The Chinaverse is hogging the virtual limelight this week, with plenty of new announcements joining its Web3 roster. From Burberry and Douyin’s Virtual Avatar collab to China Post’s digital collectibles, companies are charging ahead with their metaversal roadmaps despite the regulatory barriers that remain in place. 

For the rest of the world, we’re finally seeing luxury begin to take accessibility seriously. The upcoming season of NYFW announced it will dabble in a series of multi-dimensional experiential offerings through its ‘NFT Key’ concept. Meanwhile, American lifestyle brand Hndsm proffers fellow brands an alternative to Tiffany’s Cryptopunk controversy by celebrating inclusivity and making digital drops more accessible to the masses. 

As the digital space goes mainstream, brands are beginning to recognise the importance of inclusion on all channels — and it’s paying off. The ‘crypto winter’ may continue, but a collective feeling of optimism is keeping spirits high in the metaverse, for now. 

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
Five designers set to showcase their collections at the upcoming NYFW are banking on digital experiential offerings, to leverage their collections and unlock a new level of access into fashion shows. The project in question? 'NFT Keys'.

NYFW Proves That Fashion Is Officially Entering Its Digital Era

In a bid to expand digital experiences for avid NYFW followers, New York brands Altu by Altuzarra, Kim Shui, Jonathan Simkhai, AnOnlyChild and The Blonds will incorporate the metaverse into their shows by granting access and other benefits to individuals who purchase one of their ‘NFT keys.’ Priced at $100, 50 keys per designer (250 NFTs in total) were released on August 22 via the dedicated website Keys.NYFW.com. 

Investors in the keys are able to choose from two options for their fashion week experience: the ‘IRL NYFW Experience,’ which allows them to attend a physical event, or the ‘Designer Keepsake,’ which buys a limited-edition physical product from their chosen designer. To make the project accessible to all fashion followers payments are available online and offline in ETH, Afterpay or credit card. Along with the drop, Afterpay will also be offering 250 free NFT keys providing behind-the-scenes access to fashion week festivities.

The move signals luxury players are not only taking forays into the Web3 realms seriously, but recognising that virtual audiences are not willing to pay the same extortionate prices that traditional consumer’s would  — and do — in the physical world. 

Opening up once gate-kept spaces in the fashion industry gives fashion lovers the opportunity to participate in large-scale, exclusive events. The strategy is becoming a popular way of democratizing the industry and rewarding loyal fanbases. But alas, price points come into play; the concept of experiential rewards is appealing, but hard to come by without an accompanying price tag.

As the industry moves away from selling digital goods that offer minimal functionality, projects like NYFW’s show promising signs of the fashion world opening up to all, thanks to Web3. 

Move Over Tiffany, Hndsm Is Bringing Cryptopunks to the Mainstream

New York-based lifestyle brand Hndsm’s open-access capsule collection is one of the first to feature the image of a Cryptopunk NFT. What’s more, it was sold at an affordable price point to make the drop more accessible. 

For context, on August 15 Bored Apes Yacht Club maker Yuga Labs, which acquired the rights to the Cryptopunks back in March, granted Cryptopunk holders full commercial rights to create products based on their individual artworks. 

While other brands are using these newfound rights to leverage their exclusivity, such as Tiffany’s ‘NFTiff’ pendants, Hndsm is doing the opposite. The markedly low price tag of its items is compounded by the fact that all products will be priced in US dollars rather than in cryptocurrency, and there are no signs of token-gated access restrictions. 

Up till now, the Cryptopunk community has been coined one of the metaverse’s most exclusive cohorts, with almost all access to the coterie unavailable to the wider population. But Hndsm’s initiative is changing that with a shift that feels more aligned with the metaverse’s potential for diversity, equity and inclusion than the Cryptopunks members club ever did. 

EVENT WATCH
Bringing the gap between the offline and online ever closer, exhibitions like Space By Base are making waves across the physical space.

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

Could China Post’s Digital Collectibles Series Become An Unexpected Success Story?

State-owned postal service China Post is launching three series of digital collectibles on digital universe platform Yuanli Planet 元力星球. The three categories span ancient Chinese armor, digital mooncakes, and a "pixel museum.” Users who purchase the collectibles will receive a corresponding China Post postcard.

The news may seem odd (why would a postal service join the metaverse?) but the timely initiative is a chance for the business to garner favor among young, digital-native, consumers; China Post recently said that the move was a key part of its IP renewal efforts for the second half of the year.

The project’s unusual angle may just drive sales and prove popular among hardcore collectors. In the same breath, it could flop due to the volatility of China’s collectibles market. While the latter should discourage companies from entering the virtual space without a future-proof roadmap, China Post’s activation suggests it’s bullish about the road ahead.

Are China’s Niche Brands and Designers Finally Getting Their Digital Recognition?

Finally, at Qingdao Fashion Week’s opening ceremony, two Beijing-based companies, Fashion Show 时尚秀场 and Red Cave Technology, confirmed a partnership that will provide digital sales-driving services to homegrown fashion designers. Will the joint companies initiative pave the way for the spotlighting of up-and-coming designers across the Chinaverse?

The event also saw designer 33 and NFT collective "Lil Tooth Club" collaborate on a digital fashion collectibles series. The limited-edition launch tapped into the growing trend of ‘phygital’ ventures by offering buyers the opportunity to obtain an exclusive T-shirt with each NFT purchased. The token was priced at approximately $12 (79.9 RMB) at presale, with the T-shirt’s market value estimated at around $38 (259 RMB).