Fashion Week Moves to the Metaverse

Move over Paris, Milan, and New York.  Between March 24-27, 2022, Decentraland hosted its first-ever Metaverse Fashion Week, dubbed MVFW.  How did the event work?  What were some of the highlights?

 

Virtual Fashion Shows and More

Decentraland hosted a four-day event consisting of fashion shows, after-parties, panel discussions, and shopping experiences.  The digital event occurred within the platform’s Fashion District and its neighborhoods, such as the Luxury Fashion District, Rarible Street, and others. Over 60 fashion brands, artists, and designers participated in the event.[1] Anyone could view the event, but they needed an Ethereum wallet to purchase items during the shows.

 

Luxury fashion brands used the virtual event to host fashion shows and open stores in Decentraland, selling both physical items deliverable in the real world and digital goods accompanied by non-fungible tokens (NFTs).[2] 

 

Virtual avatars walked the runways of several fashion brands.  Some of the items were wearable, meaning that attendees, via their avatars, could purchase and wear the items.  Some of the items had physical twins in the real world.  A person could buy a digital item via an NFT and wear it instantly on their avatar.  For some items, they were able to redeem the NFT for the brand’s physical complement.  While visiting a virtual store, a customer may scan a QR code to see a realistic-looking 3D rendering of the item pop up in their physical space at home via a smartphone camera.

 

Some Highlights

  • Dolce & Gabbana put on a literal catwalk where cat-faced avatar models showcased the collection.  After the show, the full collection became viewable in an exclusive D&G pop-up in the Luxury Fashion District.
  • Estee Lauder gave away 10,000 NFT-backed digital wearables that it says gives avatars a glowing aura.
  • Retailer Forever 21 rented the equivalent of 450,000 square feet of space to open a virtual store with digital avatars acting as sales associates and they had 10 NFTs for sale.  The NFTs offered outfits for avatars to wear or collect.
  • Etro decided to preview a real-world collection for their first fashion show in the metaverse.  The collection of women’s and men’s ready-to-wear looks was worn by 20 avatar models. 
  • Coach was one of the brands who converted an existing physical item into an NFT wearable.
  • There was a fireside chat with designer Tommy Hilfiger.
  • Grimes gave a virtual performance. 

 

The event highlights the exciting potential that the platform has for melting the divide between the physical and digital worlds and expanding the ways that both technology and fashion companies connect with their customers.

 

How May Investors Gain Exposure to the Metaverse?

 

The Fount Metaverse ETF (MTVR)

The Fount Metaverse ETF seeks to provide investment results that, before fees and expenses, generally correspond to the performance of the Fount Metaverse Index.  The index was designed to measure the performance of companies that develop, manufacture, distribute, or sell products related to metaverse technology.

 

 

 

For a full list of MTVR holdings, please click here.

 


 


[1] Metaverse Fashion Week is Here, Decentraland website, 3/23/22

[2] For more information, read our blog post on non-fungible tokens

profile
Bong-Geun Choi Chief Economist

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 855-425-7426 or visit our website at www.fountetfs.com. Read the prospectus or summary prospectus carefully before investing.

Exchange Traded Concepts, LLC. serves as the investment advisor to the Funds. The Funds are distributed by SEI Investments Distribution Co., (SIDCO) 1 Freedom Valley Drive, Oaks, PA 19456. SIDCO is not affiliated with Exchange Traded Concepts, LLC. or Fount Investment Co. Ltd.

Risk Disclosure:

 

Investing involves risk, including possible loss of principal. There is no guarantee the Funds will achieve their stated objectives. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. The Funds’ concentration in an industry or sector can increase the impact of, and potential losses associated with, the risks from investing in those industries/sectors. The Funds are non-diversified. The Funds are new and have limited operating histories for investors to evaluate. New and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility.