Megan Kaspar is Magnetic’s co-founder and managing director, a private firm that deals with cryptocurrency and investment in blockchain. The firm fosters early-stage crypto companies to grow until they have enough resources to run independently. For this reason, she invested in more than 50 early-stage blockchain companies and digital assets, revealing that you must embrace this new cryptocurrency system. When she was studying for her degree, Kaspar worked for a biotechnology family office, where she got early exposure to cryptos such as Bitcoin and Ethereum. At the time, crypto was used in gaming.
Kaspar then imagined a world where smart contracts can be used to monetize your digital items and assets on a blockchain system. This can be used in future augmented reality(AR) or in a game. She then came up with virtual assets such as NFT augmented reality (AR) earrings. The NFT earrings are automated to sync with Kaspar’s body movements to make them look almost real.
Kaspar explained metaverse as a digital platform with a synthetic economy where users can interact, generate, experience, and negotiate value. She talked about Web3 as an underlying technology and platform infrastructure decentralized on blockchains for better user utilization. She argued that many businesses have previously released digital clothing within centralized games, such as Gucci. In-game merchandise sales of digital clothing have generated revenue for both gaming companies and fashion brands.
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Kaspar also explained the democratization of the fashion business, allowing anybody to participate in what was formerly an exclusive industry. Aspiring designers can use an app to develop digital 3D fashion clothes and then launch them in augmented reality, where customers can buy and use them. With such technical capabilities, almost anyone can start their clothing line. This will enable a massive portion of our population to participate in the fashion industry.
Another factor she talked about is reducing the fashion industry’s carbon footprint in terms of global emissions. The fashion industry is notably one of the most polluting in the world. Kaspar explains that the combination of digital fashion and traditional fashion provides a chance to cut carbon emissions in the world, commencing with the move from digital samples and 3D try-ons to fashion and apparel manufacture, distribution, retailing, and wearing. Engaging in meta-commerce will reduce environmentally harmful practices, thus conserving the planet.
Kaspar also explained near-eye wearable technologies that enable wearable augmented reality. She argued that these products would be delivered to the broad consumer market within the next five years, allowing billions of people to use wearable technology such as eyewear glasses. The digital fashion economy will expand with these glasses, and better social media and social reality applications will develop.
Kaspar advised about the emergence of new premium marketplaces and digital fashion platforms such as DRESS X and UNXD, which are built on or rely on blockchain technology to provide digital goods that cannot be copied or counterfeited. The merchandise can be instantaneously traded to anyone in the world’s extensive secondary marketplaces, with provenance and verified ownership.
Kaspar concluded by advising on having a curious and neutral mindset. In a world where technology is rapidly progressing, she stated that we should try our best to merge existing industries with new techniques. The coming together of fashion and blockchain technology to generate meta fashion has improved the fashion industry.