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Who Will Put On the Clothes of Metaverse?

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Deanna Ritchie


Metaverse. It’s a concept being bandied about to depict a future in which our physical and digital lives intersect. So let’s think about it for a minute.

The metaverse is a term used to describe the interconnectedness of the future. It has trended big time for a long time.

You’ll find if you take a leisurely walk on the Internet that the metaverse is a concept being bandied about to depict a future in which our physical and digital lives intersect. This is not an attempt to explain what the metaverse is or isn’t. Many brilliant brains have already weighed in on the subject. We will not talk about the metaverse’s technological roots.

The metaverse field of study is more practical.

Assume the metaverse — this mash-up of games, entertainment, and culture — catches on. Our avatars start wandering about in a virtual world of our choice. We may also socialize with friends and coworkers as if we were physically there. In the metaverse, we may be anybody or anything we wish. There will be no limit to the possibilities. Even yet, there is a common thread: computerized depictions of people or other entities are usually fully clad.

Does this raise the issue of who will design these digital clothing if we are constantly clad in the metaverse?

Brands Quickly Making Their Way Into the Metaverse

The metaverse isn’t a new notion in the garment business. As Forbes says,Many luxury companies have begun to interact with the area in recent years. From Louis Vuitton’s League of Legends cooperation to Dolce & Gabbana’s NFT. Who is offering Gucci’s many gaming collaborations?

And it’s not just about high-end clothes. Nike recently announced several agreements with metaverse-focused firms, including BAYC, Coinbase, and Sandbox. In contrast, Adidas recently announced a series of partnerships with metaverse-focused companies, including BAYC, Coinbase, and the Sandbox.

While there is a lot of activity, many of these efforts are still in the early stages of development. These metaverse investments and strategies are most likely a modest part of these companies’ total investment and plan. They are also not a significant source of income (yet). As a result, the lack of income restricts the number of internal teams working on these projects.

At present, marketers looking to capitalize on the buzz collaborate with cutting-edge agencies and businesses. Take, for example, Puma’s collaboration with The Fabricant or Gucci’s collaboration with GEEIQ. The Fabricant and GEEIQ will assist these fashion businesses by digitizing their collection. The leaders of these two companies will ensure to transform their files to the correct specifications. They will broker their digital partnerships.

Developing these high-quality and highly particular 3D assets is time-consuming. It requires specialized skills. Plus, it’s costly, so they use only a small selection of fashion trends.

Sadly this approach isn’t scalable for businesses currently – at least, not when considering the scale of most fashion collections.

And there’s an intriguing possibility there that might lead to industry-wide reform. But who will grab the goat by the horns?

Is There a Fashion Solution?

The growing need for large-scale digital clothes — whether for participation in virtual worlds or even virtual storefronts — might be the catalyst fashion firms need to shift their strategies to the metaverse.

“But how?” you may wonder.

So, let’s think about it.

Consider what it would be like if fashion designers created collections with 3D at the forefront.

We might cover the exact method of digital product development in a different article. However, designers and other members of the creator teams create the collections totally in 3D rather than utilizing 2D CAD and physical prototypes. Brands may employ current technologies such as CLO3D or Browzwear and a visual library and workflow product such as Stitch3D.

Brands may start exploring two different paths with this 3D-based creation:

1. Creating tangible things in collaboration with their supplier base. Using 3D to connect with suppliers may have a lot of advantages, from reducing physical prototypes to increasing time and cost economies.

2. Use these 3D elements to interact directly with the digital world. This might provide businesses with direct access to virtual worlds instead of relying on third parties to produce the content in the first place.

This 3D fashion value chain has the potential to spark a plethora of metaverse applications.

Consider the following scenario:

  •  Create marketing materials and campaigns without having to make an actual garment.
  •  Digitally sell collections to wholesale partners without making a single physical sample.
  •  Without causing waste, test your collections with real customers.
  •  Sell your collections online and create to order, opening the door for large-scale made-to-order.
  •  You can only sell your collections digitally.

The digital value chain provides incredible opportunities for fashion brands to work more sustainably, efficiently, and at lower costs. Consequently, it lays the groundwork for brands to unlock the value of these digital collections. Also, potentially allow for large-scale participation in the metaverse.

Who Will Put On The Metaverse’s Clothes?

So, returning to my initial question, who will clothe the metaverse? The companies migrating internally to a digital development process will be the most successful. Brands will be able to upskill their employees. They can establish new working methods. Most importantly, it will develop a new digital attitude due to the journey to unlock 3D design.

Working with creative firms will always be an option, but what if your team could provide similar results? With so much innovation in the Web3 arena, the possibilities for marketers that do it right might be limitless. To be sure, we have a long way to go before we get there. But the longest journey begins with the shortest shoelace.

Featured Image Credit: Fauxels; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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