Canada's NFT Tech & Faith Tribe join forces to launch Fashion DAO

For many GenZ consumers, digital fashion is a natural extension of their real-life style and social media filters. Virtual fashion collections often take the form of in-game products and/or appearance-altering skins. Players in the space include Gucci, who launched a $4,000 digital handbag and created a Gucci Garden in the Roblox gaming metaverse that attracted 19 million visitors; Louis Vuitton, who launched a video game with collectible NFTs for its 200th anniversary; and Balenciaga, who released their entire Fall 2021 collection in the videogame Fortnite.

“We think wearables will be one of the largest markets in the metaverse. Riot Games generated $1.75 billion from in-game skin sales in 2020. These skins simply change the way a character looks in the game but provide no other benefit. As the metaverse continues to grow, major brands from GAP to Gucci will launch products into the metaverse, and we’re happy to be partnered with Faith to further enter this market,” Wayne Lloyd, executive chairman of NFT Tech said in a statement.

Faith Tribe is an open-source platform focused on creating, trading, distributing, and monetising user-generated fashion designs. Faith Tribe aims to tap into the potential of the metaverse and Web3 by bringing together creators from all over the world and introducing them to a whole new customer base through digital assets, in-game storefronts, and digital marketplaces. Designers will create NFTs and will be rewarded for contributing to the ecosystem through the $FTRB coin. These NFTs are based on community-accepted standards to ensure interoperability, and after their selling distribution, will have collected fees distributed amongst Faith Tribe stakeholders.

This partnership with Faith Tribe follows on the announcement of the upcoming launch of the first fully on-chain Elvis NFTs from the Estate of Elvis Presley.

Fibre2Fashion News Desk (KD)