A handout photo. Shanghai-based Dazzle Fashion joined the Metaverse Fashion Week event on blockchain-based Decentraland in March.China's Big Tech companies from ByteDance to Tencent Holdings are testing the waters in the fashion metaverse even though prospects of monetisation and profitability are slim in the foreseeable future.
Andrea Fenn, CEO of digital marketing agency Adiacent China, said the country is ready for a metaverse boom. "Chinese consumers take less time to embrace new ways of doing things with digital channels," he said. Kirin Lee, head of Xiaohongshu's new art and fashion NFT trading platform, known as R-Space, said the 20-person team was set up last year after seeing encouraging signs from the app's content-creating community.
The platform invited nine emerging Chinese designers to come up with 20 designs, which consumers can buy using Chinese yuan and real-name identification - legal requirements for all NFT-like transactions in China. One of the nine designers who took part in the event, who declined to be named, said the platform offered ten per cent of final proceeds to the brands.
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