MVFW, which starts this Thursday 24 March on virtual real estate platform Decentraland, is the largest digital fashion event to date. It is open to anyone, and a full schedule will appear online. Ongoing events throughout a four-day period include a handful of shows, alongside showrooms, stores, panels, virtual parties and NFT drops. It’s also become a major crossover event for mainstream fashion, with brands including Paco Rabanne, Dolce & Gabbana, Etro, Tommy Hilfiger, Dundas and Cavalli set to join digital firms such as Auroboros and DressX.
Where many see regulatory murkiness, the five-year-old, New York-based investing platform Republic sees opportunity. Indeed, while many outfits grapple with whether to distance themselves from certain digital assets, Republic — whose CEO, Kendrick Nguyen, started his career in securities litigation with Goodwin Procter — has focused from the start on establishing itself as a go-to brand for what Nguyen calls “compliant tokenization.”
Just today, the company is announcing a $150 million Series B round led by Valor Equity Partners, which follows a $36 million Series A round that the company announced in March from Galaxy Interactive, Motley Fool Ventures, HOF Capital, Tribe Capital and CoinFund. (Those earlier investors just re-upped, by the way, and were joined by new backers Pillar VC, Brevan Howard, GoldenTree and Atreides.)
Altogether, says Nguyen, Republic, which employs 200 people, had raised more than $50 million in equity financing ahead of this newest round, and more than $20 million in a token sale.
The outfit is certainly busy putting it all to work. Republic already comprises several different business arms, including a popular retail investment platform that invites people to invest with as little as $10; a private capital division with almost $1 billion in assets under management that funnels accredited investors into startups; and a blockchain consultancy arm that provides technical, financing, distribution and tokenization services.
Republic also right now has two affiliated closed-end investment funds deploying capital into startups and crypto projects, along with a digital investment arm operating as Republic Realm that focuses exclusively on metaverses and NFTs.
Over 100 metaverse real estate developments (including the Metajuku shopping district in Decentraland)
It’s clear that Everyrealm has serious money to spend (they’ve already raised US$60 million), and they intend to invest it in a variety of metaverse platforms! Anita reports:
Everyrealm hopes to become “the gateway to the entire metaverse ecosystem,” according to the company. It is invested in 25 different metaverses and owns 3,000+ NFTs today, Yorio said.
“We started out investing [in the metaverse], but we’ve since expanded our mandate to do a lot more than that. We see ourselves as developers of metaverse content, so we don’t just passively invest and sit back and wait for other people to build things,” Yorio said. The company has built on top of many of its virtual properties — for example, it launched a retail store concept in Decentraland two weeks ago, which it plans to expand into other metaverse platforms, Yorio said. Indeed, 10,000 virtual items in the store sold out in the span of an hour, she added.
Apparently, they have set up a virtual campus in the blockchain-based social VR platform Somnium Space, and Somnium Space CEO Artur Sychov himself will be teaching “a class at the Academy about VR and the future of the metaverse:”
Tuition for four weeks, which includes a “limited edition Republic Realm Academy NFT Tuition Badge”, which will “be your campus ID card and unlock all Republic Realm Academy resources and initiatives at the start of the term”, six online courses, plus “limited office hours with professors, subject to availability”, costs US$1,000…
Let’s face it: it’s to Cathy’s and Artur’s and so many other people’s advantage to sell (and yes, I deliberately use the word sell) as many people as they can on this frankly blinkered perspective on the metaverse—even to the point of offering thousand-dollar certificates for things could probably be learned just as easily from others for free! The overall messaging here is that the non-blockchain-based metaverse platforms which predate this boom in artificially-scarce NFT-based real estate are simply not worth bothering with or investing in.
Well, I now publicly will eat some crow, because buried in Anita’s TechCrunch report is the following news nugget:
Everyrealm also operates a virtual educational campus called Realm Academy in the Somnium Space metaverse, where users can learn more about web3 concepts through online courses. Its inaugural class has 500 students who have paid $1,000 each to attend, Yorio said.
If Janine Yorio is to be believed (and frankly, I have zero reason to doubt her), Everyrealm cleared 500 x US1,000 = US$500,000 from the first offering of their six-course educational program. That’s right—a cool half-million dollars! I guess I was seriously wrong about people not being interested in signing up for their courses, and I am willing to admit that I was wrong. Hey, it does happen—sometimes… 😉
Check out this video sneak peek of what to expect on the runway. Video Production by Vrutega.
Irritatingly, the above link to “several runway shows scheduled throughout this week” only takes you to the sim where the events are taking place, but without the details of when they were happening! Fortunately, Inara Pey has all the details in a detailed write-up on her blog:
The individual in question is New York fashion designer and 2015 CFDA/Vogue Fashion Fund winner, Jonathan Simkhai. As a part of the New York Fashion Week event, he offered a special preview of some of his designs from his Autumn / Winter 2022 (AW22) collection at a special fashion show that took place in Second Life.
In all 11 pieces from the collection have been visualised for Second Life by none other than Mishi McDuff (aka Blueberryxx), founder and owner of SL’s popular Blueberry brand (and, I will admit, one of my go-to designers on the admittedly rare occasions I feel I need to spruce up my virtual wardrobe). In bringing the designs to SL, Blueberry has also given them a special “metaverse flair” – utilising the unique advantages of the digital world to offer twists to some of the items that cannot be replicated in the physical world – such as a sequined dress that gradually loses its embellishments and morphs into a bodysuit as the model walks the runway.
The items were presented to an invited audience of models, influencers, celebrities, and journalists from the fashion, technology and lifestyle industries. They had the opportunity to see the virtual items ahead of Simkhai presenting their physical world equivalents on the New York catwalk, so the guests could witness the virtual garments and their unique properties up close – and even try them on.
I think that this is a brilliant move by Everyrealm. Why? Because none of the NFT metaverse platforms they currently invest in (Decentraland, Somnium Space, Axie Infinity, etc.) have anything which compares to the mature, fully-evolved dressable avatar system which has evolved over the 18+ years of the history of Second Life! Here’s one of the pictures used in the (unfortunately paywalled) Vogue Business article:
This may sound like something straight out of 2006-2008, when many physical world brands tried to hop into SL in the belief it would magically allow them to grow their market influence, but actually it isn’t. The Simkhai / Blueberry relationship is far more symbiotic and engaging, and for two reasons.
The first is that as well as being presented to invited guests, the Second Life Simkhai collection will be the subject of a series of catwalk shows open to Second Life residents on Thursday February 17th / Friday February 18th, with shows set hourly from 13:00 through 16:00 (inclusive – see the Destination Guide link at the end of this article). Not only will these serve to show the designs to the Second Life community, they will also – according to Vogue’s Maghan McDowell – allow SL users to purchase them at around L$1,000 per item.
These NFTs, which cost anywhere from US$200-600 apiece, confer the following “benefits” (please note that this does not apply to sales within Second Life; as mentioned earlier, SL versions of these virtual garments, made in association with well-known womenswear designer Blueberry, will cost about L$1,000 each, a relative bargain!):
Ability to wear Jonathan Simkhai NFT wearables as your avatar in the metaverse
Access to future Everyrealm digital wearables activations
Whitelisting for future digital wearables drops
Keep in mind that your ability to actually wear these garments on your avatar in the various NFT metaverse platforms is heavily dependent upon the ability of the various companies building those platforms to support it (I can guarantee you that the lovely Lucee dress shown above will not look nearly as sparkly on the current crop of Decentraland avatars, for example, let alone the voxel-based blockchain-based platforms like Cryptovoxels and The Sandbox!)
Therefore, many of these “benefits”, like so much for sale in this current season of blockchain, crypto, and NFT-based metaverse madness, are essentially the opportunity to flex and/or gloat to your friends…and to be first in line for the next line-up of expensive NFT-based avatar wearables!
However, I do have to hand it to Everyrealm. The company is certainly putting its money where its mouth is, and they are making a significant splash in the metaverse in a short time. I honestly cannot think of another firm which has its fingers in so many metaverse pies, all at the same time! More power to them.
As I often say on my blog, “a rising tide lifts all boats,” and Everyrealm is attracting big money (and attention) to the ever-evolving and mutating metaverse! Who knows, maybe Second Life will be home to a few more fashion shows linked to real-world, big-name designers? As we can see, there’s still a valuable place for older, non-NFT-based metaverse platforms like SL in this season of the NFT metaverse!
2022 is promising to be a very interesting year, I predict! Stay tuned! I leave you with this (undated) writeup by David Murphy of MobileMarketing:
Metaverse Fashion Week, an event produced by Everyrealm and Blueberry Entertainment, took place yesterday, featuring Jonathan Simkhai as the debut designer. The event occurred day prior to the physical Jonathan Simkhai 2022 presentation at New York Fashion Week, making the real-world designer the first ever to show it’s Fall/Winter 2022 digital wearables collection ahead of their physical counterparts…
Guest took their seats in the larger-than-life bespoke set made specifically for the fashion event in the Second Life metaverse. The secluded location was inspired by natural elements such as rock, water, air, and fire. Simkhai’s latest collection was showcased on the avatar models during the 8-minute presentation. Simkhai debuted 11 designs from his Fall/Winter 2022 collection, which were digitally reimagined for the Metaverse.
The garments are converted from the real-world version into 3D digital models using design software and video gaming technology. The Second Life Marketplace has been selling digital clothing and accessories from Blueberry since 2011. Wearables and clothing are among the most popular types of commerce in Second Life’s $650m dollar virtual economy.
Founded by Mishi McDuff in 2012 as a solo creator on Second Life, Blueberry has sold more than 20m on digital wearables, amassed a library of more than 10,000 digital SKUs optimized for hundreds of design attributes, and scaled an engaged community of loyal customers. Blueberry is already live on multiple metaverse platforms, and is actively expanding its brand and community to other web 2.0 and 3.0 metaverses.
The Fabricant is the world’s first digital-only fashion house. Its’ community of creators combines 3-D fashion design, cutting-edge visual effects animation, and technology to build the future of fashion. Their bespoke designs garments only exist digitally and collectors’ avatars can “wear” the items on social media platforms, in gaming environments, and in virtual worlds (“the metaverse”)….
Q: When you talk about your practice you sometimes refer to it as “thought couture.” Can you elaborate on what that term means for you and how it ties in with your practice?
A: The Fabricant has always believed that clothing does not have to be physical to exist, but it can be quite a challenging concept for people hearing it for the first time. We’re used to such an intimate relationship with garments because we have traditionally worn them against our skin, so the idea that this is no longer necessary requires a mindset shift in what fashion can be. We use the term‘Thought Couture’ to describe our pieces to enable people to comprehend the concept of non-physicality. It’s couture that exists beyond the physical, just like a thought. We can collectively agree that thoughts exist even though they don’t take physical form, so it’s that idea translated to fashion.
Here is one of their first projects, described as “the world’s first digital-only dress”, and sold on the blockchain for $9,500. It was designed by The Fabricant, and “worn” by model Johanna Jaskowska in collaboration with Dapper Labs. Here’s the 8-second video:
The Fabricant has launched something called the Fabricant Studio. Michaela Larosse says:
The Fabricant Studio is an open invitation for anyone to become a digital fashion creator, without any software knowledge, and participate in co-creating their own digital fashion NFTs to be worn, collected and traded. Users get to customise garments to their own preferences using limited edition digital-only fabrics, trims and accessories. The master silhouettes are dropped into the environment by big brands and boutique digital creators, so they can be played with and customised before users mint their own entirely individual fashion NFTs.
All the garments can be traded in the Studio’s in-platform marketplace, launching 15th October , and have multiple utilities in environment such as The Sandbox and Ready Player Me, so they can be worn on avatars in virtual spaces.
A Google search for the “Fabricant Studio” brought forth the following clever 404 page:
It turns out that the Fabricant Studio moved to a completely separate website, here.
My take on all this? In the same Portion interview, Michaela claims, “We didn’t end up in this industry [digital fashion], we created it.” Oh, really?
Well, there would be a lot of virtual fashion designers in Second Life, Sinespace, Sansar, and dozens of other social VR platforms and virtual worlds who would likely beg to differ with The Fabricant’s claim to be “the world’s first digital-only fashion house”. I have interviewed them, reported on many of their stories, and showcased their creations on this blog.
Digital fashion is not a new concept, people. What perhaps is new, is the creation of Instagram-like “filters” so that people can see digital garments on real-life people (and once again, I’m pretty sure that others have done this before The Fabricant). I am starting to get tired of being the only person in the room who keeps pointing out that what everybody keeps trumpeting as “new” in this season of NFT and metaverse hype, really isn’t. It’s becoming tiring, and frankly, I’m starting to get cranky.
Have you joined the RyanSchultz.com Discord yet? You’re invited to be a part of the first ever cross-worlds discussion group, with over 500 people participating from every social VR platform and virtual world! We discuss, debate and argue about the ever-evolving metaverse and the companies building it. Come join us! More details here.
If Second Life has taught us nothing else during the 18 years of its existence, it is this: that people are willing to invest considerable amounts of time and money on avatar customization. In some worlds like VRChat, the customization applies to the entire avatar; in others, like Sinespace, Second Life and Sansar, you can have dressable, human(oid) avatars, where you can mix and match clothing you purchase from content creators to make your own signature look. (In fact, at one time I had aspirations to teach myself Marvelous Designer and become an avatar fashion designer in Sansar…you can read through all the blogposts of that particular saga here.)
The blockchain-based virtual world Decentraland has followed the latter path of Sansar and Second Life (i.e. dressable human avatars), and early this month, they have taken another step on that journey by releasing the Decentraland Wearables Editor. Here’s a quick promotional video:
Now, unlike Sansar and Second Life, creating and selling avatar clothing is different in a blockchain-based virtual world like Decentraland. Every single copy of every single article of clothing has to be minted as a unique NFT (non-fungible token). In other words, the designer decides ahead of time how many copies he or she wants to sell. All clothing is limited edition!
The Decentraland Wearables Editor allows you to name items, model wearables on an avatar, assign categories and item rarity, and set a price for each item in your collections. After that, according to the official blogpost:
Once you’re happy with the details, you can publish your item or collection which then goes to the Curation Committee for approval.
The Curation Committee was voted in place by the DAO, and exists to prevent buggy or offensive wearables from appearing in Decentraland.
While there is no gas cost for minting wearables on Polygon, there are fees for publishing wearable items in the Editor. These fees are intended to discourage and reduce wearable “spam”, which can have a negative impact on the performance of the Decentraland Platform.
Again, this is another key difference between Second Life and Decentraland: everything you create for the latter has to go through an approvals process. Since this is a new process, it is impossible to say how much of a potential bottleneck this could create. (By the way, the Decentraland DAO is an autonomous body which owns the most important smart contracts and assets that make up Decentraland—the LAND Contract, the Estates Contract, Wearables, Content Servers and the Marketplace—and subsidizes various operations and initiatives throughout Decentraland.)