Switzerland's Mioo first to receive HBAR foundation's metaverse fund

The HBAR Foundation, an organisation that supports the development of projects building on the Hedera ecosystem through grants and other resources, recently announced a collaboration with Mioo Tech to integrate non-fungible tokens (NFTs) into designer fashion labels.

Mioo will enable luxury fashion brands to track provenance and create sustainable, metaverse-ready garments that can be transposed seamlessly to virtual reality. The HBAR Foundation will support the development, growth, and launch of Mioo on the carbon-negative Hedera network.

Etan Genini, co-founder of Mioo, said in a statement, "We aim to transform the in-store and virtual shopping experience, allowing fashion brands to convert their products into NFTs in order to connect and stay in touch with their consumers. Customer engagement will be tailor-made to the buyer and brands will be able to convey specific marketing activities and communications about new products, events, store openings, and much more."

Niccolò Mion, co-founder of Mioo and CEO of Mion, added: "Thanks to the use of certified blockchain technology on labels, we can now give a multitude of garments uniqueness, tracking, and added value, both for the end consumer and for the brands that will collaborate with us. What was a promise of authenticity from brands is now a verifiable and immutable blockchain certification, allowing consumers to gain complete insight on all steps of the supply chain."

Alex Russman, VP and head of the metaverse fund at the HBAR Foundation, said: "The Mioo project is set to revolutionise the luxury fashion industry by bringing cutting edge Web3 technology to the most exclusive designer brands in the world. We look forward to collaborating with Mioo to create a sustainability-focused project that delivers verified ownership and authenticity and allows high fashion items to be recognized in the metaverse and beyond."

Hedera's technology will enable Mioo to create the NFT of the purchased garment in less than a minute while remaining carbon-negative. Hedera is committed to carbon-negative network operations, purchasing carbon offsets quarterly, as well as providing high throughput and low fees through its Directed Acyclic Graph (DAG) structure which increases transactional speed and efficiency.

Mioo plans to go a step further by issuing a corresponding NFT for each individual garment that can be modelled in the metaverse and even sold separately on secondary markets.

In addition, through Mioo, the brands will provide provenance certification, tracking the garment's journey through all stages of the supply chain to confirm that a product is authentic and manufactured sustainably and ethically.

Fibre2Fashion News Desk (HO)