Seen a bit of conversation about this recently and I have an essay in my brain about the parallels between the Dada art movement and current internet/meme culture (and by extension nft/web3 culture).

The Dada art movement was a rejection of traditional artistic values and embraced nonsense, silliness and spontaneity as a response to the trauma of World War I. Influenced a lot of contemporary art movements.

A similarity can be seen in the recent sociopolitical events globally - pandemics, war, political instability - and in response the shared nonsensical irreverence of memes, especially embraced by Gen Z. 

By extension you can see this reflect in fashion too - where the pendulum swings one way and shit gets real, culture has a way of bringing balance. You can see escapism and surrealism in fashion all over the place now. People are using their clothes and expression as an escape from the reality of the world.

Everything repeats.