N.Fungible has recently been introduced as a global launchpad and marketplace designed to support fashion companies in the metaverse. With the metaverse gaining popularity in the fashion industry, N.Fungible aims to simplify the process for fashion brands interested in embracing this emerging technology. The platform offers a range of services, including NFT design and minting, selling and management on NFT marketplaces, authentication, brand protection, and real-world manufacturing and distribution. This comprehensive approach sets N.Fungible apart and positions it as a valuable resource for fashion brands looking to navigate the metaverse.
What adds credibility to N.Fungible is the involvement of key figures from the fashion industry. The team includes industry insiders like David Binns, former Head of Buying at Marks & Spencer; Elaine Low, an executive formerly with Chanel, Louis Vuitton, and Versace; Abbey Samet, Director of Trend Forecasting at Macy’s; and Giulio Xiloyannis, COO of Zalora, who serves as an advisor. With their extensive expertise and insights, these individuals contribute to the success and development of N.Fungible, paving the way for fashion brands in the metaverse.
The metaverse has experienced explosive growth in 2021, culminating in Meta, Facebook’s parent company, changing its name to Meta to reflect its commitment to this virtual realm. Major fashion brands like JW Anderson, Boohoo, PrettyLittleThing, and Nike have already made their presence known in the metaverse by launching fashion NFTs. This trend highlights the metaverse’s increasing significance as a destination for fashion players. However, for smaller brands or those lacking digital expertise, participating in this new frontier may present challenges.
Nicolai Prettner, CEO of N.Fungible, emphasizes the digital future of fashion and the importance of adapting to evolving consumer preferences. He recognizes the unique opportunity for NFT innovation and states that N.Fungible aims to equip brands with the necessary tools while mitigating risks in an increasingly virtual market. Prettner believes that NFTs go beyond digital collectibles and possess the potential to appreciate in value, further emphasizing the need for fashion brands to embrace this technology.
As part of its launch, N.Fungible has partnered with contemporary leather goods and shoe brand Carlo Rino to create a collection of bags that will be minted as NFTs. The company plans to generate 10,000 variations of the design based on hundreds of variables. Furthermore, 100 physical bags will be produced depending on the trading volume of the NFTs, with NFT holders benefitting from royalties when each bag is sold. This collaboration with Carlo Rino allows them to focus on design and craftsmanship while engaging with a new audience and rewarding existing customers.
Giulio Xiloyannis, an advisor to N.Fungible, highlights the opportunities that arise from the convergence of the digital and physical realms in fashion. Brands can enter the metaverse in a meaningful and authentic way, appealing to existing customers while creating new value streams to reward loyalty. This notion aligns with N.Fungible’s vision of helping fashion brands make a successful transition into the metaverse.
The launch of N.Fungible marks a significant milestone in the fashion industry’s exploration of the metaverse. By providing comprehensive services, expertise, and support, the platform empowers fashion brands to navigate this emerging landscape and capitalize on its potential for growth and innovation. As the metaverse continues to evolve, it is anticipated that more fashion brands will join the movement in 2022, solidifying the metaverse as a pivotal destination for the industry.
Useful links:
– Official N.Fungible Website
– Carlo Rino Official Website
