Collaborative fashion platform Faith Tribe has announced it will be introducing a fashion-focused launchpad for brands looking for help when entering the metaverse.
Developed together with technology company NFT Technologies, ‘Fashion DAO’ will help brands connect with Gen Z consumers and tap into the rising digital fashion trend taking over the online world.
Through Faith Tribe’s open-source platform, designers can create non-fungible tokens (NFTs) and be rewarded for their contribution via cryptocurrency.
“We think wearables will be one of the largest markets in the metaverse,” said Wayne Lloyd, executive chairman of NFT Tech, in a release.
Lloyd continued: “Riot Games generated 1.75 billion dollars from in-game skin sales in 2020. These skins simply change the way a character looks in the game, but provide no other benefit. As the metaverse continues to grow, major brands from Gap to Gucci will launch products into the metaverse, and we’re happy to be partnered with Faith Tribe to further enter this market.”
The partnership follows the platform’s announcement for the upcoming launch of a collection of Elvis Presley NFTs, in the lead up to the release of the Warner Brothers biopic Elvis. The NFTs include metaverse wearables, collections and exclusive experiences all to be launched alongside Decentraland, The Sandbox and other open-world platforms.