Warner Music Group Strengthens Metaverse push With DressX
- Warner Music Group (WMG) has announced its investment in DressX while financial details remain undisclosed.
- WMG said that the “first-of-its-kind partnership will provide a platform for select WMG artists to design their own virtual fashion lines.”
- Artists will get “to design and launch 3D and AR virtual clothing that fans can collect and enjoy across Instagram, Snapchat,” etc.
- Meta also recently struck a deal with DressX for a digital-only fashion collection for its Avatars Store.
Warner Music Group (WMG), an American multinational entertainment and record label conglomerate headquartered in New York City, has announced its investment into DressX, the largest digital fashion store co-founded by Natalia Modenova, who has more than 10 years of experience in the fashion industry. As a result of the partnership, WMG aims to dive deeper into the metaverse and blockchain spaces.
According to an announcement on Friday, the “first-of-its-kind partnership will provide a platform for select WMG artists to design their own virtual fashion lines.” Warner Music Group artists will get to directly collaborate with DressX “to design and launch 3D and AR virtual clothing that fans can collect and enjoy across Instagram, Snapchat, and other platform partners.”
“The representation of our future digital selves will be as important and, if you’re measuring by the sheer volume of interactions, maybe more important than how we represent ourselves physically. As our digital identities become exponentially more robust and impactful, we are focused on building partnerships that will enable WMG and our artists,” said Oana Ruxandra, Chief Digital Officer & EVP, Business Development.
Ruxandra further added that due to “its leadership in wearables and sustainability,” DressX is “exactly the type of partner” Warner Music Group needs as the company attempts to breach the walls of the metaverse and expands further into the world of virtual assets.
Additionally, according to the announcement, the deal between Warner Music Group and DressX will give the artists the option to create multiple sources of income and “additional outlets for fans to showcase their fandom across multiple digital worlds.” It is crucial to note that WMG has yet to reveal the amount that has been invested in DressX, as the financial details of the deal remain undisclosed.
Formed in 2020, DressX has been on a roll recently, and along with the recent partnership with Warner Music Group, the firm partnered with social media giant, Meta, which recently underwent a total rebranding to focus on the metaverse technology. As per a report, the parent company of Instagram and Facebook struck a deal with DressX for a digital-only fashion collection for its Avatars Store.
The digital-only fashion collection was a collection of 3D outfits for users to wear across Meta’s media, including Instagram, Facebook, and Messenger.
“Every day, we are getting closer to our aim of giving a meta-closet to every person in the world, making fashion accessible to everyone through innovation and tech,” commented Daria Shapovalova and Natalia Modenova, co-founders of DRESSX.
On the other hand, the Warner Music Group has also been increasing its partnerships with metaverse and NFT platforms. Along with its investment in DressX, the company also struck a deal with OpeaSea, the world’s largest NFT marketplace. The collaboration will pave the way for several WMG artists to expand their fan bases into the Web3 space and also connect with their fan bases in the Web3 space.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
