Fashion Embraces The Metaverse & More Crypto News

07 Oct 2022   |   

Digital wearables lead the way in this week’s compelling crypto news…

Hugo Boss Goes Virtual

Collectors of digital wearables will have a new fashion choice this November. Hugo Boss is the most recent fashion brand to venture into the Metaverse.

Following in the footsteps of Tiffany, Gucci, RTFKT, and other high fashion brands, the company is planning to launch an NFT and ‘360 degree metaverse experience’. The launch is in partnership with Imaginary Ones, an existing NFT project.

Holders of the NFT will have access to Hugo x IO digital wearables and merchandise. Previous digital wearables have included NFTiffs, exclusive virtual Tiffany pendants at a price tag of $50,000 each. All 250 sold out in 20 minutes.

Gucci offered a collectible virtual-only bag, which sold on Roblox for over $4,000. RTFKT earned more than $3 million in sales in under seven minutes with the sale of 600 pairs of digital sneakers.

The new launch by the youth-focused sub-brand Hugo is entitled Embrace Your Emotions (EYE) and proceeds will be donated to the charity Youth Aware of Mental Health (YAM). The digital experience will include 1,001 three-dimensional animations.

There will also be 500 spots for Hugo customers who purchase a limited edition "phygital" t-shirt, each containing a QR code. The QR code will direct users to a Snapchat lens to create a special augmented-reality effect.

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FTX Crypto-Linked Visa Debit Cards Bring Shopping Into The Future

Soon you’ll be able to shop in regular physical stores in more than 40 countries with a Visa debit card linked to your crypto exchange account. FTX debit cards are currently available in the United States and the company is set to expand internationally in Latin America, Europe, and Asia.

FTX tokens surged by 7% after the Visa partnership was announced. “We’re excited to partner with one of the world’s largest payment networks to give our users the ability to utilize their crypto to fund purchases at millions of merchants around the globe,” FTX founder Sam Bankman-Fried said in a statement.

We’re excited to see the continuation of crypto firms partnering with traditional payment networks, as these cards will enable users to spend their crypto balances securely and with no administrative or processing fees.

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Hamilton Lane Funds Shake Up Investment Opportunities

What does it mean when private market investment firm Hamilton Lane leverages tokenized feeder funds to make three of its funds available? Historically, Hamilton Lane products were only available to institutions. With this move, the funds will now be available beyond just institutions to include qualified US-based investors.

Hamilton Lane has partnered with digital asset securities firm Securitize in order to tokenize funds. “Tokenization now makes it possible for individual investors to participate in private equity value creation for the first time in a digitally native way,” Securitize CEO Carlos Domingo said. This will offer exposure to equities, private credit, and secondary transactions.

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At Marfire, we’re interested in the diverse ways that crypto is manifesting in our daily lives. We provide top-tier, high-touch service at an affordable rate and complete cost transparency for fund or crypto projects. Don’t hesitate to reach out if you’d like to chat and connect with us on LinkedIn.

NFA DYOR (Not financial advice. Do your own research.)

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