Asian fashion brands are getting into the metaverse in a big way, thanks to a recent joint venture between Singaporean platform aggregator 1MetaWorld and Seoul-based Fame Universe. The aim of the partnership, dubbed 1Fame, is to help fashion designers and digital creators create, launch, sell and produce their own digital fashion non fungible tokens (NFTs) in connection with physical garments and real-world experiences. Based in Singapore, the joint venture seeks to support the fashi
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fashion industry’s fight against counterfeiting with Web3 innovation, leveraging NFTs as unique tokens of authenticity and trusted tools. “We’ll be dealing largely with luxury assets, like your wine, watches, whisky, and so forth,” Jayaprakash Jagateesan, a director on the board of 1MetaWorld, told Inside Retail. Jayaprakash Jagateesan, a director on the board of 1MetaWorld Many luxury brands have already entered the metaverse with a host of activations and experiential shopping journeys, and Jagatesan pointed out that fashion and lifestyle products are a good point of entry to the metaverse, as they are very relatable to the masses. The story so far Fame Universe was set up around two and a half years ago, and a big part of its mission is to combat counterfeiting in the fashion and retail industries. According to James Hong, the CEO of 1Fame, the joint venture, the main mission is to bring trust back into the equation. “Counterfeiting in the fashion industry has long been a real pain point for many, and my vision for this joint venture was to ensure we could fight this trend and bring back trust into the marketplace. Of course, apart from that, it’s also about ensuring we get global designers on our platform too,” he told Inside Retail. James Hong, the CEO of 1Fame Ensuring independent designers from all over the world can present their new collections and showcase their skills and talents is of paramount importance to the venture. “Most designers do not have a financial background or appreciation of brand values, so we are the catalyst to ensure their collections are presented with the right standards of authenticity and originality in the marketplace,” Hong added. Hong went on to say that the Web3 and metaverse wave is starting to gather pace and he believes that mass adoption of NFTs will become a reality when they are linked to digital and physical assets. According to a 2021 report by Citi Group, the metaverse could be worth US$13 trillion by 2030. How it works In collaboration with fashion designers, 1Fame’s Meta Studio will digitise designs into interactive digital fashion assets. New collections will become a reality through crowdfunding on the 1Fame Fashion Launchpad. The digital garments will then be minted as NFTs and secured in the owner’s digital wallet to be worn on avatars in the metaverse or traded on the 1Fame marketplace. Ownership of the NFTs will grant exclusive access to immersive and experiential benefits for fashion enthusiasts and collectors. This includes advanced access to NFT fashion drops, delivery of the physical garment, VIP invitations to fashion events in the real world and metaverse, as well as meet-and-greet sessions with influential designers. Fame Universe has successfully collaborated with South Korean designer brands such as Syz and Vleeda, leveraging the popularity of the Korean Wave creative ecosystem. Through 1Fame, more renowned brands will be introduced in the next season of 1Fame Fashion Launchpad set for release in the first quarter of this year. The future While Hong acknowledged that the bulk of the fashion industry is still treating Web3 and the metaverse with kid gloves, he expects the next few years will see marked improvements in awareness, social reach and community building. Jagateesan echoes the sentiment. He feels the real potential in this space lies in an extensive process of education to the marketplace. “The whole concept of trust in Web3 and the metaverse is something that needs to be stressed,” he said. He went on to say that buyers and sellers need to be aware of the pitfalls in this new environment, but also be excited about the opportunities that await those who can crack the code. “Contrary to popular belief, key players in the NFT space are actually coming from Southeast Asian countries, such as Malaysia, Thailand and Vietnam. In fact, most of our technology developers and blockchain experts are based in Vietnam,” Jagateesan added. More importantly, he feels that the metaverse is all about bringing back that sense of ownership. Data, intellectual property rights and an overall empowerment of the end user is viewed as an essential part of the experience.