Today, the Council of Fashion Designers of America (CFDA) announced a collaboration with The Sandbox metaverse. The trade body plans to use the metaverse for a fashion exhibition as a retrospective celebrating its 60th anniversary. The showcase will showcase designs from fashion houses such as Ralph Lauren, Donna Karan, Oscar de la Renta, and more.
Additionally, when the expo opened in December, a number of designers agreed to create exclusive non-fungible tokens (NFTs), which will be sold to benefit the CFDA Foundation. The fundraising event, “Lighting the Path of American Fashion,” will feature designs by Diane von Furstenberg, Michael Kors, Wes Gordon for Carolina Herrera, Tommy Hilfiger, Coach, Willy Chavarria, Aurora James for Brother Vellies and Vivienne Tam.
Attracting these big names is no small feat. Particularly because the designers are known for their attention to detail and their designs will need to be reinterpreted in a voxel environment – the low resolution pixelated avatars supported by The Sandbox.
“In celebrating 60 years since Eleanor Lambert founded the CFDA, we not only commemorate some of our greatest moments, but we also want to use this milestone as an opportunity to look to the future,” said the CEO of the CFDA. CFDA, Steven Kolb. “CFDA has always been a pioneer in creative and innovative thinking, and with our first metaverse and NFT exhibition, we are entering this new era of digital transformation.”
Many crypto companies participated in organizing the event. 5Crypto was the creative agency, Polygon is the blockchain used for NFTs, BNV is an NFT fashion marketplace, and Arianee provides a web3 platform for luxury fashion.
The luxury fashion industry already leverages NFTs and the metaverse extensively. In a report last year, Morgan Stanley estimated that by 2030, luxury goods in the metaverse could generate revenues of 50 billion euros ($60 billion). And with that revenue comes a much higher profit margin because the items are digital.
Decentraland, a competing web3 metaverse to TheSandbox, held a virtual fashion week last March. Some of the participants included Dolce & Gabbana, Estee Lauder and Forever 21.
Prada, Dolce & Gabbana, Gucci, Bulgari and Jimmy Choo are examples of luxury fashion brands that have already launched NFTs.