Quick Notes: Web3 and its Impact on the Evolution of Fashion
This article is a summary of “Web3 and its Impact on the Evolution of Fashion”. It is focused on the importance of digital fashion to web3 and highlighted projects and founders in the metaverse fashion space. Subscribe and read the full article here.
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Mainstream brands are adopting web3 because of the market demand for NFTs and perceived future of the metaverse.
With more mainstream brand involvement, web3 native brands are emerging
Big fashion houses including Nike, Hermés, and Tiffany have entered the world of digital fashion in the form of acquisitions, partnerships and activations
Digital fashion is big business as Fortnite generates over $1B from selling skins
With digital fashion and the metaverse, digital first brands will become prevalent and will translate to IRL purchases
Startups are emerging to increase the viability of the digital fashion market and are betting on the growth of the rising demand for digital expression.
The digital fashion market is worth $40B and will reach a similar valuation as the physical apparel market in the next few years
Currently, there are only a couple major marketplaces that are selling NFTs and they aren’t focused on a particular niche
Similarly to how StockX was originally built as marketplace focused on sneakers, Draup is a company that will focus on the selling of digital fashion
Draup has support from many top investors in space including variant fund
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