N.Fungible launches to help fashion brands enter the metaverse

A new company called N.Fungible has launched positioning itself as a launchpad and marketplace for fashion brands in the metaverse.

N.Fungible says that it will help brands launch physical products into the metaverse, with services including designing and minting NFTs as well as selling and managing these on digital marketplaces. It will also provide labels with digital brand protection and authenticity, as well as offering physical manufacturing and distribution through its network of partners.

The company’s first forays into the fashion metaverse following its launch will focus on NFTs, and aim to make the industry more sustainable by producing items that are more suited to consumer’s tastes.

The way that it will work is that a partner brand will provide the platform with a basic product design of a physical item, which N.Fungible will then make into an NFT. The platform will then randomly generate 10,000 variations of the design, based on 200 different variables such as background, the handle and accessories and show them to its engaged users.

The users will then be able to vote on their favourite, unique NFT design and also purchase it. Based on the votes the partner brand will better understand what consumers want and is then able to produce the final product in real life. Consumers are incentivised to participated in the platforms by gaining royalties based on every real-life sale that is made.

The first brand collaboration will be with Carlo Rino, a contemporary leather goods and footwear brand. Together with N.Fundible the brand will be releasing a collection of 10,000 NFT designs of bags, based on a real-life design. Following user's feedback Rino will then manufacture 100 bags based on what users have decided. From the sale of the 100 bags, 7% will be given back to the NFT community who voted and bought into the designs.

As the platform says, the partnership is a first of its kind.

In the coming year the platform will extend its services and roll out its marketplace function, as well as working towards its Digital Authenticity offering.

Nikolai Prettner, CEO of N.Fungible, said: “It’s undeniable that the future of fashion is digital. In the past year, we’ve seen some of the world’s largest names experimenting with branded in-game skins or virtual pop-ups, exemplifying the new, innovative ways that fashion is evolving in line with consumer preferences. At N.Fungible, we recognised a unique opportunity to play a leading role in powering the next generation of NFT innovation — one that can go beyond digital collectibles to assets that can appreciate in value while equipping brands with the right tools to mitigate risks on the horizon in an increasingly virtual market.”

William Chiang, CEO of Carlo Rino, said: “Working with N.Fungible has allowed us to enter the crypto ecosystem in a simple, straightforward way, enabling us to focus more so on our design and our craft. We’re thrilled to be launching our first NFT collection with them, introducing the Carlo Rino brand to a whole new global audience while enabling us to engage with our existing base of dedicated customers in a new, creative way.”

N.Fungible's team includes Elaine Low who has worked in the industry for 20 years holding senior positions at Chanel, Louis Vuitton, and Versace. The company is also backed by big industry names including Abbey Samet, Director of Trend Forecasting at Macy's and David Binns, Ex-Head of Buying at Marks & Spencer.