Digital Fashion Firm DressX Raises $15M to Boost Virtual Wearables

On Tuesday, digital fashion company DressX announced it had raised $15 million intended to expand its offerings of digital wearables.

The Series A funding round attracted several investors, including European crypto investment company Greenfield Capital, Slow Ventures, The Artemis Fund, and Warner Music.

Despite starting its operations in 2020, Dressx considers itself among the most established players in the fast-rising digital wearables space. The company designs virtual fashion pieces for virtual avatars. Moreover, DressX creates augmented-reality fashion items that real-life users can wear in the form of filters on social media apps.

DressX Criticized for Partnering With Meta

Since its launch, DressX has been called out severally for violating decentralization principles. Last July, the firm was criticized after it announced a partnership with Meta. Many blockchain enthusiasts argued that DressX was teaming up with the biggest opponent of an open and decentralized metaverse.

In its defense, DressX said it was only trying to take digital wearables to the largest audience possible. In addition, the company’s co-founder Daria Shapovalova stated that when they launched DressX, people did not use the word metaverse. Therefore, she is focused on building content that can also be used outside the so-called metaverse.

Meanwhile, DressX partner Meta announced yesterday plans to stop support of NFTs on its various platforms, putting to an end a Web3 supportive initiative rolled out a few months ago. However, Meta’s decision did not affect DressX’s Horizon World products, which do not live on any blockchain.

In addition, DressX collaborated with Warner Music last December to design digital wearables for the artists signed under the record label. This partnership also did not feature any tokenized characteristics.

However, DressX has promised to continue offering digital wearables compatible with the blockchain, but the company’s primary focus, for now, is to enable social media users to wear Augmented Reality dresses without the involvement of blockchain technology.

DressX to Adopt Artificial Intelligence Technology

Further, DressX is looking to tap artificial intelligence technology, which according to the company, will allow users to throw digital wearables onto a large number of photos in a way that hastens the process of adjusting Augmented Reality fashion pieces to various real-world physical settings.

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