Meta, Facebook’s parent company, has entered into a new partnership with three iconic brands in the fashion industry, Balenciaga, Prada, and Thom Browne.
The partnership with these companies is part of its moves to boost the quality of products on its newly launched digital fashion store.
The development was announced by the group’s Chief Executive Officer and Founder, Mark Zuckerberg, on Friday.
Zuckerberg made this announcement during an Instagram live appearance with the director of fashion partnership at Meta for Instagram, Eva Chen, saying he is very proud of the move.
In his words,
I’m really grateful and proud that these brands are joining us to kick off fashion in the metaverse.
Chen, on her part, said that fashion is important to our self-expression.
Fashion is ultimately a form of art and self-expression. And now being able to wear Balenciaga, Prada, and Thom Browne, I can’t wait to see what comes from this.
With the partnership, the three brands would join Meta to sell fashionable avatars.
Details regarding the move indicated that three social media platforms belonging to Meta (Instagram, Facebook, and Messenger) would begin to have the feature within the next few months.
The NFT market, like the general crypto space, has experienced a slump as the value of blue-chip NFTs has tanked by over 1% in the last 24 hours.
Meta’s new Partnership Shows Fashion Brands are Increasingly Pro Web3
This partnership between Meta and the fashion companies shows the growing interest of these firms in the burgeoning NFT/Metaverse space.
Earlier this week, Tag Heuer, a popular Swiss watchmaker, rolled out a watch that would be able to display non-fungible token art.
Similarly, Dolce and Gabbana have reportedly begun working with a digital fashion startup to bolster its presence in the NFT space.
Meanwhile, in May, Prada revealed that it would launch the Timecapsule Apparel with 100 ETH NFTs. The luxury company plans to airdrop a limited edition of merchandise every Thursday of the month. The project is geared towards rewarding its loyal customers who have been with the brand.