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08.31.22
FROM THE EDITOR

As luxury continues its foray into the metaverse, streetwear’s reign there remains unchallenged. This week, Jing Daily spoke to the founders of NFT streetwear collective Hape and digital-first sneaker company Blanksoles about what luxury can learn from urban when it comes to a successful Web3 strategy: one that focuses on giving back to the community and demonstrates the brand’s ambition to be in it for the long-run.

The past week also saw legendary photographer and SHOWstudio founder and director Nick Knight release his first-ever project in the metaverse — a collaborative, innovative NFT drop titled ‘ikon-1’ — and AR fashion platform ZERO10 unveil its boundary-crossing retail experience set to hit the streets of New York’s Soho. 

Rules and regulations surrounding the Chinaverse remain up in the air, something that’s evident through the noticeable lack of digital collections and developments hitting the virtual market. Yet global conglomerates are willing to take the risk, as demonstrated by beauty titan Estèe Lauder’s recent digital collectibles campaign in partnership with Tmall’s “Super Brand Week.” Larger houses like Lauder may have more leeway to take the plunge, but for independent labels trying to navigate the mainland’s tight legislations, right now, the consequences might just be outweighing the rewards. 

As always, please keep sending your launches, projects, and exciting new developments to NFT@jingdaily.com.
 
Thanks for reading! 

- Bethanie Ryder, Metaverse Editor

THE BIG STORY
From Burberry to Gucci to Prada, over the past year luxury has charged into the online world at full speed. Countless metaverse activations, NFT collections, and gaming platform residencies are saturating the high-end goods market, as Web3 finally begins to capture mainstream attention. But there’s one contender that the industry just can’t seem to compete with: streetwear. 

What Can Luxury Learn From Streetwear in the Metaverse?

While luxury brands struggle to crack the code behind a successful, long-term virtual presence, streetwear’s reign remains unshakeable — thanks to its dedicated coteries, scarcity drop models, and digital-first, forward-thinking strategies. For luxury to survive the metaverse, what can the industry learn from its community-driven counterpart?

Read the full story on Jing Daily here

OUT THIS WEEK
Jing Meta's top Web3 digital fashion drops to add to your calendar.
Please send your NFT launches and news to: NFT@jingdaily.com.
METAVERSE MOVES
The brands making their name known in the Web3 space this week.

Nick Knight and SHOWstudio's Long Awaited NFT Project is Finally Here

Nick Knight, the British fashion photographer and founder and director of SHOWstudio, is finally bringing his “long-standing digital fashion editorial process to the blockchain” through an innovative NFT drop in partnership with model and Instagram star Jazzelle Zanaughtti.

Titled “ikon-1", the collection will feature over 200 unique traits produced to create 8,000 one-of-a-kind artworks styled by Zanaughtti, better known as @Uglyworldwide.

The venture is something that Knight has previously alluded to, after openly expressing an interest in the metaverse. A longstanding stalwart in the fashion industry, his releasing a project on such a scale is a major milestone for digital wearables — and may encourage more design creatives to move into the space with their own virtual projects.

Once minted, each ikon-1 token will have its own homepage offering expanded views of the holder's NFTs. This site is expected to eventually act as the gateway to SHOWstudio's future Web3 fashion programming, providing early access to upcoming developments and drops, and providing long-term utility to investors.

ON OUR RADAR
The latest digital project catching Jing Meta's attention this week.

ZERO10’s Pop-up Store Is Changing Virtual Fashion. Here’s How.

Next-gen metaverse platform ZERO10 is bringing digital fashion to the masses with its latest boundary-crossing, interactive retail project. Does this mark the beginning of a new virtual wardrobe era for us all? 

Read the full story on Jing Daily here.

BY THE NUMBERS
Breaking down the brands making waves in the metaverse this week.

When it Comes to NFT Activations, The Fashion Industry is Leading The Way

When it comes to the NFT market, the fashion industry is leading the way. Recent analysis from the Ethereal Blockchain company highlights how the sector is outperforming other branded Web3 projects such as Budweiser, Pepsi, and TIME magazine. This success is largely down to five names that have generated a notable amount of revenue from their NFT sales.

Nike’s acquisition of digital sneaker label RTFKT seems to have been a fruitful move for the company, with recent news stating that the activewear titan has generated $185.3 million (around 1.3 billion RMB) in revenue. Projects such as the Clone X series, which focuses on the concept of virtual avatars, are said to have accounted for around 50% of the profit.

Dolce & Gabbana’s incursion into the metaverse last year (with the successful Collezione Genesi NFT collection) puts them in second place with a $25.7 million result, while Tiffany & Co generated $12.6 million following the jewelers' divisive Cryptopunks drop.

In fourth place is Gucci ($11.6 million), whose Roblox residency, experimental concept store Gucci Vault, and Supergucci NFT collection have helped solidify its position as one of the leading long-standing players here. In fifth place is Adidas ($11 million) which — despite its push for a successful Web3 activation through concepts such as “Into The Metaverse” — failed to overtake its competitor (Nike) in the digital landscape.

EVENT WATCH
Decentraland is back with its latest interactive virtual exhibition: Metaverse Art Week.

Decentraland's Metaverse Art Week Pushes The Virtual Boundaries

Digital universe Decentraland is back with its latest experiential offering: Metaverse Art Week. The event, which ran from the 24–28 August, featured brands such as Puma (which showcased a special wearables exhibition), fine art and jewelry auction company Sotheby’s, digital fashion house The Fabricant, and virtual retail platform Artisant.  

Following a mixed response — due to glitches and underwhelming graphics — to the platform’s Metaverse Fashion Week in March this year, this outing featured stronger rendering, a better user experience, and smoother interactions. It also saw several companies leverage their virtual campaigns with long-term benefits to participants.

THE BIG STORY ... FROM CHINA
The latest virtual developments taking the Chinaverse by storm.

Estée Lauder Storms Into The Chinaverse in Partnership with Tmall

What Happened: From August 25–31, multinational cosmetics conglomerate Estée Lauder is showcasing a digital collection series on the occasion of the Estée Lauder Group x Tmall Super Brand Week ("雅诗兰黛集团天猫超级品牌周"), an event jointly held by both itself and Tmall.

The limited-edition NFT series includes six types of digital collectible based on the virtual recreation of the images of six women in world-famous paintings, corresponding to the same number of names under Estée Lauder Group: Estée Lauder, La Mer, M.A.C., Bobbi Brown, Clinique, Dr. Jart+. Customers can participate in a lottery to win the NFTs by searching "元创之美数字藏品" in Tmall. 

The Verdict: The brand recently strengthened its Web3 evolution by participating in Decentraland’s recent Metaverse Art Week, which took place between August 24–28. The beauty line offered users an experience in which they could claim an exclusive Proof of Attendance Protocol (a digital collectible badge of honor), which could be found at one of three stations within the art week’s online space. Once claimed, holders were able to access upcoming Web3 activations from the house.

Its continued investment into the virtual realms, both across the mainland and globally, solidifies Estée Lauder as one of the leading beauty players in the metaverse, despite competition from the likes of Nars and Givenchy Beauty.

CHINA NFT SPOTLIGHT
As China's appetite for augmented reality products continues to grow, next-gen glasses maker Nreal is tapping into the trend with its latest developments — Nreal Air and Nreal X.

Nreal's Latest Glasses Tap Into China's Augmented Reality Craze

Chinese augmented reality glasses maker Nreal unveiled its first collection of AR-powered products on August 23, which included the brand’s global debut of their new development “Nreal Air,” alongside the domestic version titled “Nreal X.” The world’s first all-encompassing AR glasses are priced at approx $334.79 (2,299 RMB) and around $626.04 (4,299 RMB).

The label also launched the world’s first AR adapter for Apple devices, which allows iPhones and iPads to connect to Nreal Air. These latest developments demonstrate the firm’s desire both for an overseas Web3 activation and to enter the Chinaverse market — by tapping a growing appetite across the mainland for AR products that can be used at home.

All social listening data is sourced from social listening tool Digimind.
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