🕶 Metaproof Fashion

Gm fashionistas! This is Sophia from 🕶 Metaproof Fashion, the weekly newsletter where we keep you informed on how the metaverse & web3 are changing the fashion industry.

Stay informed via our Twitter and Subscribe here to get your metaverse fashion news every Tuesday!

💌 A quick thanks to our friends…

This edition is sponsored by the OG metaverse fashion peeps The Fabricant. They have been deep down the metaverse fashion rabbit hole since 2018 and are pioneers in every sense of the word. They are on a mission to change the fashion industry and are making great progress - check them out today!

📲 By the numbers

• The fashion industry dominates the global e-commerce market, generating a staggering $990B in revenue in 2022, with online apparel set to achieve a market value of $1.2 trillion by 2025. (Source)

• The virtual fitting room market is expected to double in size from $3M in 2019 to $6.5M by 2025, with a CAGR of 13.44%, while the immersive market is anticipated to be valued at around $333B within the next three years. (Source)

• The smart clothing market, valued at $668M in 2020, is set to grow significantly over the next decade, potentially exceeding $4B and reaching as high as $30B by 2040. (Source)

📫 News & trends

🤩 Alo Yoga launches digital fashion collection for Paris Fashion Week

Popular activewear brand Alo Yoga has announced the launch of its unisex digital wearable collection that will be available in over 1,000 metaverses and social media networks, an apparent run for a global footprint in the digital world.

The digital fashion drop, celebrating digital identity and encouraging mindfulness in the digital space, couldn't have come at a better time as it coincides with Paris Fashion Week. It features the Alo Accolade Hoodie, Accolade Sweatpant, and canvas Bucket Hat, and Alo Yoga has a candid take on trends: “We had more leggings being worn in the metaverse last year than we did in real life.”

But that's not all: The brand is taking things to the next level by launching initiatives such as NFTs, which provide an innovative way to own and collect digital assets, and the Virtual Reality stores that allow customers to explore the collection and interact with the brand on a whole new level.

👟 Balmain teams up with space runners to bring its futurism-inspired sneaker to web3

In collaboration with web3 fashion brand Space Runners, Balmain is taking the virtual world by storm with the launch of its highly sought-after Unicorn silhouette in the metaverse with a brand-new colorway and NFT collection. With its futuristic design and unique aesthetic, the chunky shoe quickly became a fan favorite last year.

These NFTs will be available in different levels of rarity, and for those who prefer physical sneakers, Balmain will also release a physical twin of the Unicorn sneaker in the same colorway. While the price is yet to be confirmed, the waitlist for the drop is already live, and the response on social media has been nothing less than massive. In 2022, the label announced the launch of its very own Web3 community hub, released skins in the Need For Speed game, and teamed up with Barbie on a playful NFT launch.

💥 NFT Paris: Future Fashion Summit sparks convos around our web3 future

The Future Fashion Summit has recently debuted at NFT Paris, an elite, invite-only gathering that links up luxurious and digital fashion companies to encourage partnership and serve as a venue for fashion innovators to socialize and exchange stories. The details we know:

• Top fashion figures present include Holly Wood, Megan Kasper, Kerry Murphy, Alice Delahunt, and Kai Henry.

• Held at the Grand Palais in the heart of Paris, The event saw over a hundred in attendance, including Chanel, Givenchy, Christian Dior Couture, Fendi, Louis Vuitton, and Balenciaga.

• The HollywoodLabs team, which organized the event, teased they are also working on a Future Fashion Summit NYC Edition.

🎉 Avatars, get ready to strut: Decentraland to host second Metaverse Fashion Week

Decentraland, with its partners UNXD, Spatial, and Over, is organizing the second annual Metaverse Fashion Week from March 28-31 in its Luxury District to focus on open metaverses and web3 interoperability. The event's theme "Future Heritage" highlights traditional fashion houses stepping into web3. As a part of the event, brands will host immersive digital experiences on and off the runway:

• Dolce & Gabbana’s exhibition of works from its Future Reward digital design competition

• Tommy Hilfiger’s fresh release of new wearables daily alongside AI-powered products

• DKNY’s opening of its pop-up art gallery and restaurant DKNY.3

• Adidas’ first series of digital wearables for holders of its Into the Metaverse NFT collection

Dr. Giovanna Graziosi Casimiro, head of Metaverse Fashion Week, put it simply: “We are seeing the return of many luxury fashion houses, and also the emergence and elevation of digitally native fashion. We are excited to see some of the world’s greatest fashion minds engaging in the future of fashion, and what it can mean for their communities.”

👀 From New York to Milan: Fashion Week sees big names avoid the metaverse, smaller ateliers lead digital innovation

As the fashion world eagerly tuned in to New York, London, and Milan Fashion Weeks, many were surprised by the lack of digital engagement from some of the industry's biggest brands. Despite the opportunity to connect with consumers on a global scale, some opted to sit this one out. Afterpay chose not to repeat its NFT initiative from last season's NYFW. Even big names like Tommy Hilfiger and Eckhaus Latta opted not to present in either the online or offline realm.

But where some saw a void, others saw an opportunity. Smaller ateliers and independent labels filled the gap with bold and innovative digital collections. BCBGMaxAzria and Vivienne Tam were among the few who embraced the metaverse, presenting cutting-edge digital collections that showcased their creativity and ingenuity.

In a rapidly changing fashion landscape, it's clear that digital engagement is more important than ever before. By embracing emerging technologies and new ways of connecting with consumers, these pioneering brands are setting the standard for the future of fashion.

😍 Nouns 3D-printed fashion collection turns heads at NFT Paris

Fashion designer Danit Peleg has debuted her first collection of 3D-printed clothing at the community-owned brand Nouns’ conference. The collection, inspired by specific NFTs from the PFP collection and the Nouns brand, featured five outfits with intricate details such as the boxy Nouns glasses (or "Noggles") and accurate renditions of previously minted avatars. Peleg received $140,000 in funding to develop, construct, and exhibit her 3D-printed apparel in three stages, attributing her success to establishing trust with the community by starting small, providing value, and increasing support as trust grew.

The Nouns NFT project stands out due to its open-source Creative Commons 0 (CC0) model, which allows everyone to create and sell their projects and products based on the brand (including those who don’t own a Nouns NFT). With nearly $45M worth of ETH currently sitting in the Nouns treasury, the project has financed a variety of initiatives, including comic books, TV pilots, fashion projects, and even a float in this year's Rose Parade.

🤔 How web3’s connected fashion products drive brand loyalty

Cult & Rain is revolutionizing product authentication, resale, community communication, and marketing by incorporating augmented reality NFT products and an NFC-tagged hoodie integrating AI design, creating a seamless experience for those looking to engage with the brand and its products. This innovative technology ensures authenticity and helps to build trust and loyalty among customers.

By embracing web3 and NFC-connected products, players like Cult & Rain are tackling the loyalty program issues faced by many brands in the industry. What’s great about the tech, too, is the ability to launch exclusive content, where the NFC chip can have pre-loaded exclusive content like behind-the-scenes videos, brand updates, and even direct-to-consumer videos thanking customers for their purchase.

🏃‍♂️Quick hits

• Adidas' Virtual Gear digital fashion line will debut at Metaverse Fashion Week 2.0, offering Virtual Gear NFT holders a unique 3D copy of their items to wear while exploring Decentraland, made possible by the new Connected Wearable feature.

• RTFKT and Ledger collaborate to launch educational programs and collaborative drops, starting with a physical release of a special all-white custom edition of the Ledger Nano S Plus and I’m Nano X hardware wallets.

• Men’s underwear brand SAXX has introduced its new line of sweat-absorbing underwear through its first-ever virtual store, offering customers online shopping from the comfort of their homes.

• CLO Virtual Fashion, engaged in 3D garment design and simulation software, has concluded a successful user summit in Los Angeles and unveiled its latest technological innovations in virtual fashion.

• Supercute World, a fashion and lifestyle brand, has joined forces with AI-based fashion tech firm Merchadise to create its inaugural apparel line, blending Supercute World's unique and vibrant aesthetic with Merchadise's cutting-edge tech.

• Indian tech player Metaverse Technologies is initiating a retail revolution by integrating ChatGPT, AR/VR, AI, and 5G into the shopping experience, enabling retailers to offer more personalized, interactive, and immersive shopping experiences.

💸 Finance buzz

• Tommy Hilfiger, Gucci, and Dolce & Gabbana have poured millions of dollars into "metaverse storefronts" and "digital fashion NFTs" as they tap into the growing market of virtual fashion. (Source)

• Claire's Holdings LLC is named the second most innovative company in the retail sector on Fast Company's annual list of the World's Most Innovative Companies for 2023, which the brand attributes to compelling consumer products partnerships business, diversified retail footprint, and its foray in the metaverse. (Source)

🗣️ Quote of the week

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All content on this newsletter is for informational purposes only and does not aim to serve as or replace expert investment advice.

If you are a startup building in the metaverse / web3 ecosystem and are raising capital, please reach out to Sfermion. Sfermion is an investment firm focused on accelerating the emergence of the metaverse.

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