Fashion Tech with Futures Factory, Creator Monetization, Acceleration at Ternoa

Web3 is an idea for a new iteration of the WWW that incorporates concepts such as decentralization, blockchain technologies, and a token-based economy. “Web1 is read-only, Web2 is read-write, Web3 is read-write-own.”

Virtual fashion with NFTs is redefining the way we think about clothes. Brands and designers create virtual fashion for consumers to wear virtually and with their avatars. Just as we wear fashion as a form of expression and status, there is a need to buy fashion to dress and style virtual characters.

Morgan Stanley predicts that the virtual fashion market could be worth more than $55 billion by 2030. Virtual products have long existed in the context of gaming. In 2019, Louis Vuitton partnered with League of Legends to offer LV-branded digital assets.

But the Metaverse is more than gaming, as the creators see it as a world where consumers and audiences hang out, buy, and display fashion in a virtual world. A leader in the virtual fashion space is RTFKT, the virtual fashion NFT studio acquired by Nike. RTFKT offers virtual sneakers that sell for tens of thousands of dollars and has a 10,000-piece digital art collection called CloneX that has caused the price of some individual pieces to skyrocket.

DressX is another example of a new venture into the virtual economy of fashion. DressX is a digital fashion app that sells digital fashion in the form of NFTs and also has an augmented reality app where users can try digital fashion items on their physical body using augmented reality, similar to “filters ” of Snap. Designers can sell their fashion items on DressX, and users can buy digital fashion designs to wear in the metaverse or superimpose the design on their bodies in photos that can be used on social media.

Futures Factory

Futures Factory is a fashion-tech startup that will play a role in the creator economy and sneaker culture, it is building a network of shoe designers, so far it is +70. He wants to be a catalyst for the next generation of shoe designers and digital native brands. Its aim is to empower designers to design the future of next-gen footwear and deliver a new, sustainable, demand-driven distribution model for footwear brands. This is to allow them to sell virtual sneakers as NFTs to fund, for example, the production of physical sneakers.

Futures Factory is building an NFT platform deployed on the Polygon Blockchain. The platform allows Sneaker Designers to sell their creations in the form of NFTs associated with some type of utility.

They are intended to engage the Sneakers and Digital Fashion communities in a privileged and lasting relationship with the creator, through digital (AR, VR, Gaming, Metaverse) and/or phygital (3D printing) experiences. By purchasing an NFT, its owner contributes to the personal development of the creator who keeps 80% of the sale. Founder Nicolas Romero sees NFTs as a way to unlock unique “phygital” experiences, and hopes to see Futures Factory become the premier sneaker marketplace for digital and future physical sneakers.

Futures Factory was co-founded in 2021 by Nicolas Romero and Alexandre Frih, French Web3 pioneers. Nicolas is the founder of Satoshi Studio, the first sneaker brand to use NFTs in 2018. Alexandre is the initiator and first architect of LVMH’s Aura blockchain

The Web3 Garage

Continued in this week’s newsletter 02:

  • Fashion Tech with Futures Factory
  • 🎙️Audio disc (14mn) : Speech by Nicolas Romero, founder of Futures Factory
  • Ternoa Blockchain Acceleration Program
  • First European web3 fund dedicated to Luxury, Arts, Music and Sport
  • Binance invests in Twitter
  • Basic Roblox Metrics
  • Hackathon: Creator Monetization
  • Forge: crypto division of Societe Generale
  • Japan invests in Web3
  • Tezos will evolve the LIMA protocol
  • The press captures NFTs
  • 🚀 3 Web3 Startups in the World!
  • 🗞️ News (7)

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