The UAE’s metaverse sector is getting a flashy, red carpet makeover, with digital fashion startups like The Rebels making inroads into the virtual fashion street, exploring new age luxury wearable collections.
Investors appear to be cheering on fashion ventures foraying into the metaverse sector, with Silicon Valley-based venture capital a16z – or Andreessen Horowitz – preparing a billion-dollar fund to support blockchain ventures, and Nike acquiring virtual collectibles venture RTFKT. The hype surrounding virtual fashion brands in the UAE is growing, despite predictions that metaverse fashion will be a $55 billion industry globally by 2030. She claims that creating your first fashion collection costs a lot of money, which many young designers do not have.