VANCOUVER, British Columbia--(BUSINESS WIRE)--NFT Technologies Inc. (NEO: NFT) ("NFT Tech"), the leading technology company to mainstream decentralized ownership, NFTs and the metaverse for public markets, announced today it has partnered with the open-source fashion design platform Faith Tribe to launch “Fashion DAO” — a fashion-focused launchpad for brands and creators looking to break into Web3.
For many GenZ consumers, digital fashion is a natural extension of their real-life style and social media filters. Virtual fashion collections often take the form of in-game products and/or appearance-altering “skins.” Players in the space include Gucci, who launched a $4,000 digital handbag1 and created a “Gucci Garden” in the Roblox gaming metaverse that attracted 19 million visitors; Louis Vuitton, who launched a video game with collectible NFTs for its 200th anniversary; and Balenciaga, who released their entire Fall 2021 collection in the videogame Fortnite.
“We think wearables will be one of the largest markets in the metaverse,” said Wayne Lloyd, Executive Chairman of NFT Tech. “Riot Games generated $1.75B from in-game skin sales in 2020.2 These skins simply change the way a character looks in the game, but provide no other benefit. As the metaverse continues to grow, major brands from GAP to Gucci will launch products into the metaverse, and we’re happy to be partnered with Faith to further enter this market.”
Faith Tribe is an open source platform focused on creating, trading, distributing, and monetizing user-generated fashion designs. Faith Tribe aims to tap into the potential of the Metaverse and Web3 by bringing together creators from all over the world, and introducing them to a whole new customer base through digital assets, in-game storefronts, and digital marketplaces. Designers will create NFTs, and will be rewarded for contributing to the ecosystem through the $FTRB coin. These NFTs are based on community-accepted standards to ensure interoperability, and after their selling distribution, will have collected fees distributed amongst Faith Tribe stakeholders.
Update on Elvis On-Chain
This partnership with Faith Tribe follows on the announcement of the upcoming launch of the first fully on-chain Elvis NFTs from the Estate of Elvis Presley, in the lead up to the release of the Warner Bros. biopic Elvis on June 24th. These Elvis NFTs contain, but aren’t limited to, exclusive Metaverse wearables, collections and experiences, never before seen recordings and content, and an all access pass to the Elvis Metaverse. These products are being launched alongside Decentraland, Sandbox, among others.
About Faith Tribe
Faith Tribe is a collaborative fashion platform and ecosystem devoted to open-sourcing fashion talent and unlocking new opportunities for creators, artists and fashion businesses everywhere, with its dual-chain token FTRB launched on the Ethereum — ERC-20 protocol — and Polygon blockchains. Created by the owners of famous fashion brand Faith Connexion, Faith Tribe lets creators design and customize digital and physical fashion assets, mint them into NFTs, and create and submit original designs for access to Faith Connexion’s extensive design, manufacturing, marketing and commerce ecosystem. Faith Tribe’s mission is to develop a global creator ecosystem and inclusive, open environment for the successful creation, trading, distribution and monetization of user-generated fashion item designs. For more information, visit FaithTribe.io.
About NFT Tech
NFT Tech works to develop infrastructure, assets, real estate and IP in the metaverse, build and generate revenue from P2E and M2E games, and bring insights and benefits to the public markets. By bridging the gap between traditional capital markets and the Web3 space, NFT Tech is mainstreaming decentralized ownership, NFTs, and the metaverse. Current projects include founding the GOAT Guild and Fuku.
Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements in this press release include statements relating to the completion and timing of the listing on the NEO; plans for accelerating growth; and the continued public acceptance of NFTs. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.