With 2023 now in full swing, brands are picking up the pace with their Web3 activations. Virtual marketplace DressX is deepening its relationship with fashion label Dundas, while small startups like Syky are pushing to make their names known in the space. Though leading brands will be the ones to change the metaverse from niche to mainstream, it’s platforms like these that will ultimately revolutionize the digital fashion industry as we know it.
Meanwhile in China, as the country gears up for a weekend of festivities for Lunar New Year, luxury automobile group Porsche is making strides in its digital roadmap with the release of a new collectibles series. Web3’s luxury automotive sector has big shoes to fill if it wants to make as big of an impact as its IRL counterpart. But with major 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 fruitful clientele — in the palm of its hands.
Porsche welcomed its Chinese audience into the group’s Web3 community this week with its “911-Dreamer” digital collectibles drop. Photo: WeChat
Porsche China Unveils First-Ever Digital Collectibles Series Via Yuanbang’s Metaverse City
What Happened: The luxury automobile manufacturer will release its first-ever digital collectibles line on January 23. The “911-Dreamer” collection, in a limited run of 996 pieces, will allow its holders to change the theme of and create a unique skin for their collectibles. Owners of the tokens will also receive several perks including physical gifts and invitations to exclusive IRL events. To celebrate the launch, the brand will also livestream its official release within the metaverse city Yuanbang (元邦).
The Verdict: Porsche has upped its digital efforts both in China and globally over the last few months. Following its worldwide launch of a 7,500-piece collection in November, the group is now tapping the mainland’s collectibles enthusiasts, incorporating 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-ever state-backed NFT marketplace. It’s likely that we’ll see more China-centric labels flock to the NFT scene as a way of putting their stamp on the virtual world — and reaping the benefits of a potentially colossal industry.
The fashion label entered into its second partnership with Web3 marketplace DressX on a new Roblox wearables collection. Photo: DressX
DressX x Dundas Deepen Their Relationship By Bringing Iconic Celebrity Outfits To Roblox
What Happened: Digital marketplace DressX is strengthening its partnership with Dundas, with the pair collaborating once again on a new fashion collection available in Roblox. “The DressX x Dundas Party Drop” is the second line from the duo for the gaming platform, and consists of several virtual wearables inspired by various celebrities and their iconic looks. Each hyper-realistic wearable fits all types of avatars, encouraging inclusivity and diversity within the metaverse and the wider fashion community.
The Verdict: The Roblox boom was one of luxury’s leading Web3 trends last year, but will it have the same impact in 2023? Houses such as Gucci, Givenchy Beauty, and Tommy Hilfiger have previously doubled down on their gaming efforts by establishing a presence on the platform.
Moreover, nearly three in four users reported by Roblox stated they plan to spend money on digital fashion, with more than one in four already having spent from $20 to $100 (135 to 680 RMB) or more on a single virtual item. Numbers like these show that the appetite is there. Now, brands face the challenge of securing a distinct, individual strategy in the space that separates them from the rest of the competition — in Dundas’ case, that’s tapping into celebrity appeal.
New fashion startup Syky launched its NFT membership and raised $9.5 million in a funding round this week. Photo: Syky
Digital Fashion Startup Syky Drops NFT Collection And Raises $9.5 Million
What Happened: On January 20, the digital fashion platform Syky minted 987 of its “Keystone” membership NFTs. Each token went on sale for 0.2ETH, but the startup also reserved 50 of the NFTs to be given free of charge to rising Web3 fashion designers (who could apply for the tokens). The venture raised $9.5 million (64.5 million RMB) in a funding round led by venture capital firm Seven Seven Six this week. Syky has stated that the funding will help to grow its leadership team and accelerate its ambition to equalize opportunities in the industry and foster a new wave of emerging designers.
The Verdict: Syky is setting up to be one to watch throughout 2023 following its launch last year. The brainchild of Ralph Lauren’s former chief digital and content officer Alice Delahunt, the platform will act as an incubator, marketplace, and community hub for virtual fashion creatives and enthusiasts.
With more Web3 talent entering the space, the success of such creatives relies on companies like these to help develop ideas and provide toolkits and education. Without solid support systems like Syky behind them, even the most innovative and exciting ideas are at risk of failing.