Farfetch has partnered with metaverse brand accelerator Outlier Ventures to launch a new program designed to encourage more brands to get involved in web3 development.
On Wednesday, the two companies announced a new program called Dream Assembly Base Camp. According to Farfetch, the new program is designed to provide mentoring, networking and support to luxury fashion and lifestyle startups eager to build the future of web3 luxury commerce.
The 12-week remote program will be tailored to each startup and will focus on digital fashion, tokenized loyalty, immersive experiences and the maker economy, Farfetch said. Participating startups will gain access to Farfetch and Outlier Ventures’ network of mentors from the fashion, tech and web3 industries, as well as investors, to support their future fundraising efforts.
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“Web3 is an evolving growth area, but with fundamental challenges to overcome to be usable and scalable within the luxury industry,” said Carol Hilsum, senior director of product innovation at Farfetch, in a statement. “We are on a mission to support the creation of a unique, curated, and connected conversation to help drive the future of this space.”
Des Martin, director of marketing for Outlier Ventures, added: “Web3 now stands at the intersection of fashion, culture and art. It’s hard to think of a better combination than Outlier Ventures and Farfetch to accelerate luxury fashion founders and their projects. Services offered to founders range from fundraising support, tokenomics advice, community growth, marketing advice, and everything needed to launch the next generation of Web3 luxury commerce.”
Applications for the Dream Assembly Base Camp program open today and will close on August 19. The 12-week program will begin in late September.
This news comes as many metaverse experts believe the sky is the limit for brands that get active in the virtual world.
“Most of the brands and companies going into web3 see this as the next evolution of the internet, not a speculative investment,” Jeff Hood, a well-known NFT community builder and blockchain industry leader, told FN last week. “So they are laying the foundation of their brands for the future of what is to come.”
“By all metrics, interest in the metaverse only continues to increase,” Brian Trunzo, metaverse lead at web3 developer Polygon Studios, told FN last week. “And this is a long-term game. Even Citi projects that the ‘metaversal economy’ will be between $8 and $13 trillion by 2030.”
Source: footwearnews.com