With 2023 now in full swing, brands are picking up the pace with their Web3 activations. Virtual marketplace DressX is deepening its relationship with fashion brand Dundas, while small startups like Syky are pushing to get their names out there in the space. Although leading brands will be the ones to shift the metaverse from niche to mainstream, it is platforms like these that will ultimately revolutionize the digital fashion industry as we know it.

Meanwhile, in China, as the country gears up for a weekend of Lunar New Year festivities, luxury car group Porsche is advancing its digital roadmap with the launch of a new series of collectibles. . Web3’s luxury auto sector has big shoes to fill if it wants to make as big of an impact as its IRL counterpart. But with major players like Porsche, Ferrari and McLaren already offering impressive virtual projects, the industry is well on its way to having a successful Web3 presence, and a very fruitful clientele, in the palm of its hands.

Porsche welcomed its Chinese audience to the group’s Web3 community this week with its launch of “911-Dreamer” digital collectibles. Photo: WeChat

Porsche China Unveils First Series of Digital Collectibles Through Metaverse City of Yuanbang

What happened: The luxury automaker will launch its first line of digital collectibles on January 23. The “911-Dreamer” collection, in a limited run of 996 pieces, will allow holders to change the theme and create a unique look for their collectibles. . Token holders will also receive various benefits, including physical gifts and invitations to exclusive IRL events. To celebrate the launch, the brand will also livestream its official launch within the metaverse city of Yuanbang (元邦).

The verdict: Porsche has increased its digital efforts both in China and globally in recent months. Following the global launch of a 7,500-piece collection in November, the group is now turning to the continent’s collectibles enthusiasts, incorporating a similar tailoring and personalization strategy to attract potential buyers.

This market is expected to pick up speed this year, thanks to Beijing’s decision to launch its first state-backed NFT marketplace. We are likely to see more China-centric labels flocking to the NFT scene as a way to put their stamp on the virtual world and reap the benefits of a potentially colossal industry.

The fashion brand entered its second partnership with Web3’s DressX marketplace on a new collection of Roblox wearables. Photo: DressX

DressX x Dundas Deepen Relationship by Bringing Iconic Celebrity Outfits to Roblox

What happened: Digital marketplace DressX is strengthening its partnership with Dundas, with the pair collaborating once again on a new fashion collection available on Roblox. “The DressX x Dundas Party Drop” is the duo’s second line for the gaming platform and consists of various virtual wearables inspired by various celebrities and their iconic looks. Each hyper-realistic wearable adapts to all types of avatars, furthering inclusion and diversity within the metaverse and the fashion community at large.

The verdict: The rise of Roblox was one of the top luxury Web3 trends last year, but will it have the same impact in 2023? Houses like Gucci, Givenchy Beauty, and Tommy Hilfiger have previously doubled down on their gaming efforts by establishing a presence on the platform.

In addition, almost three out of four users reported by Roblox stated that they plan to spend money on digital fashion, and more than one in four have already spent between $20 and $100 (135 to 680 RMB) or more on a single virtual item. Numbers like these show that the appetite is there. Now, brands face the challenge of securing a distinct and individual strategy in the space that separates them from the rest of the competition; in Dundas’s case, that’s tapping into the celebrity appeal.

Fashion startup Syky launched its NFT membership and raised $9.5 million in a funding round this week. Photo: Syky

Digital fashion startup Syky launches NFT collection and raises $9.5 million

What happened: On January 20, digital fashion platform Syky minted 987 of its “Keystone” membership NFTs. Each token went on sale for 0.2ETH, but the startup also set aside 50 of the NFTs to give away free of charge to rising Web3 fashion designers (who could apply for the tokens). The company raised $9.5 million (RMB 64.5 million) in a funding round led by venture capital firm Seven Seven Six this week. Syky has stated that the funding will help grow his leadership team and accelerate his ambition to equalize the opportunities in the industry and foster a new wave of emerging designers.

The verdict: Syky is being set up to be one to watch throughout 2023 following its release last year. The brainchild of former Ralph Lauren content and digital director Alice Delahunt, the platform will act as an incubator, marketplace and community hub for virtual fashion creatives and enthusiasts.

With more Web3 talent entering the space, the success of such creatives depends on companies like these to help develop ideas and provide toolkits and education. Without strong support systems like Syky behind them, even the most innovative and exciting ideas risk failing.