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New report suggests metaverse could be five trillion dollar sector by 2030

A new report by McKinsey & Company has suggested that the metaverse’s potential economic value could see it generate up to five trillion dollars in impact by 2030. According to the management consulting firm, digital worlds are quickly becoming the biggest new growth opportunity for a number of industries over the next decade, including...

4 Jul 2022

BusinessFeatured

First 24 hour metaverse festival sees Burberry and H&M discuss brand loyalty in virtual world

A new 24 hour metaverse festival launched this week, bringing together leaders in the fashion industry to discuss the future of the digital world. Meta Festival, which was organised and co-founded by global digital agencies Dept and Journee, looked to establish a conversation around the metaverse, with the likes of tech developers and digital...

1 Jul 2022

Fashion

Prada drops second NFT collection

Prada has released its second Timecapsule NFT Collection, a monthly online event where for 24 hours exclusive items are dropped on its website in limited quantities and in selected markets. The collection follows the collaboration with artist Cassius Hirst, which was dropped in early June and sold out, according to Prada. Sustainability Some...

1 Jul 2022

Business

eBay snaps up NFT marketplace KnownOrigin

US e-commerce giant eBay has bought non-fungible token (NFT) marketplace KnownOrigin for an undisclosed sum. Founded in Manchester in 2018, KnownOrigin’s technology and platform enables artists and collectors to create, buy and resell NFTs via blockchain-support transactions. eBay said the acquisition of KnownOrigin is an “important step” in its...

23 Jun 2022

FairsFeatured

Met Ams: a fresh new metaverse conference looking to diversify the Web3 world

The new metaverse conference Met Ams took place last week, acting as a platform to make the digital world more accessible to a wider audience. The concept for the event transpired in December 2021, and was formulated over six months by co-founders Anne Sophie Erbé, Peter Meere, Edmund Howard and Rik Woldring, ultimately selling out and preparing...

21 Jun 2022

Fashion |In Pictures

Burberry unveils new NFT collection with Mythical Games

Burberry has unveiled its second NFT collection with Mythical Games in its flagship title, Blankos Block Party, and its plans to open a bespoke social space within the game where players “can come together and enjoy a unique virtual experience”. The limited-edition Burberry Blanko NFT, which takes the form of a unicorn named Minny B, has been...

20 Jun 2022

Business

Digital fashion platform Sknups raises 3.5 million dollars

Digital fashion and beauty platform Sknups has announced it has secured 3.5 million dollars in pre-seed funding in a round led by fashion and Web3 innovators. The collectibles metaverse platform, which was founded back in 2020, works with a team to create couture 3D models made in a digital atelier, offering its community of collectors...

17 Jun 2022

FashionFeatured

How digital and physical identities will intertwine in virtual fashion design

The metaverse, while not an entirely new concept, is still under continuous development. It's not one tangible facet but a multiverse of different virtual environments that allow users to explore online spaces and their place in them. It was this particular aspect that was investigated during a panel discussion at Met Ams, a newly established...

17 Jun 2022

FashionFeatured

Have you been to Gucci Town? Fashion brands are setting up permanent social spaces in the metaverse

Brands are flocking to the metaverse, staking their Web3 presence for what is hopefully the inevitable: when the masses begin to adopt digital’s new frontier and start spending their time and money in alternate universes. Gucci last week unveiled the curtains to Gucci Town, a virtual piazza in Roblox’s landscape. Powered by Vault, Gucci’s...

13 Jun 2022

Business

Design platform Faith Tribe to launch programme helping brands enter metaverse

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...

10 Jun 2022

Business

Clinique drops NFT makeup campaign addressing diversity in metaverse

Beauty brand Clinique has revealed a new non-fungible token (NFT) campaign in partnership with digital artist Daz 3D, addressing the lack of representation in the metaverse. For the ‘Metaverse More Like Us’ campaign, the Estée Lauder-owned brand has collaborated with a number of global makeup artists, including Tess Daly and Sheika Daley, on the...

10 Jun 2022

Business

ix Capital to invest 562 million euros in Web3 creative startups

Felix Capital, a London-based venture capital firm for the creative class, said it would invest 562 million euros to back Web3 startups. The investments would include fashion businesses who are operating in the Metaverse, with 20-25 companies across Europe and selectively in North America, expected to receive funding. Current investments include...

8 Jun 2022