- DressX has raised $15 million in a Series A funding round.
- The digital fashion brand will use the funding to expand its NFT offering.
digital fashion Disrupting the fashion industry by introducing a new form of expression that transcends reality, allowing for endless creativity and access. DressX, said digital fashion pioneer, is doubling down on its technology with new partners and funds.
New partners, same mission
Fashion house DressX has raised $15 million for its mission to transform the fashion industry through an NFT project, thanks to high-profile venture capitalists and investors.
European crypto investment firm Greenfield Capital led the fashion house’s Series A funding round, along with participants from Slow Ventures, Warner MusicArtemis Fund, and digital fashion group Red DAO.
The digital fashion house plans to use the funds to scale its technology and expand its NFT offerings. This includes improving the performance of the DressX app and the NFT marketplace.
Moreover, DressX aims to enhance the digital fashion community by being the primary provider of digital fashion in the metaverse. It is currently focused on social media and aims to launch an AI-powered app in April 2023. The new app will allow users to wear digital clothes in their photos and videos.
While the digital fashion brand is keen to improve its technology capabilities and NFT offerings, it is apparently distancing itself from cryptocurrency.
Long distance relationship
in interview, co-founder Natalia Modynova shared that NFTs have never been a goal of DressX but rather a means of distributing digital fashion. However, the co-founder later clarified that DressX will continue to offer “blockchain compatible” digital clothing while distancing itself from “crypto.”
The primary use case for a fashion brand is social media wearables. Users can post their favorite DressX articles and post them on social media platforms such as Instagram. These use cases do not necessarily need blockchain technology except for ownership.
The CEO emphasized that DressX uses many technologies to make its vision a reality, and blockchain technology is one of them. Trends are changing, and the digital fashion house will use different technologies to achieve its mission.
on the flip side
- In July 2022, DressX partnered with Meta to bring digital output to the Horizon World metaverse.
- dropped dead Support for NFTs on Instagram and Facebook. This may affect DressX’s social media use status.
- In December 2022, Warner Music collaborated with DressX to design digital clothing for the brand’s artists and fans.
Why should you bother
Digital fashion is one of the most prominent use cases of Web 3 technology, and DressX is at the forefront. As users spend more time in the metaverse, DressX’s technologies and offerings can help them express themselves in the virtual world.
Read about unexpected use cases for NFTs:
Top 5 unexpected uses for NFT in 2023.
Meta drops NFTs:
