Interactive digital fashion assets by 1Fame’s Meta Studio. Pic: 1Fame
Platform aggregator 1MetaWorld has entered into a joint venture agreement with Seoul-based Fame Universe to support fashion designers and digital creators to create, launch, sell, and produce their own digital fashion non-fungible tokens (NFTs) in connection with physical garments and real-world experiences.
Based in Singapore, the new joint venture 1Fame seeks to support the fashion industry’s fight against counterfeiting with Web3 innovation, leveraging NFTs as unique tokens of authenticity and trusted tools for metaverse e-commerce and authentic real-world experiences, according to a press release by 1Fame and 1MetaWorld.
“Backed by the ONERHT network of professional services, 1Fame will continuously develop its ‘phygital’ business model by applying innovative Web3 solutions to the world of fashion, and leverage on 1MetaWorld’s trusted and secured institutional grade transaction platform with curated community lifestyle privileges. This innovation will enhance the development of the fashion industry from Web3 into the metaverse as well as solve current problems of fraudulent trading and counterfeiting,” said Tan Chong Huat, 1MetaWorld chairman.
In collaboration with fashion designers, 1Fame’s Meta Studio digitises designs into interactive digital fashion assets. New collections become a reality through crowdfunding on the 1Fame Fashion Launchpad. The digital garments are then minted as NFTs and secured in the owner’s digital wallet to be worn on avatars in the metaverse or traded on the 1Fame Marketplace.
Ownership of 1Fame Fashion NFTs grants exclusive access to immersive and experiential benefits for fashion enthusiasts and collectors, including advanced access to limited fashion NFT drops, delivery of the physical garment, VIP invitations to real world and metaverse fashion events as well as meet and greet sessions with influential designers, added the release.
“1Fame will provide a hyperconnected platform for ecosystem players and stakeholders to co-create authentic fashion verified by blockchain, with strong intellectual property protection and immense potential for monetisation and gamification,” said James Hong, 1Fame chief executive officer.