Greenfield Capital led the round, with Slow Ventures, Warner Music, The Artemis Fund, and the digital fashion collective Red DAO also participating.
Greenfield Capital led DressX’s Series A funding round, which raised $15 million. Slow Ventures, Warner Music, The Artemis Fund, and the digital fashion collective Red DAO also participated in the round.
DressX is one of the oldest and most established players in the metaverse-focused digital wearables market despite starting less than three years ago. DressX creates NFTs and skins for avatars in blockchain-based and non-blockchain gaming worlds. AR outfits for social media filters are also made by the company.
Since its beginning in August 2020, DressX has been in the middle of the Web3 debate, putting mass adoption ahead of strict adherence to decentralized ideals.
Last July, the firm partnered with tech giant Meta to bring digital outfits to Meta’s off-chain Horizon World metaverse, upsetting the closely knit digital fashion ecosystem. Critics said the firm was supporting the largest opponent of an open, decentralized metaverse.
DressX’s bet may have paid off as technical challenges and the bear market have cooled blockchain-backed metaverse enthusiasm. DressX’s Horizon World offerings, which aren’t blockchain-based, were unaffected by Meta’s decision yesterday to end NFT support on its platforms.
“We are building content for the here and now,” DressX co-founder Daria Shapovalova said. “You can wear DressX on social media. Is that part of the metaverse? Is it not part of the metaverse?” Shapovalova appeared unconcerned with such distinctions. “We started DressX before metaverse was even a word people used.”
“The community’s kind of moving away from even using the word NFT,” DressX’s other co-founder, Natalia Modenova said. “NFT [adoption] has never been a goal for us. It’s just one way to distribute digital fashion.”
DressX will continue to give blockchain-compatible digital apparel; nonetheless, they may cease referring to these items as NFTs. And numerous of the company’s best-selling products are unrelated to cryptocurrency.
“We use a bunch of different technologies in our stack, and blockchain is one of them,” Modenova said. “Different trends are changing our notion of digital fashion, and we are utilizing different technologies to bring that vision to life.”
The $15 million investment, according to DressX’s founders, will enable the company to scale, particularly on the technical side.
People think that digital culture is one of the most exciting ways to bring more people into the metaverse. Some of the best-known names in the world, like Gucci, L’Oreal, and Luis Vuitton, have already entered the immersive virtual world.
Cover Image Source: decrypt.co
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