FARFETCH - Driving the future of Web3 Fashion
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The intersection of the fashion industry and web3 is a fascinating usecase. While much of the crypto industry has been focused lately on the aftermath of the FTX collapse and other negative events that have happened this year, the web3 fashion industry has been gaining more traction. What we are seeing in this sub-vertical of the wide range of web3 use cases is an influx of interest from non-crypto native companies. Some of these activations were touched on in this article that mentions the activation that Tiffany & Co did with Cryptopunks. One company that is showing its commitment to web3 is FARFETCH.
FARFETCH’s mission is to be the global platform for luxury fashion, connecting creators, curators, and consumers. FARFETCH began as an e-commerce platform in 2007 and now connects customers in over 190 countries and territories with items from more than 50 countries and over 1,300 of the world’s best brands. With the company’s individual retail success, FARFETCH innovated a solution called FARFETCH Platform Solutions which enables other luxury brands to have the best end-to-end commerce experiences. Innovation doesn’t stop at FARFETCH as now the company has set its sights on web3. FARFETCH has embraced web3 and even uses its Ethereum Named Service (ENS) domain as its Twitter name.Â
FARFETCH builds not only for their individual success but also for the communities they aim to impact. While the company’s initial display of this was its Platform Solutions product, FARFETCH has continued this approach in web3. This year, FARFETCH partnered with Outlier Ventures to develop an accelerator program called Dream Assembly Basecamp. Beginning with eight startups, the accelerator is focused on molding companies that are focused on defining the future of web3 luxury commerce. Following the spirit of decentralization, Dream Assembly Basecamp is entirely remote and is three months long.Â
Despite this being the first year of the Dream Assembly Basecamp, the accelerator attracted over 200 applications. While 200 applications may not seem like a lot, especially to those who note that Y-Combinator has over 20,000 applications every year, web3 luxury fashion is a niche and nascent sub-vertical of the broader web3 ecosystem. It wouldn’t be surprising if the FARFETCH team was ecstatic that there were even that many applicants to choose from. During the 12 weeks, the eight startups receive mentorship from gaming, retail, marketing, and talent management professionals. To give context on who will be providing mentorship in this cohort, FARFETCH expects Daria Shapovalova and Natalia Modenova from digital fashion company DressX, and FARFETCH executives including Richard Sullivan, director of design and creative technology.Â
Along with mentorship, FARFETCH is giving these eight startups 150 thousand dollars each. The startups in the Dream Assembly Basecamp program gain exposure to investors who have the potential to deploy capital which help these early-stage companies scale. This is an added benefit of running the accelerator alongside Outlier Ventures which is the leading Web3 accelerator and a top three crypto investor globally. Outlier’s portfolio includes projects like Cosmos, Chainlink, and Brave. While this is the first time FARFETCH and Outlier are collaborating on the Dream Assembly Basecamp, FARFETCH has leveraged Outlier cohort members Good on You and The Restory. FARFETCH's proven adoption of new technologies signals that the company is ready to implement web3 technology into its workflows in the near term.
The inaugural members of this accelerator are Altr, Curie, iiNDYVERSE, METAV.RS, Mintouge, Rebilium, SKNUPs, and WEAR. Noting FARFETCH's appetite for innovation, these eight companies all have the chance to have the luxury fashion brand become their initial customer which adds validity and a hefty proof point for the startups. Additionally, via FARFETCH’s Platform Solutions, the company has a network of other marketplaces that they can connect these companies with. Ultimately, it is not unfathomable that the startups participating in the Dream Assembly Basecamp program could bring in five to ten customers just from the accelerator experience alone. After acquiring an initial customer base from notable logos due to the accelerator, the startups can parlay those logos into a plethora of other sales.Â
As mentioned above, FARFETCH and Outlier Ventures are putting these companies in a position to succeed. By helping Altr, Curie, iiNDYVERSE, METAV.RS, Mintougue, Rebilium, SKNUPs, and WEAR define product market fit and provide a valuable logo set of customers, these startups will have more ammunition when the time comes to raise funds from investors. After completion of the accelerator program, the accelerator participants have the backing from a top brand and a notable web3 native investor, which should drive investor interest and make fundraising easier for these founders.Â
All things considered, FARFETCH is positioning itself to have a presence and a large ally to the web3 community. By collaborating with Outlier Ventures, FARFETCH has greater insight into how to best serve and collaborate with early stage web3 companies. Founders in the nascent luxury digital fashion space are beginning to look for partners and guidance to scale. This is evident as hundreds of applications came into Dream Assembly Basecamp in its inaugural cohort. While other fashion houses like Louis Vuitton have an accelerator program, FARFETCH is driving the blueprint for advancing web3 fashion. More importantly, FARFETCH’s Dream Assembly Basecamp shines a positive light on the future of web3 fashion.
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If you found extraordinary value from this article, you can show your support by sending a tip to CryptoJeter.eth (crypto wallet) or $CryptoJeter(cash app). I am really grateful for your support.
Opinions are my own!!!
About the Author:
Hey Friends! Thanks so much for checking out the Crypto Jeter newsletter. I’m Austin and I write this newsletter weekly to shine a light on emerging web3 startups and display the innovation and various evolutionary moments impacting the industry.Â
In 2017, during my sophomore year at Morehouse College, I bought my first fraction of a Bitcoin and have since been inspired by the financial access blockchain technology creates.
Over the last 5 years, I’ve built community and learned so much and am excited to share my thoughts with the crypto ecosystem
I truly enjoy meeting founders, investors, and contributors who are in the crypto space so please feel free to send me a DM on Twitter to @Cryptojeterif you’d like to chat.