ARTISANT, a major platform for sustainable web3 fashion, has partnered with MetaFactory and KongLand to create a new benchmark for the fashion industry and the rising Metaverse.
Designing a new collection of clothing, both companies developed their “Perfect for Art Basel” capsule collection, inspired by the world-class event taking place in Miami in early December.
Events in the ongoing bear market across the tech and web3 industry inspired the new clothing lineup.
A key component of their clothing is integrated HaLo chips used to boost user experiences (UX) for self-custodial cryptocurrencies. Popularity in self-custodial wallets has recently surged due to the ongoing crypto market crisis triggered by crypto exchange FTX’s collapse on 11 November.
The indestructible, silicon-based HaLo chips integrate Kong Land technologies to host crypto and non-fungible token (NFT)-based assets. Additionally, MetaFactory has designed its clothing with zero-waste, sustainable manufacturing methods.
The product lineup also uses the blockchain to verify sold items for authenticity. Users can also wear the digitally-twinned item on the Ready Player Me platform with their bespoke avatars.
ARTISANT and MetaFactory refer to the Web3 fashion product lineup as ‘metaphysical’ rather than phygital as users can wear the clothing in the real world and in the Metaverse.
Leila Ismailova, ARTISANT’s Co-Founder, explained that the items were an “inspiring project” as they offered solutions for the fashion industry with “technologically enhanced, more functional, sustainable clothes.”
She also wanted to demonstrate to large fashion brands that such solutions had critical utility and were useful to the industry.
“As a Floridian, I genuinely appreciate the theme for this collection – Art Basel. This event is a cultural phenomenon in artistic and social paradigms [I hope] the wittiness of the collection [will] make people smile even on the gloomiest [days]”
Daofren, a member of the MetaFactory decentralised autonomous organisation (DAO), added that mass adoption of digital fashion would come “sooner than later,” adding:
“Today, we get to merge physical and digital products in the most utilitarian yet beautiful approach – while saving natural resources. As a result, we produce more valuable products.”
FTX Bankruptcy and Self-Custody Wallet Movement
The news comes amid the ongoing cryptocurrency crisis, which has seen numerous companies struggle and face bankruptcy due to the collapse of FTX, a major centrally-run cryptocurrency trading exchange operated by disgraced Former Chief Executive, Sam Bankman-Fried.
Millions of people lost access to their funds on the platform, triggering a rally for self-custodial crypto wallets. Individual and corporate investors have advocated the move to self-custody following the collapse.
Self-custody wallets are decentralised finance (DeFi) tools that provide users with locally-saved crypto assets rather than with centrally-owned exchanges. Conversely, custodial wallets are similar to popular exchanges like Coinbase, Binance, and the now-bankrupt FTX.
Clothing and additional market solutions will allow firms to explore alternatives to centrally-held custodial wallets, eliminating severe financial risks when investing in crypto in the future.
Self-Custody and the Keep Your Coins Act
The movement comes after Rep Warren Davidson [R-OH] introduced a bill to Congress in February that aims to prevent lawmakers and federal agencies from blocking access to cryptocurrencies.
Anyone attacking self-custody is telling you they oppose individual freedom. They don’t trust you and they want someone who they can control to control your assets.
Pass my Keep Your Coins Act to protect self-custody and #DefendFreedom.
— Warren Davidson (@WarrenDavidson) November 11, 2022
In a recent statement following the FTX collapse, Davidson tweeted: “Anyone attacking self-custody is telling you they oppose individual freedom. They don’t trust you and they want someone who they can control to control your assets.”
The “Keep Your Coins Act” [HR-6727] states that,
“No agency head may prohibit or otherwise restrict the ability of a covered user to use virtual currency or its equivalent for such user’s own purposes, such as to purchase real or virtual goods and services for the user’s own use; or conduct transactions through a self-hosted wallet”
Self-custody wallets significantly minimise the risk of lost assets. Some of the world’s top wallets for such ownership include MetaMask, Ledger, Exodus, and many others.
Ready Player Me and Web3 Fashion
To facilitate greater Web3 integration, Ready Player Me has begun developing a series of collaborations with the fashion industry and Web3 developers in a bid to promote interoperable, bespoke avatars.
The tools allow users to express their identity and create more realistic, personal interactions on the upcoming Metaverse.
The Tallinn, Estonia-based firm recently partnered with no-code collaboration platform HiberWorld, which hosts roughly 4 million user-generated worlds, games, galleries, and others in a four-year period.
Ready Player Me enthusiasts can import their avatars to HiberWorld to promote creative content across platforms.
The company has also worked with WebAR publishing firm Geenee AR to develop and promote wearable AR avatars. The no-code platform allows users to become their avatars with WebAR technologies, host NFTs, and bespoke fashion from third-party creatives.
Geenee AR’s partnership with Ready Player Me leverages the former’s WebAR body tracking toolkit across smartphones and does not require additional software.