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The Council of Fashion Designers of America (CFDA) today announced a partnership with The Sandbox Metaverse. The trade body plans to use Metavas for a fashion exhibition to celebrate its 60th anniversary. The show will highlight designs from houses like Ralph Lauren, Donna Karan, Oscar de la Renta and more.
Additionally, when the exhibit opens in December, several designers have agreed to create special one-of-a-kind non-fungible tokens (NFTs) that will be sold to benefit the CFDA Foundation. The fundraising event “Lighting the Way of American Fashion” will feature designs from Diane von Furstenberg, Michael Kors, Wes Gordon for Carolina Herrera, Tommy Hilfiger, Coach, Willy Chavarria, Aurora James for Brother Vellies and Vivienne Tam.
There is no point in impressing those big names. Especially since designers are known for their attention to detail and their designs need to be re-translated into the voxel environment – low resolution pixelated models supported by Sandbox.
“As we celebrate 60 years since Eleanor Lambert founded the CFDA, we want to not only celebrate some of our greatest moments, but also use this milestone as an opportunity to look to the future,” said CFDA CEO Steven Kolb. “CFDA has always pioneered innovative and creative thinking, and with our first Metaverse exhibition and NFTs, we are welcoming this new era of digital transformation.”
Few crypto organizations participated in organizing the event. 5Crypto was a creative agency, Polygon is a blockchain for NFTs, BNV is a fashion NFT marketplace, and Ariani provides Web3’s platform for luxury fashion.
The luxury fashion sector is making heavy use of NFTs and MetaVas. In a report last year, Morgan Stanley estimated that by 2030 luxury goods could boast 50 billion euros ($60 billion) in revenue in the metaverse. And that revenue comes at a much higher profit margin because the items are digital.
Decentraland, Web3’s Metaverse competitor to TheSandbox, had a virtual fashion week last March. Among the participants are Dolce & Gabbana, Estee Lauder and Forever 21.
Examples of luxury fashion brands that have already launched NFTs include Prada, Dolce & Gabbana, Gucci, Bulgari and Jimmy Choo.
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