According to a new report, published by KBV research, The Global Digital Clothing Market size is expected to reach $2.5 billion by 2028, rising at a market growth of 26.6% CAGR during the forecast period.
The Off-chain segment is showcasing a CAGR of 28.3% during (2022 - 2028). Since nothing happens on the blockchain, transaction fees are typically waived for off-chain transactions. It is a preferred option, especially when significant amounts are involved because no miner or participant is necessary to validate the transaction. In addition, because the information is not disclosed to the public, off-chain transactions give participants more security and anonymity.
The Blockchain segment acquired maximum revenue share in the Global Digital Clothing Market by Technology in 2021 thereby, achieving a market value of $921.5 million by 2028. Digital clothing benefits from blockchain technology because smart contracts and bitcoin enable influencers to get paid quickly whenever certain conditions are met. Blockchain is a secure layer between Web3 transactions, especially as more well-known brands open up shops in the metaverse.
The Gaming segment has shown the growth rate of 27% during (2022 - 2028). Beginning with dress-up games that employ avatars and encourage players to select clothing, gaming has played a significant role in nurturing digital components of the fashion industry. But, it appears that it will soon transition to the real world and begin employing avatars of real people. The aesthetics of video games have been imitated and modified from the designs of luxury goods.
The North America market dominated the Global Digital Clothing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $892.9 million by 2028. The Europe market is exhibiting a CAGR of 26.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 27.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/digital-clothing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Adidas AG, Guccio Gucci S.p.A. (Kering Group), Nike, Inc., LVMH SE, H&M Group, The Fabricant Agency B.V., Auroboros Ltd., More Dash, Inc. (DressX), Dolce & Gabbana S.r.l., and Replicant, Inc.
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