Weekly news and stories covering everything from the Fashion System, Investment, and AI to WEB3 and Crypto that truly matter in Metaverse Fashion.
ON A COMEBACK: ABERCOMBIE & FITCH STOCK OUTPERFORMS NVIDIA | [VALUE PROPOSITION]
FashionUnited
👽 Once a brand in decline, Abercrombie & Fitch, the iconic 1990s brand known for its preppy style, has made an unexpected comeback in the retail world, giving it the status of an unlikely market leader once again.
👾 To get there, the Ohio-based company's path to the top has obviously not been without its challenges. The rise of online shopping and fast fashion gave Abercrombie a sense of obsolescence. Moreover, the brand had to face public backlash following lawsuits regarding racial, religious and sexual discrimination, as well as harassment cases.
🤖 The first step was to regain the trust of consumers, particularly young millennials who had abandoned the brand. Abercrombie then committed to creating a more inclusive and welcoming environment, addressing the issues of discrimination and harassment that had tarnished its image.
💥 Aware of the importance of digital, Abercrombie invested heavily in its online presence and modernised its operations. The brand also streamlined its costs, particularly by optimising inventory management. Learning from past mistakes, Abercrombie adopted a more sober approach to inventory, reducing waste and maximising profits.
📈 These strategic decisions have paid off. Over the past year, Abercrombie's share price has climbed more than 245 percent, fuelled by strong financial performance and positive prospects. The company has thus outperformed tech giant Nvidia in terms of stock growth, despite a higher overall share price at Nvidia.
💎 The main takeaway from Abercrombie's resurgence is the power of adaptation. By learning from past mistakes, refocusing on core values and embracing change, a struggling brand can not only survive but also thrive in a dynamic market. A management lesson for any company facing similar challenges.
AMID A LUXURY RETAIL SLUMP, VERSACE TURNS TO THE DIGITAL WORLD | [METAPHYSICS]
Jing Daily
💥 Versace is emerging as an unexpected frontrunner in the Web3 race. Hot on the heels of its augmented reality-powered filter collaboration with Snap, the Italian house has joined forces with Fortnite on a limited-edition activation, designed to bring players closer to its products.
💎 Versace has made its foray into the Fortnite metaverse with a new, limited-time campaign dedicated to its Mercury sneakers. The experience, which kicked off earlier this week, invites players to wear the sneaker in-game for a limited time within one of Fortnite’s most popular creative maps – Murder Mystery. Within the map, audiences can explore an archaeological dig site and compete to be the first to find the sneaker, a digital treasure that will provide them with special in-game rewards.
🦄 Brands are increasingly harnessing gaming platforms to promote their latest products, as well as forge new communication lines with digital savvy consumers. But with more luxury labels now incorporating gaming into their marketing strategies, consumer expectations are rising. Which gaming channel a brand opts to collaborate with, for example, can massively impact an activation’s outcome.
🗣 Fortnite in particular has its limitations. “You can't sell items, it's very hard to monetize, and you can't reach a vast audience because it all depends on where you are in the category channel on the epic store. A lot of these things put together make it quite difficult for brands to justify a Fortnight experience,” Charles Hambro, co-founder of Geeiq said during a webinar earlier this year.
MICROSOFT FACES UK ANTITRUST PROBE AFTER HIRING INFLECTION AI FOUNDERS AND EMPLOYEES | [SINGULARITY]
TechCrunch
👾 Microsoft is facing a full regulatory probe in the U.K. after the tech giant hired the core team behind Inflection AI, a U.S.-based OpenAI rival Microsoft had previously invested in.
🤖 The news comes four months after Microsoft CEO Satya Nadella launched a new consumer AI division spearheaded by the founders of Inflection AI, including deep learning scientist Karén Simonyan and Google DeepMind co-founder Mustafa Suleyman. At the same time, Nadella confirmed that a number of other Inflection AI members had joined Microsoft’s new AI unit (Bloomberg reported that most actually joined), one of whom was Jordan Hoffmann, an AI scientist and engineer who is now heading up Microsoft’s U.K. AI hub in London.
💰 Today’s announcement doesn’t come as a massive surprise, as the CMA revealed in April that it was conducting preliminary enquiries into a triumvirate of AI partnerships. One of those was Microsoft’s recent investment in Mistral AI, a French startup (and double unicorn) working on AI foundation models. It didn’t take long for the CMA to conclude that the investment didn’t qualify for investigation under current merger regulations, given that Microsoft’s stake of less than 1% wouldn’t give the tech giant any meaningful clout in the future direction of the startup.
⚖ With the phase 1 inquiry now under way, the CMA has until September 11 to reach a decision on whether the hiring is tantamount to a “merger,” and if it is, whether it’s likely to damage competition in the United Kingdom. If the CMA decides that it does, it will then proceed the case to a more in-depth “phase 2” probe which can take around six months.
DESPITE DOWNTURN, BRANDS ARE PIVOTING BACK TO THE METAVERSE | [METAPHYSICS]
Jing Daily
🏆 On January 18, Gmoney’s lifestyle platform, 9dcc, took the title of “Phygital Brand of the Year” at the 2024 World Economic Forum in Davos.
During the Phygicode Impact Awards ceremony, the entrepreneur was applauded for his groundbreaking work in developing a blockchain-based luxury community and "networked products" — a format of phygital luxury lifestyle items interconnected with blockchain technology through integrated NFC chips.
👚 American preppy label Tommy Hilfiger is back exploring the metaverse with its new mobile game, FashionVerse. Co-developed by Hilfiger, Brandible, and game publisher Tilting Point, the playable app uses AI-generated, photorealistic avatars and settings, inviting users to take on the roles of "Stylists" and "Trendsetters." Within the game, pop-ups will present challenges inspired by campaign themes and collection pieces, along with special rewards for players who successfully complete all the challenges.
👾 MCM, the German fashion label known for its monogrammed leather products, is launching a metaverse platform in partnership with the new virtual world, Caliverse, later this year. The brand teased its digital shop at the Consumer Electronics Show, which will use real-time rendering graphics, 3D live synthesis, and AI technology. The dynamic space will invite consumers to purchase products within a multi-reality environment.
ESSILORLUXOTICCA TO BUY SUPREME FOR 1.5 BILLION | [FASHION SYSTEM]
Business of Fashion
💰 EssilorLuxottica SA agreed to buy the streetwear label Supreme from VF Corp. for $1.5 billion in cash, adding another lifestyle brand to the French-Italian eyewear company’s stable that already includes Ray-Ban and Oakley.
🏁 Supreme was founded in New York by James Jebbia in 1994, selling clothes and footwear targeting skateboarding and urban trends. It has moved from being a cult favorite, with its distinct red and white logo, to a mainstream success and now has an online business as well as 17 stores in the US, Asia and Europe.
💥 Supreme’s growth has been fueled by so-called “hype” marketing, including limited-edition collaborations with partners ranging from watchmakers to musicians, and frequent “drops” of new products. Among others, it has tied up with Louis Vuitton and The North Face.
ℹ EssilorLuxottica was formed from the merger of two of Europe’s most prominent eyewear companies — Italy’s Luxottica and France’s Essilor. It is a global leader in the production and sale of prescription eyeglasses, sunglasses and contact lenses.
NEW RAY-BAN META GLASSES HAVE OUTSOLD PREVIOUS VERSION, ESSILUX CEO SAYS | [METAPHYSICS]
Fashion Network
👾 The Ray-Ban Meta smart glasses went on the market last October, allowing users to livestream directly from the glasses to followers on Facebook and Instagram. The smart glasses have Meta AI built in, with the ability to give information on the item a user is looking at.
🗣 EssilorLuxottica's CEO Francesco Milleri said that the first generation of smart glasses, called Ray-Ban Stories, paved the way for the success of the new generation of smart glasses. "Today people's expectations are clearer.. hence the success of the second generation," Milleri said on the sidelines of an event in Milan.
🕶 The AI feature on the Meta's Ray-Ban is restricted to the US and not allowed in Europe at the moment. "In Europe we are waiting for the decision of the new Artificial Intelligence Act, which we hope will arrive soon", Milleri added.
💥 EssilorLuxottica's CEO added that Meta was a "key partner" for the company and that his group's brands can be "a cultural intermediary to bring technology to people".
COACH LEAPS INTO THE METAVERSE WITH SPRING 2024 COLLECTION ON ROBLOX AND ZEPETO | [METAPHYSICS]
WWD
🌴 It will introduce its spring 2024 collection on Roblox and Zepeto on Thursday. This move supports Coach’s “Find Your Courage” ad campaign, fostering self-expression, and allows users to explore their identities with themed digital wearables available in Roblox’s Fashion Famous 2, Fashion Klossette and Zepeto, starting Friday.
🗣 “We’ve been doing a lot of experiences in the physical space. Knowing that we launched the new campaign for spring, this felt like the right time [to enter gaming],” said Giovanni Zaccariello, senior vice president, global visual experience at Coach, on Wednesday. He said the spring campaign, launched last February, focused on self-expression and created five worlds, which connect very well with Zepeto and Roblox. He called this the entry point in gaming for Coach. “It’s step one of many,” he said.
👾 Coach selected self-expression gaming platforms that connected to the company’s “Find Your Courage” brand positioning, he said. Through an avatar, players can select who they want to be and self-express through clothing and bags. Coach’s Tabby bag was much more dominant in these games than in other games they researched, and that’s how they landed on Roblox and Zepeto.
🤖 Roblox research shows that 84 percent of Gen Z said their avatar-style influences their real-world fashion choices, and more than 50 percent prioritize their avatar’s style over their physical appearance. By choosing Roblox and Zepeto, Coach said it aims to reach millions through immersive virtual and social experiences that merge fashion with digital self-expression.
👻 The company’s “Find Your Courage” campaign follows virtual human Imma as she embarks on a journey of self-discovery and ultimately finds the courage to be real. On her journey, Imma travels through five different themed worlds, each created to speak to a different step in the journey toward self-expression, and each with its own set of ready-to-wear and accessories. Coach will bring three of these worlds into the immersive and social avatar space.
POLYGON WILL MIGRATE MATIC TOKENS TO POL DURING SEPTEMBER UPGRADE | [VALUE PROPOSITION]
Decrypt
⛓ Polygon developers have scheduled the MATIC to POL token swap to begin September 4, according to a July 18 blog post. The migration has been in the works for a long time—the team first announced the plan this time last year.
🌐 Polygon developers decided to include a transition from the current MATIC token to a new POL token in a major protocol upgrade. The token swap is part of a broader move for Polygon to become a “network of networks.”
👾 The POL upgrade was implemented on July 17 on a test network in order to identify any potential issues such as bugs and vulnerabilities, according to the Polygon Labs post. This low-stakes test is meant to make it less likely for the upgrade to go sideways on the main network where real users and real assets are located.
👛 The team touts it as a “3rd generation token” with the first generation being Bitcoin and the second one Ethereum. After September 4, POL will serve as the native gas and staking asset for Polygon’s PoS blockchain in addition to validating chains in its aggregated network ecosystem.
✅ POL will allow holders to become validators on Polygon-based chains while MATIC will be deprecated as part of the upgrade. Today’s announcement highlighted that users holding MATIC on Polygon’s proof-of-stake (PoS) blockchain will have their tokens upgraded into POL with no action required on their part. Still, a remote procedure call settings update in the wallet may be needed to ensure that the tokens are listed as POL instead of MATIC.
SHEERLUXE DEFENDS USE OF AI INFLUENCER | [SINGULARITY]
BBC News
🗞 A popular UK lifestyle and fashion magazine has been criticised after it described an artificial intelligence (AI) "fashion and lifestyle editor" on its social media page as a "new member" of the team.
💥 But there has been backlash from fans, with one saying the company is depriving “human journalists of a job”, and they were frustrated by what they described as unachievable “beauty standards”.
🗨 In a statement, SheerLuxe said that "innovation has been central" to what the brand does but recognised that they "didn't explain it properly" and were "sorry". The company says Reem's role - like other editors at the company - is to provide recommendations for their audience, including things such as fashion, beauty and travel. Images posted on the bot's Instagram page show Reem wearing different outfits, as well as suggestions for products it uses.
📉 At the start of the week, SheerLuxe had 467,000 followers on Instagram - when we looked on Wednesday night that number had dropped, and it dropped again on Thursday. Admittedly, that was only by a couple of thousand followers, but this could reflect the reaction from some fans.
It also opens up wider questions about the future of artificial intelligence and its role within journalism.
THE DEVIL WEARS PRADA SEQUEL SHEDS LIGHT ON FASHION MEDIA’S DIGITAL TRANSFORMATION | [OP-ED]
Costantino Roselli for Metaverse Fashion Magazine
Great news for fans of Meryl Streep’s disdainful and sarcastic expressions as Miranda Priestly: the bitch is back! Disney has confirmed the production of a sequel to the iconic film “The Devil Wears Prada.” However, this time, Miranda will find herself in the most vulnerable situation yet, as the sequel focuses on the new reality that media has faced over the last 15 years. The digital revolution, much like the French one, screams democracy and dethrone the empress and her reign.
The Digital Revolution in Fashion Media
Over the past decade, the fashion industry has undergone a seismic shift. The advent of digital platforms and social media has not only altered how fashion is consumed but also who gets to shape its narrative. Influencers, bloggers, and even ordinary consumers wield unprecedented power, often eclipsing the reach and influence of traditional fashion editors. Social media platforms like Instagram, TikTok, and YouTube have become the new runways, where trends are born and disseminated at lightning speed. Influencers with massive followings can make or break a brand with a single post, and fashion shows are live-streamed to millions, bypassing the exclusivity that once defined the industry’s elite events.
Industry Insights
The transformation depicted in the film mirrors real-world dynamics within the fashion industry. Legacy publications like Vogue and Harper’s Bazaar have had to innovate aggressively, embracing digital-first strategies, enhancing their online presence, and engaging with audiences through social media. Edward Enninful, Editor-in-Chief of British Vogue, recently highlighted this shift, stating, “Our role is no longer just about dictating trends but facilitating a dialogue with our readers and viewers. The digital space allows for a two-way conversation, making fashion more inclusive and accessible.”
Cultural Impact
The original “Devil Wears Prada” resonated with audiences for its sharp critique of the fashion world’s excesses and its portrayal of personal ambition. The sequel aims to capture the zeitgeist of today’s media environment, reflecting broader societal changes and the ongoing tension between tradition and innovation. By focusing on the digital disruption of fashion media, the film is poised to spark discussions about the future of journalism, the role of influencers, and the evolving definition of authority and expertise in the fashion industry.
A Missed Opportunity?
Well, in my opinion, this movie should have arrived earlier, around 2017, to better define the new landscape and project the future. But like many other industries, the film industry often denies the truth of change until every hope is gone. It’s not just today that we are scrolling on Instagram and worshipping street style influencers; this has been happening for the last ten years. These are old news. Today, we are curating our avatars in gaming and Metaverse platforms, caring more about their fashion style than our own.
The Future of Fashion
Of all the statistics my favourite is the one that shows that for Gen Z, avatar curation is a form of self-satisfaction, much like fashion was for Gen X and Millennials. This means that no matter who takes the lead after the empress of mainstream media, it won’t last long because there will be no empire left to rule. The power has already transferred to a new reality, signaling the vibes of a new revolution that is just beginning.
But that is a story for another article.
Stay tuned…
Weekly news and stories covering everything from the Fashion System, Investment, and AI to WEB3 and Crypto that truly matter in Metaverse Fashion.
ON A COMEBACK: ABERCOMBIE & FITCH STOCK OUTPERFORMS NVIDIA | [VALUE PROPOSITION]
FashionUnited
👽 Once a brand in decline, Abercrombie & Fitch, the iconic 1990s brand known for its preppy style, has made an unexpected comeback in the retail world, giving it the status of an unlikely market leader once again.
👾 To get there, the Ohio-based company's path to the top has obviously not been without its challenges. The rise of online shopping and fast fashion gave Abercrombie a sense of obsolescence. Moreover, the brand had to face public backlash following lawsuits regarding racial, religious and sexual discrimination, as well as harassment cases.
🤖 The first step was to regain the trust of consumers, particularly young millennials who had abandoned the brand. Abercrombie then committed to creating a more inclusive and welcoming environment, addressing the issues of discrimination and harassment that had tarnished its image.
💥 Aware of the importance of digital, Abercrombie invested heavily in its online presence and modernised its operations. The brand also streamlined its costs, particularly by optimising inventory management. Learning from past mistakes, Abercrombie adopted a more sober approach to inventory, reducing waste and maximising profits.
📈 These strategic decisions have paid off. Over the past year, Abercrombie's share price has climbed more than 245 percent, fuelled by strong financial performance and positive prospects. The company has thus outperformed tech giant Nvidia in terms of stock growth, despite a higher overall share price at Nvidia.
💎 The main takeaway from Abercrombie's resurgence is the power of adaptation. By learning from past mistakes, refocusing on core values and embracing change, a struggling brand can not only survive but also thrive in a dynamic market. A management lesson for any company facing similar challenges.
AMID A LUXURY RETAIL SLUMP, VERSACE TURNS TO THE DIGITAL WORLD | [METAPHYSICS]
Jing Daily
💥 Versace is emerging as an unexpected frontrunner in the Web3 race. Hot on the heels of its augmented reality-powered filter collaboration with Snap, the Italian house has joined forces with Fortnite on a limited-edition activation, designed to bring players closer to its products.
💎 Versace has made its foray into the Fortnite metaverse with a new, limited-time campaign dedicated to its Mercury sneakers. The experience, which kicked off earlier this week, invites players to wear the sneaker in-game for a limited time within one of Fortnite’s most popular creative maps – Murder Mystery. Within the map, audiences can explore an archaeological dig site and compete to be the first to find the sneaker, a digital treasure that will provide them with special in-game rewards.
🦄 Brands are increasingly harnessing gaming platforms to promote their latest products, as well as forge new communication lines with digital savvy consumers. But with more luxury labels now incorporating gaming into their marketing strategies, consumer expectations are rising. Which gaming channel a brand opts to collaborate with, for example, can massively impact an activation’s outcome.
🗣 Fortnite in particular has its limitations. “You can't sell items, it's very hard to monetize, and you can't reach a vast audience because it all depends on where you are in the category channel on the epic store. A lot of these things put together make it quite difficult for brands to justify a Fortnight experience,” Charles Hambro, co-founder of Geeiq said during a webinar earlier this year.
MICROSOFT FACES UK ANTITRUST PROBE AFTER HIRING INFLECTION AI FOUNDERS AND EMPLOYEES | [SINGULARITY]
TechCrunch
👾 Microsoft is facing a full regulatory probe in the U.K. after the tech giant hired the core team behind Inflection AI, a U.S.-based OpenAI rival Microsoft had previously invested in.
🤖 The news comes four months after Microsoft CEO Satya Nadella launched a new consumer AI division spearheaded by the founders of Inflection AI, including deep learning scientist Karén Simonyan and Google DeepMind co-founder Mustafa Suleyman. At the same time, Nadella confirmed that a number of other Inflection AI members had joined Microsoft’s new AI unit (Bloomberg reported that most actually joined), one of whom was Jordan Hoffmann, an AI scientist and engineer who is now heading up Microsoft’s U.K. AI hub in London.
💰 Today’s announcement doesn’t come as a massive surprise, as the CMA revealed in April that it was conducting preliminary enquiries into a triumvirate of AI partnerships. One of those was Microsoft’s recent investment in Mistral AI, a French startup (and double unicorn) working on AI foundation models. It didn’t take long for the CMA to conclude that the investment didn’t qualify for investigation under current merger regulations, given that Microsoft’s stake of less than 1% wouldn’t give the tech giant any meaningful clout in the future direction of the startup.
⚖ With the phase 1 inquiry now under way, the CMA has until September 11 to reach a decision on whether the hiring is tantamount to a “merger,” and if it is, whether it’s likely to damage competition in the United Kingdom. If the CMA decides that it does, it will then proceed the case to a more in-depth “phase 2” probe which can take around six months.
DESPITE DOWNTURN, BRANDS ARE PIVOTING BACK TO THE METAVERSE | [METAPHYSICS]
Jing Daily
🏆 On January 18, Gmoney’s lifestyle platform, 9dcc, took the title of “Phygital Brand of the Year” at the 2024 World Economic Forum in Davos.
During the Phygicode Impact Awards ceremony, the entrepreneur was applauded for his groundbreaking work in developing a blockchain-based luxury community and "networked products" — a format of phygital luxury lifestyle items interconnected with blockchain technology through integrated NFC chips.
👚 American preppy label Tommy Hilfiger is back exploring the metaverse with its new mobile game, FashionVerse. Co-developed by Hilfiger, Brandible, and game publisher Tilting Point, the playable app uses AI-generated, photorealistic avatars and settings, inviting users to take on the roles of "Stylists" and "Trendsetters." Within the game, pop-ups will present challenges inspired by campaign themes and collection pieces, along with special rewards for players who successfully complete all the challenges.
👾 MCM, the German fashion label known for its monogrammed leather products, is launching a metaverse platform in partnership with the new virtual world, Caliverse, later this year. The brand teased its digital shop at the Consumer Electronics Show, which will use real-time rendering graphics, 3D live synthesis, and AI technology. The dynamic space will invite consumers to purchase products within a multi-reality environment.
ESSILORLUXOTICCA TO BUY SUPREME FOR 1.5 BILLION | [FASHION SYSTEM]
Business of Fashion
💰 EssilorLuxottica SA agreed to buy the streetwear label Supreme from VF Corp. for $1.5 billion in cash, adding another lifestyle brand to the French-Italian eyewear company’s stable that already includes Ray-Ban and Oakley.
🏁 Supreme was founded in New York by James Jebbia in 1994, selling clothes and footwear targeting skateboarding and urban trends. It has moved from being a cult favorite, with its distinct red and white logo, to a mainstream success and now has an online business as well as 17 stores in the US, Asia and Europe.
💥 Supreme’s growth has been fueled by so-called “hype” marketing, including limited-edition collaborations with partners ranging from watchmakers to musicians, and frequent “drops” of new products. Among others, it has tied up with Louis Vuitton and The North Face.
ℹ EssilorLuxottica was formed from the merger of two of Europe’s most prominent eyewear companies — Italy’s Luxottica and France’s Essilor. It is a global leader in the production and sale of prescription eyeglasses, sunglasses and contact lenses.
NEW RAY-BAN META GLASSES HAVE OUTSOLD PREVIOUS VERSION, ESSILUX CEO SAYS | [METAPHYSICS]
Fashion Network
👾 The Ray-Ban Meta smart glasses went on the market last October, allowing users to livestream directly from the glasses to followers on Facebook and Instagram. The smart glasses have Meta AI built in, with the ability to give information on the item a user is looking at.
🗣 EssilorLuxottica's CEO Francesco Milleri said that the first generation of smart glasses, called Ray-Ban Stories, paved the way for the success of the new generation of smart glasses. "Today people's expectations are clearer.. hence the success of the second generation," Milleri said on the sidelines of an event in Milan.
🕶 The AI feature on the Meta's Ray-Ban is restricted to the US and not allowed in Europe at the moment. "In Europe we are waiting for the decision of the new Artificial Intelligence Act, which we hope will arrive soon", Milleri added.
💥 EssilorLuxottica's CEO added that Meta was a "key partner" for the company and that his group's brands can be "a cultural intermediary to bring technology to people".
COACH LEAPS INTO THE METAVERSE WITH SPRING 2024 COLLECTION ON ROBLOX AND ZEPETO | [METAPHYSICS]
WWD
🌴 It will introduce its spring 2024 collection on Roblox and Zepeto on Thursday. This move supports Coach’s “Find Your Courage” ad campaign, fostering self-expression, and allows users to explore their identities with themed digital wearables available in Roblox’s Fashion Famous 2, Fashion Klossette and Zepeto, starting Friday.
🗣 “We’ve been doing a lot of experiences in the physical space. Knowing that we launched the new campaign for spring, this felt like the right time [to enter gaming],” said Giovanni Zaccariello, senior vice president, global visual experience at Coach, on Wednesday. He said the spring campaign, launched last February, focused on self-expression and created five worlds, which connect very well with Zepeto and Roblox. He called this the entry point in gaming for Coach. “It’s step one of many,” he said.
👾 Coach selected self-expression gaming platforms that connected to the company’s “Find Your Courage” brand positioning, he said. Through an avatar, players can select who they want to be and self-express through clothing and bags. Coach’s Tabby bag was much more dominant in these games than in other games they researched, and that’s how they landed on Roblox and Zepeto.
🤖 Roblox research shows that 84 percent of Gen Z said their avatar-style influences their real-world fashion choices, and more than 50 percent prioritize their avatar’s style over their physical appearance. By choosing Roblox and Zepeto, Coach said it aims to reach millions through immersive virtual and social experiences that merge fashion with digital self-expression.
👻 The company’s “Find Your Courage” campaign follows virtual human Imma as she embarks on a journey of self-discovery and ultimately finds the courage to be real. On her journey, Imma travels through five different themed worlds, each created to speak to a different step in the journey toward self-expression, and each with its own set of ready-to-wear and accessories. Coach will bring three of these worlds into the immersive and social avatar space.
POLYGON WILL MIGRATE MATIC TOKENS TO POL DURING SEPTEMBER UPGRADE | [VALUE PROPOSITION]
Decrypt
⛓ Polygon developers have scheduled the MATIC to POL token swap to begin September 4, according to a July 18 blog post. The migration has been in the works for a long time—the team first announced the plan this time last year.
🌐 Polygon developers decided to include a transition from the current MATIC token to a new POL token in a major protocol upgrade. The token swap is part of a broader move for Polygon to become a “network of networks.”
👾 The POL upgrade was implemented on July 17 on a test network in order to identify any potential issues such as bugs and vulnerabilities, according to the Polygon Labs post. This low-stakes test is meant to make it less likely for the upgrade to go sideways on the main network where real users and real assets are located.
👛 The team touts it as a “3rd generation token” with the first generation being Bitcoin and the second one Ethereum. After September 4, POL will serve as the native gas and staking asset for Polygon’s PoS blockchain in addition to validating chains in its aggregated network ecosystem.
✅ POL will allow holders to become validators on Polygon-based chains while MATIC will be deprecated as part of the upgrade. Today’s announcement highlighted that users holding MATIC on Polygon’s proof-of-stake (PoS) blockchain will have their tokens upgraded into POL with no action required on their part. Still, a remote procedure call settings update in the wallet may be needed to ensure that the tokens are listed as POL instead of MATIC.
SHEERLUXE DEFENDS USE OF AI INFLUENCER | [SINGULARITY]
BBC News
🗞 A popular UK lifestyle and fashion magazine has been criticised after it described an artificial intelligence (AI) "fashion and lifestyle editor" on its social media page as a "new member" of the team.
💥 But there has been backlash from fans, with one saying the company is depriving “human journalists of a job”, and they were frustrated by what they described as unachievable “beauty standards”.
🗨 In a statement, SheerLuxe said that "innovation has been central" to what the brand does but recognised that they "didn't explain it properly" and were "sorry". The company says Reem's role - like other editors at the company - is to provide recommendations for their audience, including things such as fashion, beauty and travel. Images posted on the bot's Instagram page show Reem wearing different outfits, as well as suggestions for products it uses.
📉 At the start of the week, SheerLuxe had 467,000 followers on Instagram - when we looked on Wednesday night that number had dropped, and it dropped again on Thursday. Admittedly, that was only by a couple of thousand followers, but this could reflect the reaction from some fans.
It also opens up wider questions about the future of artificial intelligence and its role within journalism.
THE DEVIL WEARS PRADA SEQUEL SHEDS LIGHT ON FASHION MEDIA’S DIGITAL TRANSFORMATION | [OP-ED]
Costantino Roselli for Metaverse Fashion Magazine
Great news for fans of Meryl Streep’s disdainful and sarcastic expressions as Miranda Priestly: the bitch is back! Disney has confirmed the production of a sequel to the iconic film “The Devil Wears Prada.” However, this time, Miranda will find herself in the most vulnerable situation yet, as the sequel focuses on the new reality that media has faced over the last 15 years. The digital revolution, much like the French one, screams democracy and dethrone the empress and her reign.
The Digital Revolution in Fashion Media
Over the past decade, the fashion industry has undergone a seismic shift. The advent of digital platforms and social media has not only altered how fashion is consumed but also who gets to shape its narrative. Influencers, bloggers, and even ordinary consumers wield unprecedented power, often eclipsing the reach and influence of traditional fashion editors. Social media platforms like Instagram, TikTok, and YouTube have become the new runways, where trends are born and disseminated at lightning speed. Influencers with massive followings can make or break a brand with a single post, and fashion shows are live-streamed to millions, bypassing the exclusivity that once defined the industry’s elite events.
Industry Insights
The transformation depicted in the film mirrors real-world dynamics within the fashion industry. Legacy publications like Vogue and Harper’s Bazaar have had to innovate aggressively, embracing digital-first strategies, enhancing their online presence, and engaging with audiences through social media. Edward Enninful, Editor-in-Chief of British Vogue, recently highlighted this shift, stating, “Our role is no longer just about dictating trends but facilitating a dialogue with our readers and viewers. The digital space allows for a two-way conversation, making fashion more inclusive and accessible.”
Cultural Impact
The original “Devil Wears Prada” resonated with audiences for its sharp critique of the fashion world’s excesses and its portrayal of personal ambition. The sequel aims to capture the zeitgeist of today’s media environment, reflecting broader societal changes and the ongoing tension between tradition and innovation. By focusing on the digital disruption of fashion media, the film is poised to spark discussions about the future of journalism, the role of influencers, and the evolving definition of authority and expertise in the fashion industry.
A Missed Opportunity?
Well, in my opinion, this movie should have arrived earlier, around 2017, to better define the new landscape and project the future. But like many other industries, the film industry often denies the truth of change until every hope is gone. It’s not just today that we are scrolling on Instagram and worshipping street style influencers; this has been happening for the last ten years. These are old news. Today, we are curating our avatars in gaming and Metaverse platforms, caring more about their fashion style than our own.
The Future of Fashion
Of all the statistics my favourite is the one that shows that for Gen Z, avatar curation is a form of self-satisfaction, much like fashion was for Gen X and Millennials. This means that no matter who takes the lead after the empress of mainstream media, it won’t last long because there will be no empire left to rule. The power has already transferred to a new reality, signaling the vibes of a new revolution that is just beginning.
But that is a story for another article.
Stay tuned…
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