Farfetch has teamed up with metaverse brand accelerator Outlier Ventures to launch a new program designed to encourage more brands to get involved in web3 development.
On Wednesday, the two companies announced a new program called Dream Assembly Base Camp. According to Farfetch, the new program is designed to provide mentorship, networking, and support to luxury fashion and lifestyle startups eager to develop the future of web3 luxury commerce.
The remote 12-week program will be tailored to each startup and will focus on digital fashion, tokenized loyalty, immersive experiences, and the creator economy, Farfetch said. Participating startups will gain access to Farfetch and Outlier Ventures’ network of mentors from the fashion, technology and web3 industries, as well as investors, to support their future fundraising efforts.
“Web3 is an evolving area of growth, but with fundamental challenges to overcome to be usable and scalable within the luxury industry,” Carol Hilsum, senior director of product innovation at Farfetch, said in a statement. “We are on a mission to support the creation of a unique, curated, connected conversation to help drive the future of this space.”
Des Martin, chief marketing officer at Outlier Ventures, added: “Web3 is now at the intersection of fashion, culture, and art. It’s hard to think of a better combination than Outlier Ventures and Farfetch to accelerate luxury fashion founders and their projects. The services offered to founders range from fundraising support, tokenomics advice, community growth, marketing advice and everything else required to launch the next generation of Web3 luxury commerce.”
Applications for the Dream Assembly Base Camp program open today and will close on Aug. 19. The 12-week program will commence in late September.
This news comes as many metaverse experts believe the sky is the limit for brands activating in the virtual world.
“Most brands and companies entering into web3 are looking at this as the next evolution of the internet, not as a speculative investment,” Jeff Hood, a well-known NFT community builder and blockchain industry leader, told FN last week. “So they are laying the foundation for their brands for the future of what is to come.”
“By all metrics, interest in the metaverse only continues to rise,” Brian Trunzo, metaverse lead at web3 developer Polygon Studios, told FN last week. “And this is a long-term game. Even Citi projects the ‘metaversal economy’ to be anywhere between $8 and $13 trillion by 2030.”