Bring on the digital fashion drop.
L.A.-based digital fashion start-up DressX has entered a partnership with NFT (non-fungible token) marketplace Crypto.com, where it will release limited-edition styles to members of the site.
“It’s an exciting moment because with this partnership we’re opening up a new life and value for NFTs, and a new distribution channel for AR fashion,” said DressX cofounder Natalia Modenova of teaming up with Crypto.com.
The curated platform for collecting and trading NFTs by celebrities and creators in art, design, entertainment and sports — including the Aston Martin Formula One Team, BossLogic, Lionel Richie, Mr. Brainwash and Snoop Dogg — was founded in March 2021.
The partnership will lead to the establishment of a DressX NFT store on Crypto.com, as well as multiple NFT collection drops. The first had select Crypto.com members receiving an Air Drop of a limited-edition Crypto.com T-shirt delivered directly to their wallets as an NFT with an unlockable ability to wear it in AR in the DressX mobile app.
On Aug. 29, DressX will release a limited-edition collection of NFT pieces inspired by Elon Musk’s SpaceX program and all the items will be wearable in AR in the DressX app, and exclusively available for Crypto.com NFT owners.
“This is a new way of distribution for AR fashion because before it was something available in Snapchat or through AR glasses, but not for the owner of the NFT,” said Modenova. “With the launch of our DressX app, we introduced a subscription model for digital fashion. Now with this partnership, we’re introducing a model where the content is valuable, and secured only for NFT owners, that drives up the value of the digital asset itself.”
The first DressX NFT drop will include just three SpaceX-themed items, with an auction price starting from one Ethereum. “The plan is to bring fashion to the marketplace in a bigger way,” said Modenova.
DressX was created by cofounders Daria Shapovalova and Natalia Modenova in July 2020. Working with traditional fashion brands and 3D designers, the platform offers virtual clothing that can be digitally worn by its users in their photos and videos — to be shared across various digital platforms — providing a more eco-friendly alternative to purchasing physical garments.
It claims to be the biggest retail platform for digital-only clothes, featuring more than 1,400 stock keeping units by 100 designers including Patrick McDowell, Gary James McQueen, the Fabricant and Paskal, as well as DressX private label pieces such as sweatshirts and blazers with galactic artwork inspired by SpaceX and NASA.
The newly launched DressX app, available in the App Store, lets shoppers use their camera phones to try for free in real time AR looks like a DressX logo floral bucket hat ($1) and a Clara Daguin-designed couture crinoline gown embroidered with glass beads and interactive LED constellation lights ($110).
In other DressX news, Ukrainian pop star Tina Karol performed Tuesday at a Ukrainian Independence Day concert in Kiev wearing a top by Daguin; the same style is available on the digital fashion platform and app. So customers can buy a virtual version of the same look worn by the songstress. And DressX technology is powering a new feature launched this week on e-commerce giant Farfetch.com, that has influencers dressed virtually in clothing that can be pre-ordered IRL on the site.
Digital-only goods are a burgeoning industry, from digital-only fashion brands such as The Fabricant — the first to release NFT fashion — to recent designer players in the NFT game like Gucci, Burberry, Ben Sherman and Nick Graham, to e-sports and gaming skins designed by Louis Vuitton, Moschino and more.
In March, digital-only fashion brand RTFKT’s collaboration with 18-year-old artist Fewocious on NFT sneakers netted more than $3 million. The start-up, which recently announced $8 million in funding to become “the digital Supreme,” also collaborated with The Fabricant on a 223-piece collection of earrings, dresses and sneakers that sold out in less than 12 minutes.
Disruptive retail marketplaces such as DressX, The Dematerialised, Assembly.Fashion and 3DRobe have emerged to cater to shoppers who want to buy into the novelty of the digital wearable medium, and the sustainability angle.
Selling digital wearables as NFTs lets consumers retain lifetime ownership of a traceable, authenticated asset. Because the token lives on the blockchain, a decentralized digital ledger that logs transactions, it can’t be copied or hacked.