NFTs are the future of modern fashion
A virtual company that is located worldwide, Madista Mundus is soon launching a multifunctional app that will work both as an e-commerce platform (Web 2.0), a digital marketplace (Web 3.0) and a social network. The app will enable users to buy legit luxury goods, digital wearables, beauty products, fine art, NFT art. In a candid discussion with Fibre2Fashion, Chief Marketing Officer Goda Jurgaityte tells how the app will contribute to sustainability and traceability in the luxury fashion industry.
Being a global virtual company, how do you overcome the language barrier with different languages used in Italy, China and East European countries?
To be a convenient marketplace for different countries we need to speak their language. That is why we have a big team of professionals from all around the world. We gather personal shoppers, stylists and art agents from all top fashion centres – Milan, Paris, London, Shanghai and other places. That is why users will be able to choose their assistants by their language, rating and portfolio. Also, our app will have several different languages to meet all our customers’ needs.
What does the name Madista Mundus indicate?
Madista Mundus name stands for the worldwide fashion concept. We are creating e-commerce solutions (Web2 and Web3) for luxury fashion and art.
What are the existing products and services of Madista Mundus?
The first existing project is Futugo App. It is a multifunctional app that operates as an e-commerce platform for physical luxury goods and NFT fashion and art in the metaverse and a social network for all fashion and art lovers.
Will it be correct to say that Madista Mundus is a combination of metaverse, e-commerce and luxury fashion?
Yes, but you need to add fine art, NFTs, professional personal assistance and a community exclusively for fashion and art, then you will get the Futugo app.
You are soon launching an app? Will this be on metaverse or be a normal app that runs on Android and iOS phones?
Futugo app will be available on web, Android and iOs. Because it will have both physical items and digital NFTs, it will be available on app stores as any other app.
Currently, there is lot of confusion regarding metaverse, with people talking about AR, VR, blockchain, NFTs, etc. Are all these interlinked and how is metaverse different from the rest?
It is because of the blockchain that we can have NFTs and also speak about the metaverse. So indeed, all these are interlinked. On metaverse, there are different opinions. Some say there is no real metaverse yet because there is no consolidated way to jump from one digital space to another. Meaning, all different games and virtual realities are not unified into one platform, which we could name the metaverse. Others are certain that all virtual realities, games and social networks are now existing metaverses. However, both sides agree that it is a rapidly growing field that is gaining more technological advantages every day.
How big is the luxury fashion market in China? At what rate is it expected to grow?
Now China is one of the biggest luxury fashion markets in the world, but very soon we will call it “the biggest”. The global luxury market shrank by 23 per cent in 2020, however, China’s market share nearly doubled, growing from about 11 per cent last year to 20 per cent in 2020. This growth is likely to continue, putting the country on track to claim the biggest share of the global luxury market by 2025—even after the world economy returns to pre-pandemic levels.
Just like NFTs, are you going to have your own tokens? What will be the major products that can be kept as tokens?
Correct, we are about to have our token sale in this spring, after the first NFTs sale. Currently, we are finalising our tokenomic, but even now I can reveal some of the perks. First, all token owners will get exceptional offers, meaning that they will have a discount on Futugo marketplace, priority shopping, exclusive brand sales, access to VIP goods, ability to trade NFTs, access to governance and many more. Our token sale is projected to start in April 2022.
How does your company support sustainability?
Futugo main blockchain usage came from the need of improving second-life market. We understand the fact that fashion is one of the most polluting industries and our mission is to make it as much sustainable as possible. That is why we have come up with an idea of supporting second-life market by creating the luxury items authentication system via blockchain. All Futugo customers who buy in our app, together with a luxury item will receive it’s NFT certificate. This certificate will allow users to anytime check and verify item, without any need to send items to the verification centres or risk possible human errors. We are creating a modern method that will improve second-life market by making it more transparent and easier to verify.
How soon do you foresee NFTs being sold on luxury fashion e-commerce sites? Will NFTs become very common by then?
Futugo is going to be the world’s first app that will be suitable for both physical luxury goods and digital – NFT fashion and art. According to our roadmap, the first NFTs will be available in March 2022 and the full marketplace functionality will be available by the end of 2023.
Since NFTs are gaining more popularity every day, they would become more common than today. Also, looking at the biggest luxury brands’ trends it is obvious that NFT is becoming a new way to represent fashion and art. More fashion houses, for instance, Dolce & Gabbana or Gucci are creating their NFT fashion collections, suggesting that it is the future of modern fashion.
What is the future e-commerce for luxury? Will it be on metaverse?
Of course. Now users can find all different things that are suitable for the metaverse, and luxury items will definitely be one of them. If the biggest fashion brands are making part of their collections digital, making collaborations with the biggest game brands, such as Zapeto, and promoting their digital collections, I believe those are the right signs for the luxury market’s future in the metaverse.
‘Traceability’ is another word that is in the limelight these days. How do you identify and trace original products?
Traceability is one of the main tools that will stop fake luxury market. Blockchain is the perfect system to improve the traceability. Every Futugo buyer with a purchased luxury item will receive a NFT certificate, that can be used for verification for unlimited period of time. Meaning, that together with blockchain solutions we will improve traceability in the luxury market.
How will you ensure that the products sold on your app are 100 per cent authentic?
We work only with verified fashion boutiques and art galleries in Europe and Japan. All their items are gathered directly from the brands and art creators. Futugo is using ‘ship straight from the boutique’ business model, that is how we guarantee that our users receive only original and authentic items.
Your company is in the process of building a marketplace for physical and NFT digital goods for the luxury fashion and art industry. By when do you plan to launch? How will it be different from other existing marketplaces?
Our project MVP launch is planning to be this June, but much earlier you will be able to see the first Futugo NFT. We are planning to release first NFTs in March. The most exciting Futugo difference is that it will be capable to support both luxury and digital luxury worlds. Need to mention that we are creating not only an e-commerce platform for luxury fashion and art, but a trustworthy ecosystem where users will be able to communicate with each other, get professional assistance, read news, participate in discussions, sell their pre-owned luxury goods and trade, pawn, sell or buy NFT fashion and art.
What is the future of metaverse and NFTs?
I personally believe that the future is bright and optimistic. When we check the trends, we can easily recognise the shift in the luxury market. Fashion brands release their NFTs, and NFT artists are creating common and well-known artworks to make them convenient for new NFT lovers and everyone is speaking more about the Web3 solutions. So, those who participate in this movement first will be able to use it as advantage later.
