UNXD, a metaverse fashion firm, announced on March 8 about a USD 4 million fundraising round headed by Animoca Brands, Polygon Studios, and Red DAO. The investment is the newest investment by stakeholders on the potential of fashion in the metaverse. It is a flourishing sector that includes avatar firms, high-priced virtual gadgets, and even heritage name brands such as Nike (NKE) and Adidas. Previously, the company’s most high-profile partnership was an NFT series with Dolce & Gabbana in September 2021 named “Collezione Genesi,” which sold for about USD 6 million.
According to reports, the Polygon-based UNXD describes itself as a “business-to-business-to-customer” platform that collaborates with established brands while simultaneously developing its own non-fungible token (NFT) categories and marketplace.
The company’s co-founder Shashi Menon explained in an interview that the most significant impact of the original release was proving that it was possible to bridge the worlds of luxury and cryptocurrency in a way that felt natural to both.
Later this month, the business will also host a Metaverse Fashion Week in collaboration with the Ethereum-based virtual world Decentraland. Menon and the other co-founder of the firm, Nick Gonzales, both have experience in the fashion sector.