’t the only ones recognizing the potential of digital jewelry. This segment is also attracting the attention of the luxury market. In July 2022, Italian house Bvlgari launched his NFT series bringing the famous stone to the Metaverse. Gems were never wearable (each token was created as an artwork), but the venture brought the concept of virtualized gems to the mainstream. Luxury spotlight.
Gemfields gemstone fine jewelry and eyewear label Francis de Lara partnered with Brand New Vision last year to bring avant-garde silhouettes to the metaverse. As part of the brand’s continued evolution, the collaboration was meant to embrace the past and present by diving into his Web3.
“We focused on the hyper-realism of the design itself where necessary to complete such a high-value, detailed work of art. But also filters for social sharing and a wearable version for the metaverse provided,” says BNV founder Richard Hobbs.
“They are also digital versions (digital twins) of the brand’s iconic and unique haute couture jewelery and eyewear, priced at £19,800 ($24,405),” he explains. The digital editions are priced at 0.25 ETH (approximately $1,500) each, which is significantly lower than the physical editions. Although still an investment, the Asset is a more accessible option for those who want to own De Lara’s artwork but can’t afford the price tag.
Making fine jewelry is a job in itself. But unlike the purely offline world, digital artists also face the challenge of creating something they can interact with on screen. Also, the design should be comprehensive covering all shapes and sizes.
While challenges remain, Web3’s nearly limitless capabilities are ushering in a new era in jewelry design. And that’s just the beginning.
” [jewelry] The industry is expected to significantly increase its use of technology as it continues to develop. Advances in 3D printing, virtual and augmented reality, and blockchain technology all play a key role in transforming the way jewelry is designed, manufactured, and purchased. ”
Given these rapid developments, what can consumers expect to see in the market in 2023?
Jewett believes that more designers will gravitate towards combining new technologies with existing traditions. “As technology becomes more and more integrated into our daily lives, design always acts as a mirror that reflects the world around us,” she says.
Kacher anticipates more brands looking to integrate everyday fashion with technology.
“We can expect more fashion-focused AR filters to emerge, rather than purely fantasy AR filters. she says.
As the space matures, creatives across the virtual spectrum are pushing the industry into new frontiers, tackling issues like sustainability, counterfeiting and fashion monopoly along the way.