With 2023 in full swing, brands are picking up the pace with their Web3 activations. Virtual marketplace DressX is deepening its relationship with fashion brand Dundas, while small startups like Syky are trying to make their names known in the universe. While it will be the leading brands that change the metaverse from niche to mainstream, platforms like these will ultimately revolutionize the digital fashion industry as we know it.
Meanwhile in China, as the country prepares for a weekend of Lunar New Year festivities, luxury car group Porsche is pushing ahead with its digital plan with the release of a new series of collectibles. Web3’s luxury automotive sector has a lot of room to fill if it wants to make as much of an impact as its IRL counterpart. But with big players like Porsche, Ferrari and McLaren already delivering impressive virtual projects, the industry is well on its way to having a successful Web3 presence — and a very prolific clientele — in the palm of its hand.
Porsche China presents the first batch of digital collectibles via Yuanbang’s Metaverse City
What happened: The luxury carmaker will release its first line of digital collectibles on January 23rd. The “911-Dreamer” collection, in a limited run of 996 pieces, will allow its owners to change the theme and create a unique mask for their collectibles. Token holders will also receive several benefits including physical gifts and invitations to exclusive IRL events. To celebrate the launch, the brand will also live stream its official release inside the metaversal city of Yuanbang (元邦).
Judgment: Porsche has increased its digital efforts in China and globally over the past few months. After launching a 7,500-piece collection worldwide in November, the group is now appealing to mainland collectors, introducing a similar strategy of customization and personalization to attract potential buyers.
This market is expected to accelerate this year, thanks to Beijing’s decision to launch its first state-backed NFT market. We’re likely to see more China-focused labels flock to the NFT scene as a way to put their stamp on the virtual world — and take advantage of a potentially colossal industry.
DressX x Dundas deepen their relationship by bringing iconic celebrity apparel to Roblox
What happened: Digital marketplace DressX is strengthening its partnership with Dundas, with the pair collaborating again on a new fashion collection available on Roblox. “The DressX x Dundas Party Drop” is the duo’s second line for the gaming platform, consisting of several virtual wearables inspired by various celebrities and their iconic looks. Each hyper-realistic wearable fits all kinds of avatars, encouraging inclusivity and diversity within the metaverse and the wider fashion community.
Judgment: The Roblox boom was one of the top Web3 trends in luxury last year, but will it have the same impact in 2023? Houses such as Gucci, Givenchy Beauty and Tommy Hilfiger have previously redoubled their gaming efforts by establishing a presence on the platform.
Moreover, almost three out of four users by Roblox said they plan to spend money on digital fashion, with more than one in four having already spent $20 to $100 (RMB 135 to 680) or more on a single virtual item. These numbers show that the appetite exists. Now brands face the challenge of providing a distinct, individual strategy in a space that separates them from the rest of the competition — in Dundas’ case, that’s leveraging celebrity appeal.
Digital fashion startup Syky drops NFT collection and raises $9.5 million
What happened: On January 20th, digital fashion platform Syky minted 987 of its “Keystone” member NFTs. Each token went on sale for 0.2 ETH, but the startup also reserved 50 NFTs to be given away for free to rising Web3 fashion designers (who could apply for the tokens). The venture has raised $9.5 million (RMB 64.5 million) in a funding round led by venture capital firm Seven Seven Six this week. Syky said the funding will help grow his management team and accelerate his ambition to level the playing field in the industry and foster a new wave of rising designers.
Judgment: After being launched last year, Syky will become a spectator during 2023. The brainchild of Alice Delahunt, Ralph Lauren’s former chief digital and content officer, the platform will act as an incubator, marketplace and community hub for virtual fashion creatives and enthusiasts.
With more and more Web3 talent entering the space, the success of such creatives depends on companies like these that help develop ideas and provide tools and education. Beige without solid support systems like Syky behind them, even the most innovative and exciting ideas are at risk of failure.