13/01/2022 – Marketplaces for the fashion metaverse
The Ordre Group cooperates with Blocktrust
Fashion technology company The Ordre Group had formed a long-term partnership with leading Non-fungible token (NFT) marketplace developer BlockTrust.
The partnership will help prepare the fashion industry globally to present digital clothing for the rapidly developing metaverse.
NFTs embedded on blockchain technologies allow unique ownership of digital apparel and enable designer’s collections and accessories to be worn virtually on both social media and on avatars in the metaverse. The fashion industry is already starting to see adoption of digital clothing in the gaming metaverse.
Simon P Lock, Founder & CEO The Ordre Group:
“Initially digital clothing in the form of NFTs will be superimposed over images of ourselves on social media but eventually, as we all start entering different three-dimensional metaverse environments with digital versions of ourselves as avatars, we will want to be able to use fashion to express our individuality just as we do in the physical world. The marketplaces we develop with the industry will showcase these creative digital designer collections as well as being a focus for sales.”
The partnership will pave the way for the fashion industry to immerse itself in the business of selling virtual and augmented reality clothing, as well as NFTs associated with physical products.
NFT marketplaces are established by BlockTrust to allow for the creation and transfer of ownership of digital assets in the form of NFTs. Unlike traditional online marketplaces, an NFT marketplace is based on blockchain technologies to ensure authenticity and the need to integrate with crypto currency wallets that will protect individual ownership. In the very near future, fashion consumers will use their digital wallets as much as they currently do with their physical designer wallet.
NFTs for digital and physical collections
The first two NFT marketplaces developed through the partnership will be the direct-to-consumer multi-brand marketplace Authentique and an extension to Ordre Meta, The Ordre Group’s custom B2B wholesale buying and media metaverse platform.
Authentique will be launched in early 2022 and feature digital wearable NFTs, a range of fashion collectable NFT drops, eventually also becoming a marketplace for the resale of physical luxury products that are protected by the Authentique App. The App allows consumers to scan a luxury product to verify its authenticity and then establish digital ownership (and transfer of ownership during re-sale) through an individual product NFT embedded with a unique digital fingerprint of the physical product.)
The development of the Ordre Meta B2B NFT marketplace will enable leading designers to sell wholesale wearable NFTs to fashion retailers who want to sell digital collections as well as physical collections. The Ordre Meta NFT Marketplace will be a feature available to designers in the second half of 2022.
The partnership will also see Web3.0 NFT marketplaces developed directly for both designer fashion houses along with leading retailers. The industry is already well versed with the precedent set with traditional Web2.0 online retailing through services provided by companies like Shopify, Squarespace, BigCommerce and the more traditional white label services of FarFetch, Yoox and Net-a-Porter.