UNXD, a metaverse fashion firm, announced a $4 million fundraising round headed by Animoca Brands, Polygon Studios, and Red DAO on Tuesday.
The investment is the latest bet by investors on the future of fashion in the metaverse, a burgeoning industry that includes avatar companies, high-priced virtual gear, and even big name brands such as Nike and Adidas.
UNXD, located in Polygon, describes itself as a “business-to-business-to-customer” platform that collaborates with established brands while simultaneously developing its own non-fungible token (NFT) collections and marketplace, according to co-founder Shashi Menon said.
The company’s most high-profile collaboration was an NFT collection with Dolce & Gabbana last September named “Collezione Genesi,” which sold for little under $6 million at the end of the auction.
“The most significant effect of that first release was demonstrating that it was feasible to cross the worlds of luxury and crypto in a way that felt native to both,” Menon said in an interview. “So that’s what we’ve trying to triple down on now.”
Later this month, the business will also host a Metaverse Fashion Week in collaboration with the Ethereum-based virtual world Decentraland.
Menon and the company’s other co-founder, Nick Gonzales, both come from a fashion background.
An further Dolce & Gabbana release, as well as an NFT collection with premium watch maker Jacob & Co., are on the way for UNXD.