The CFDA is making its move into Web 3.0, alongside partnerships with creative consultancy-communications agency 5Crypto, The Sandbox, and Polygon Studios. The company’s mission is “to educate, innovate, and create community in a digital world.”
By entering Web 3.0, the council aims to connect fashion with crypto as a means of further engaging with its community. However, the CFDA intends to first focus on educating its audience.
”The beginning of this partnership is going to be really based in education: knowledge panels, fireside chats, 101 conversations — really helping our members see the opportunity for them specifically in the metaverse and web3,” said Steven Kolb, chief executive of the CFDA.
Polygon Studios is one of the leading creators of NFT projects and blockchain games. The company has also brought many fashion brands into the Web 3.0 space, including Prada (OTC:PRDSY), Adidas (OTC:ADDYY), D&G, and Bulgari. The Sandbox, on the other hand, is a decentralized metaverse that allows creators to design their own digital worlds.
“We believe the metaverse is the new frontier of expression, where avatars will be an extension of our digital identity. We are excited to offer new creative tools for fashion designers to create NFT collections with digital ownership and scarcity that will be playable in the metaverse!” said co-founder of The Sandbox Arthur Madrid.
Why You Should Care
The metaverse plays host to a new generation of consumers and offers a wide range of opportunities. According to a KPMG report, demand for digital items could amount to as much as $50 billion by 2030.