Warner Music Group makes investment in virtual fashion platform DRESSX

Warner Music Group has announced an “unprecedented partnership” with digital fashion retailer DRESSX. This will allow artists to design their own virtual fashion lines.

In this partnership, Warner Music will also invest in DRESSX and major record labels will double their investments in the Web3 space. WMG did not disclose the size of its latest investment in its release on Thursday (December 15).

Under the new partnership, WMG artists will work directly with DRESSX to design and launch 3D and AR virtual outfits that fans can collect and use on Instagram, Snapchat, and other platform partners.

DRESSX has over 3,000 digital items in its online library and operates an AR fashion app.

This provides an additional source of income for the artist while also creating additional merch for fans to showcase across the artist’s fandom online.

Launched in August 2020, DRESSX is said to be the largest digital closet addressing sustainable fashion, as the digital clothing marketplace allows consumers to showcase their style digitally. We also invest in a science-based assessment of the carbon footprint of digital fashion.

DRESSX has proposed a patent for calculating the carbon footprint of digital fashion, which has been verified by The Carbon Accounting Company. We have partnered with Flow Carbon to offset the carbon footprint of our entire business.

The company also partners with many tech, fashion and lifestyle companies including Meta, Roblox, Snapchat, Google, Coca-Cola and FARFETCH.

Digital fashion on the platform has been featured in Vogue Singapore, Vogue Business, WWD, HighSnobiety, Forbes, Financial Times and more. She has also graced the covers of L’Officiel USA, L’Officiel Paris, L’Officiel Italy, Vogue Czechslovakia, Vogue Singapore and Haute Living.

WMG has increased its focus on the Web3 space through investments and collaborations with players in this space.

In January, the company said it made its “first foray into the NFT metaverse space” by partnering with virtual gaming world The Sandbox.

Less than two weeks later, the record company signed a partnership with e-commerce and interactive platform builder LGND.io and blockchain network developer Polygon Companies.

The three will launch a music and collectibles platform called LGND Music in January 2023, where users can buy and own music tokens to build a digital collection of “virtual vinyl.”

WMG also partnered with NFT marketplace OpenSea in late September to enable WMG artists to build and expand their fan community on Web3.

In June, Warner Music invested in San Francisco-based Authentic Artists, a music platform that supports virtual artists native to the metaverse.

“As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that enable WMG and artists.”

Oana Luxandra, Warner Music Group

Oana Ruxandra, Chief Digital Officer and EVP of Business Development at WMG, said:

“As our digital identities become exponentially more robust and impactful, we are committed to building partnerships that enable WMG and artists. , is exactly the type of partner we need to sprint with us as we build into the future.”

DRESSX co-founders Daria Shapovalova and Natalia Modenova said: It’s already changing the fashion industry on a massive scale. Every day we move closer to our goal of bringing a meta-closet to everyone in the world and making fashion accessible to everyone through innovation and technology.

DRESSX’s Shapovalova and Modenova add: Digital fashion is a visual language for communicating and bonding online. DRESSX uses technology to bring utility to digital wearables using augmented reality, machine learning and blockchain.global music business

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