TORTOLA, BVI / ACCESSWIRE / September 10, 2021 / Trace Network Labs (previously Trace Network) started its journey with a focus on building an NFT based Enterprise focused DeFi protocol. Whilst the Company remains committed to this vision, it had also planned to use its ongoing work towards NFTs and its Bling marketplace to bring its luxury and lifestyle industry partners into the Metaverse.
Trace Network Labs is now working towards building a technology protocol that will create a Lifestyle NFT based Protocol for the Metaverse.
Announcing this, Lokesh Rao, Co Founder, Trace Network Labs said, “People need clothes to wear, accessories to look good, and their own digital avatars to wear these lifestyle products NFT in their choice of metaverse. At Trace Network Labs, we are enabling multichain and multiverse lifestyle products for these digital avatars. We intend to create a gateway for lifestyle brands to enter into the MetaVerse alongside their physical presence in real world by enabling consumers to carry their lifestyle along with their digital Avatars into any metaverse. This means that the user can easily transfer and travel with their NFT consumables from one metaverse to the other with ease.
With a new set of product and service kits, we are working on bringing our luxury and lifestyle industry partners into the Metaverse and offer their lifestyle product NFTs as wearables and consumables in the Metaverse – basically make their “digital twins” usable and liveable in the virtual space.”
What is Metaverse
Imagine yourself joining a musical concert with your friends while sitting thousands of miles away from them. Metaverse allows us to be transported to digital settings that would feel real, such as a nightclub or a mountaintop etc.
The Metaverse is a shared virtual space that has been created with the convergence of enhanced virtual reality, augmented reality and the internet combined. In simple words, the metaverse is just a digital layer of our lives. The Metaverse will exist once everything that we do digitally is completely, seamlessly connected.
There has been continuous evolution on the Metaverse space, however the pandemic (Covid-19) has made us live most of our lives online, thus creating a much immediate and desperate need of creating an enhanced virtual world where one can follow a lifestyle in the virtual world like they are living in the real world.
For bringing the real world into virtual reality, one would want to carry their own taste for lifestyle in accordance with the metaverse space they are in. It’s as simple & exciting as sitting on your couch at home in casuals attending a virtual meeting wearing your favourite brand’s 3 piece suit.
The Lifestyle Pivot
The Lifestyle industry is pivoting into the digital domain. The limitation lines on Art-as-an-NFT have been blurring over the past few months where we have seen a gradual but firm move of the lifestyle product industry into the virtual space. With the advent of blockchain and a power-shift towards the consumer, the overall luxury and lifestyle industry is up for a major overhaul where the creator and customer will be leading the transformation via NFTs and in the virtual world called the Metaverse.
NFTs, that act as a digital twin of a physical, real-life product while proving its authenticity and provenance using a blockchain. In an industry that is driven by originality, authenticity and exclusivity, this marriage between tangibility and tokenization through an NFT does make perfect sense.
However, with the convergence of the avatar-driven Metaverse, this tangibility moves into the digital realm where a user’s avatar can not only own an original item via an NFT, but also make a fashion statement on the virtual space. This wearable and usable lifestyle product on the metaverse is the luxury & lifestyle industry’s next frontier.
Plugging Experience into Virtuality
It needs to be understood that this is way beyond just having collectibles in the virtual space – it is about creating an identity, delivering new experiences, and building decentralized communities in the virtual world. Harnessing the true potential of a lifestyle NFT into the metaverse will require changing the user experience from an in-store one to – not just digital, but virtual as well.
The luxury and lifestyle industry is looking forward to carving out this niche in the metaverse and tapping into the huge business potential of the virtual goods market; which according to Statista, is set to grow to a whopping $190 Billion by 2025.
Some brands have already started stepping into this direction with a new category of products, digital NFTs of their product. Recently, Loreal has launched their digital products category for users to use on Zoom calls. Burberry launched its digital category for gamers to wear it in games.
With Facebook also declaring a transition from “primarily being a social media company to being a metaverse company”, and Zoom enabling interaction of individual avatars to interact in virtual meeting rooms, it is just a matter of time where the hologram virtual scene from Kingsman comes true.
Trace Network Labs is working towards building a technology protocol that will create a Lifestyle NFT based Protocol for the Metaverse, to enable its luxury and lifestyle industry partners into the Metaverse.
For more information, please follow us on Twitter (@trace_network) and join our community on Telegram (@tracenetwork).
Trace Network Labs
SOURCE: Trace Network Labs
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