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AR in action: Famous landmarks dotted with LV x Yayoi Kusama’s iconic dots

Bloomingdale’s web3 collection, metaverse fashion storefront Emperia, plus more top stories

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Metaproof Team
January 31, 2023

🕶 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…

The Fabricant logo

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 market for metaverse transactions is predicted to reach $6.1B in 2023 and $42B by 2026, according to research firm Strategy Analytics. (Source)

  • Over the past decade, the number of VR and AR deals in the fashion industry has been steadily rising. In 2013, the industry saw 33 deals worth $465M, which skyrocketed in 2021 to 311 deals worth over $18.9B through venture financing, private equity, and equity offerings. (Source)

📫 News & trends

Louis Vuitton has partnered with Snapchat to bring Yayoi Kusama's iconic dots to a series of augmented reality landmarks around the world. The collaboration is a testament to the connection between the physical and digital realms, showcasing the evolution of the web through augmented reality.

For Louis Vuitton, AR represents a new playground for creativity and experimentation. The partnership builds on previous efforts, including a rendering of Virgil Abloh's Keepall bag in AR and a Kusama-inspired pumpkin face filter.

The use of AR is becoming increasingly popular among brands seeking to create unique and engaging experiences for customers. By combining their products with the power of AR, brands can bring their stories to life and offer a memorable, immersive activation.

The world of fashion and technology continues to converge, with Nike leading the way in the creation of NFT sneakers. The CryptoKicks NFT sneakers are selling for thousands of dollars on the popular online market OpenSea.

One of the unique features of these sneakers is that customers can alter the color of the iconic Swoosh, heel, straps, and tongue of the sneakers by purchasing a "skin vial." This customization option has added to the value and appeal of the CryptoKicks.

While Nike has not released any information on the sales of CryptoKicks, it is clear that the company is on the cutting edge of the intersection of fashion and technology. Additionally, a pair of Nike Supreme Stars Mean Green SB Dunk Lows were going for almost $1,000 on StockX on Thursday, showing that the demand for limited edition, collectible sneakers isn’t going to let up soon.

Emperia, a London-based metaverse startup, has raised $10M (£8M) in a Series A funding round to develop virtual storefronts for fashion brands. Emperia uses data analytics to create simulations of physical shopping experiences, providing fashion brands with an innovative solution to reach customers. The financing was led by Base10 partners, with participation from other investors.

While some may argue that virtual stores are not as effective as physical stores, Emperia believes that its data-driven approach provides an unparalleled shopping experience. However, others may question the validity of relying solely on data analytics to design virtual storefronts. Nevertheless, Emperia is poised to disrupt the fashion industry with its innovative approach to virtual commerce.

Bloomingdale's is making a bold move in the world of NFTs with its latest collaboration. The luxury department store is partnering with Non-Fungible Clothing to launch an ultra-limited edition of 150 blockchain-enabled t-shirts, a move that marks a shift in the traditional retail industry as it dips its toes into the NFT market.

The T-shirts will be tokenized as NFTs on the Polygon blockchain, which will verify their authenticity and provide full traceability for the owners. An NFC tag embedded into the shirt will allow the owners to claim full ownership of their virtual twins - a unique feature that sets the products apart from traditional retail items and provides added value for the owners.

The shirts will be available for purchase at Bloomingdale's The Dubai Mall and online, starting at AED 999. To give shoppers a full immersive experience, the pop-up will also feature a VR experience that allows customers to try on the T-shirt's virtual twin.

While the high price tag of AED 999 might be a barrier for some, this move is a step closer to the future of retail and the growing NFT trend, making it thrilling to see how this collaboration will play out and shape the future of fashion and retail.

In a time where the world is becoming increasingly virtual, South Korea is taking the lead by investing in a metaverse ecosystem and the creation of the Metaverse Fashion Festival (KMFF), which aims to showcase domestic fashion brands in the metaverse, elevating the traditional showroom atmosphere to the digital realm.

KMFF is more than just a virtual fashion show: it incorporates phygital activations and promotional events at department stores to give consumers a full experience. This combination of the physical and digital world showcases the potential for the metaverse to become an integral part of the fashion space. 

However, there are also challenges that come with this transition. Independent fashion labels may struggle to carry out effective marketing strategies in the metaverse on their own, and not all consumers may be interested in virtual showrooms and digital reproductions of clothing pieces.

Despite these challenges, South Korea's investment in the metaverse ecosystem and the creation of KMFF demonstrates a bold step forward in the virtual realm and sets a standard for other countries to follow. As the world continues to move towards a more virtual landscape, it will be interesting to see how the fashion industry adapts and evolves.

In a major win for the web3 movement, Spatial Labs has secured $10M in seed funding for its latest project: the LNQ One Chip, a microchip designed to be embedded in clothing and connect the physical garment to the blockchain.

With the LNQ One Chip, any item of clothing can become a traceable web3 asset. The chip is linked to an NFT on the Polygon blockchain, unlocking a wealth of possibilities for both consumers and brands. Not only can the chip be used to unlock virtual clothing in virtual worlds, but it also provides a permanent record of a garment's ownership history.

One concern, though, is that the technology may be too expensive for some brands to implement. Additionally, consumers may not be willing to pay extra for clothing with the chip embedded in it. Regardless, Spatial Labs' groundbreaking work is set to revolutionize the fashion industry, and we’re staying tuned for exciting developments on this front.

In a collaboration that pushes the boundaries of fashion and technology, Iranian-Dutch musician Sevdaliza has partnered with The Fabricant, a digital-only fashion house, to debut a range of AR "facewear” and serve as the face of the collection. This innovative line of digital accessories includes virtual earrings, facial piercings, and nose chains that can be worn through augmented reality. 

This exciting new venture into the world of digital fashion brings up some important points to consider. While the idea of virtual accessories is intriguing, there may be concerns about the potential risks associated with wearing digital accessories. Some may also question the practicality of wearing virtual accessories in everyday life. However, WWD offers unlimited access to their website across all devices, making it easy to stay informed about the latest in digital fashion.

Digital Fashion Week New York is coming to showcase the latest in fashion and technology, with a focus on offering insights and strategies for adapting to the digital future. The event will include the Networking and Speaker Summit, the Metaverse Fashion Experience, and a phygital fashion show  alongside a host of immersive experiences bringing together both physical and digital elements.

Designers involved include Ilona Song, RightDirection, Lorena Bello and Zero10, which has also worked on creating AR iterations of designs by five digital creators, two of which will have physical representations at the shows in New York on February 11 and London on February 18.

In response to a fast-changing landscape populated by virtual realities, decentralized transactions, and NFTs, fashion schools are embracing the metaverse by introducing learning experiences into their curricula. Leading fashion brands such as Prada and Gucci, for instance, have already incorporated NFTs into their products.

In addition to traditional skills of garment-making, students are learning about the new business models that come with the metaverse, helping prepare them for the future of fashion. Schools are urged to remain open-minded and adapt their curriculums to keep up with the ever-changing metaverse as well as consider the impact of what is being created within the metaverse, ensuring that it is in line with ethical and sustainable practices.

As the fashion industry evolves, the next generation of designers must be well-versed in virtual realities and the opportunities they offer. By incorporating metaverse learning experiences into their curriculums, fashion schools are ensuring that their students are future-ready. 

The fashion industry is currently experiencing a new trend, known as digital fashion, as it takes the industry by surprise. Digital fashion refers to clothing made up of pixels rather than fabric and is becoming a major cultural force, propelled by web3 technologies and the use of AR and VR technology.

Web3 technologies are changing the face of the fashion industry, making it more transparent, environmentally sustainable, and accessible to a wider range of designers and consumers. This is achieved through a more efficient supply chain, increased accountability, and a greater degree of diversity.

Despite its growing popularity, concerns around the trend of digital fashion involve questions on its sustainability, as the environmental impact of producing and disposing of digital clothing remains unclear. Additionally, the high cost of technology involved in digital fashion may limit access for some groups, making it less inclusive.

The meta-retail revolution is here, and on the frontlines of it is SPIN by Lablaco, a web3 circular fashion platform. The company is bringing the world of couture fashion to the metaverse with its latest project, showcasing previews of some of the most prominent names in the industry during Paris Couture Week.

Through its meta-retail exhibition at Galeries Lafayette Champs-Elysées, Lablaco is leading the charge in the movement towards mainstream adoption of web3 technology. It's not just about keeping up with the latest trends; Lablaco is showcasing the depth and innovation possible through the integration of this technology into the fashion world.

While some traditional fashion enthusiasts may be resistant to the idea of web3, the technology is already being used to create a more sustainable, inclusive, and innovative fashion landscape. However, the technology is often criticized for being "smoke and mirrors" and not delivering on its promises. Nevertheless, SPIN by Lablaco is proving that this is not the case, and the future of fashion lies in the metaverse.

The metaverse is about to get a whole lot more fashionable with the upcoming Metaverse Fashion Opera (#CAPITAL) set to take place in Dragon City in March 2023. This exciting event will explore the history of the metaverse, from its beginnings to its realization in MVFW23.

#CAPITAL is a fully immersive experience that will feature the designs of Chenpeng, virtuosic dancers, performers, and sopranos, all scored for soprano and drum machine. The Fashion Opera House, designed by Sybarite, is located in Dragon City and is the perfect setting for this highly anticipated event.

While the metaverse fashion opera may be a new concept for some, it's a testament to the power of innovation and the potential of the metaverse. Platforms like Lablaco are spearheading the movement toward mainstream adoption of web3 technology and showcasing how innovation can be embraced in a way that goes deeper than merely tapping the latest trend.

However, as with any new concept, some may question the concept of a metaverse fashion opera, while others may be concerned about the cost of attending the event. Let’s see if #CAPITAL will be a thrilling and memorable experience for the curious web3-savvy crowd. 

Psycho Bunny, the iconic clothing brand known for its commitment to quality and playful logo, has launched the Hero Bunny NFT collection featuring 50 unique iterations of its infamous bunny logo. Fans of the brand can now digitally own a piece of its history through one-of-a-kind limited-edition NFT art.

In addition to the NFT drop, Psycho Bunny will also be launching an NFT shop in February exclusively for NFT holders. This digital collaboration is part of the brand's mission to inspire self-expression and further the creative economy through blockchain.

Matthew Morein, VP of brand and marketing at Psycho Bunny, highlighted the premium around customer interactions: "We … see the metaverse as a great way to create meaningful experiences and strengthen our community of enthusiasts.”

Riccardo, a 33-year-old artist from Maremma, Italy, is using digital art and fashion design to express his creativity. His interest in fashion began as a child, and he continues to draw inspiration from various sources, including art, architecture, nature, and everyday objects.

Riccardo is part of a growing trend in the fashion industry where AI is utilized to create unique and innovative designs - currently fashionable to help brands stand out, amid criticisms that the technology may be hurting the fashion industry's traditions.

No question about it: AI can produce intricate designs. Yet it’s important to maintain a human touch in the creative process; Riccardo's work showcases the potential to bring fresh ideas to the fashion world while still preserving the human touch.

The world of blockchain has seen Ethereum as the go-to platform, but Polygon is fast gaining traction as a more sustainable, cost-effective option. Polygon is a Layer2 sidechain on Ethereum and offers faster, cheaper transactions. Despite having 90 times lower NFT sales volume than Ethereum in the past month, Polygon's improved sustainability is attracting attention.

While Ethereum is working on improving its scalability, Polygon has already made progress in this area. The decision between the two platforms ultimately comes down to the specific needs and priorities of the user. For those looking for a cost-effective and sustainable option, Polygon emerges as a good choice, while Ethereum remains the top pick for those seeking the most established platform with the highest NFT sales volume.

In the world of fashion, IoDF is making waves with its innovative new offering. The company is striving to make fashion accessible to all genders and body types with a new garment package that allows users to create, restyle, wear, and share their fashion in both physical and digital environments.

The garment package, created in collaboration with TikTok influencer Antoni Bumba for Squarespace, represents a major step forward in the world of fashion and technology. With this package, users can construct and wear a garment in both the physical and digital realms, making fashion truly accessible to everyone.

The adoption of digital fashion is on the rise, especially among the younger breed of shoppers, influencers, and celebrities. This new form of self-expression has the ability to captivate audiences, particularly as the COVID-19 pandemic hastened the digitization of the fashion industry with an unprecedented increase in digital events and the rise of virtual reality. Digital fashion presents a new platform for designers to showcase their work and for consumers to express themselves.

💸 Finance buzz

  • London-based metaverse company Emperia obtained $10M in a Series A funding round for the creation of virtual retail spaces for fashion brands. The funding was spearheaded by Base10 partners and supported by additional investors. (Source) 

  • Spatial Labs, a web3 startup, has received $10M in seed funding to develop the LNQ One Chip, a tiny computer chip that can be integrated into clothing to link it to the blockchain. (Source) 

🗣️ Quote of the week

"We believe in the importance of customer interactions and see the metaverse as a great way to create meaningful experiences and strengthen our community of enthusiasts."

 

Matthew Morein, VP of brand and marketing at menswear brand Psycho Bunny

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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.

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