Today, Greenfield Capital announced a $15 million Series A fundraising round for DressX, with participation from Warner Music and Slow Ventures.
DressX’s Series A investment round saw a $15 million raise.
The investment will be used by the online clothing retailer to increase its selection of NFT.
By bringing a new form of expression that transcends reality and allows for limitless creativity and accessibility, digital fashion is upending the fashion business. DressX, a self-described pioneer of claimed digital fashion, is investing more money and partners in its technology.
More Partners, Same Goal
Thanks to well-known venture capitalists and investors, fashion firm DressX has raised $15 million for its goal of revolutionising the fashion business with its NFT initiative.
Slow Ventures, Warner Music, The Artemis Fund, and the collective of digital designers Red DAO participated in the fashion house’s Series A funding round, which was led by the European cryptocurrency investment firm Greenfield Capital.
The funding will be used by the digital fashion firm to scale its technology and increase its NFT services. The DressX app and NFT marketplace performance improvements are part of this.
DressX also intends to support the digital fashion community by serving as the metaverse’s main source for digital clothing. Now emphasising social media, it plans to release an AI-enhanced app in April 2023. Users of the new software will be able to dress virtually in their images and videos.
The digital fashion firm appears to be moving away from crypto even though it is focused on enhancing its technology capabilities and NFT products.
An Extended Relationship
Natalia Modenova, a co-founder of DressX, stated in an interview that the NFTs have never been a goal for the company; instead, they serve as a channel for distributing digital clothing. The co-founder then stated that DressX would continue to provide digital clothing that is “blockchain compatible” while staying away from “crypto.”
The main use for the fashion company is AR wearables for social media. Users can display their favourite DressX items on social media sites like Instagram by dressing in them. Except for ownership, these use cases don’t necessarily require blockchain technology.
The CEO claimed that blockchain technology is just one of many technologies used by DressX to realise its vision. The digital fashion firm will use a variety of technologies to carry out its purpose as trends change.
On the other hand
- DressX and Meta collaborated in July 2022 to introduce digital outputs to the Horizon World metaverse.
- NFTs are no longer supported by Meta on Facebook and Instagram. This might have an impact on DressX’s social media use case.
- Warner Music and DressX worked together to create digital clothes for the label’s artists and fans in December 2022.
Why It’s Important
One of the most well-known applications of Web3 technology is in the field of digital fashion, and DressX is at the forefront of it. DressX’s technology and services can assist users in expressing themselves in the metaverse as they spend more time there.
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