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Buy now, pay later 2.0 has arrived: Live now, pay later

The concept of consumer credit at point-of-sale has existed for many years. What started out as merchant loans, originally to farmers,  later evolved into bank lending and credit cards.

In recent years there have been further evolutions to how consumer credit is offered and structured, transformed mainly by the advent of big data, digital identities and smartphones.

Technology like this enables fintech companies to easily gather customer profiles and user behaviour, allowing them to approve loans in just a few seconds. The result is that non-bank credit providers have become more competitive than ever, giving traditional banks a run for their money.

Buy now, pay later, or BNPL is a short-term finance solution that enables consumers to pay for goods and services in (usually) interest-free instalments.

With BNPL players like Klarna marketing to young people, with a little help from Snoop Dogg, the service has quickly become commonplace amongst millennials and Gen Zs to keep up with peers and quickly access the latest trends in an instant.

In Southeast Asia alone, US$92 billion in transactions are expected to be reached by 2025, and in Singapore specifically, the Government has recognised the growth of BNPL in neighbouring markets. A working group has been launched to develop a code of conduct for all BNPL providers.

This signifies burgeoning regulatory attention towards BNPL and the potential of the payment method gaining even further ground.

Changing consumer spending and purchasing habits

Following Klarna’s success footsteps, more and more fintech companies and merchants are expanding. Onboarding this instalment financing onto their payment mix, with BNPL now being a popular payment method globally with Atome, hoolah,  Rely, and now Grab, getting in on the act with Grab PayLater being one of the most popular players in Singapore.

It is no secret that the onset of the pandemic saw a decline in consumer spending across the globe. Still, even before then, BNPL served as a budgeting tool for consumers, allowing them to delay payments and spread costs, gratifying their needs and wishes almost instantaneously.

The massive shift of commerce to e-commerce then created the perfect environment for BNPL to thrive online.

Also Read: Why the Buy Now Pay Later concept makes sense for the Southeast Asian market

BNPL offers a gateway to materialise big-ticket items or necessary purchases over staggered payments for millennials who are just kickstarting their career or have less spending power. Millennials also prefer this “no-strings convenience” and feeling of control that BNPL offers, unlike traditional credit, which is often accompanied by high-interest rates and fees. If Snoop Dogg endorses it, why not try it!

An experience-driven economy and a sense of agency

This has led to innovation in the sector. What started as a method for online payments has evolved into an option at in-store checkouts, not just in clothing and physical goods retailers but also in bars, restaurants, cafés and even healthcare providers like dentists and wellness services.

Buy now, pay later has evolved into live now, pay later (LNPL),  a way to unlock more intangible services like experiences and modes of self-improvement – letting people live now and worry about the cost later.

This evolution is no accident. To appeal to this generation, tech players have gone to great lengths to understand what makes young people tick.

With the last two years keeping most of the world’s population at home during the pandemic, now more than ever, there is a notable shift in consumer behaviour whereby the youth of today value experiences over material possessions, especially as global travel resumes.

Meanwhile, having a sense of control and agency over key aspects of their lives is highly important to this demographic, and financial independence is essential.

LNPL enables young people to have the freedom to purchase desired experiences and items while downplaying the concerns of not having enough funds upfront, out of sight, out of mind.

LNPL becomes the enabler of living in the moment and casting financial worries aside; perhaps this is something the regulators noticed. Hence the current attention is focused on the industry.

Is live now, pay later here to stay?

Where healthcare services in many parts of the world are deemed unaffordable and out of reach, LNPL could enable consumers to access the healthcare they need by paying in instalments, such as accessing dental treatments when required or even when required therapy or more specialist treatments.

Also Read: The rising era of buy now, pay later in APAC

It could also be extended to educational or vocational courses to help young people improve their career prospects or upskill. This is beneficial to consumers, but it also enables merchants to open up to new consumer audiences for the first time, including those just starting in their careers.

It is worth noting that BNPL has, over recent years, received a lot of criticism from those who think it is encouraging young people to spend beyond their means, shop impulsively, and sign up for payments at a later date that they cannot keep up with, resulting in debt and poor credit ratings.

But its latest evolution, LNPL, has great utility in being a force for good amongst wellness-conscious and experience-driven consumers. For the large part, LNPL and BNPL fintech have taken on the responsibility to ensure their consumers do not overburden themselves with debt.

However, more regulation may be required to ensure a standardised approach to this new form of lending, but that is a discussion for another time.

In summary, buy now, pay later and its cousin,  live now, pay later, bring endless opportunities for consumers and merchants alike, continuing to transform how we prefer to pay for things and who can experience them, and when these experiences can happen.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Top 5G Startups in 2022 Announced

Asia Pacific Telecom

In the industry vertical of 5G and broader information and communications technology, it is integral to expand and strengthen networks and connections, not only for bolstering infrastructure but also for leveraging talent. As part of its endeavour to continue collaborating with the next cohort of 5G innovators, Taiwan-based Asia Pacific Telecom 5G (APT 5G) Accelerator returns in 2022 and recently concluded their demo day last May 26.

This edition’s APT 5G Accelerator demo day featured a diverse range of startups, from B2B solution providers to face recognition technology. These startups represent some of the most exciting new players, ushering in a new era of innovation not only within the Taiwan startup ecosystem but as well as across the Asia Pacific and beyond.

Also read: How to build a business with scalability in Asia’s vibrant economy?

The first prize-winning startup has received NTD250,000 (USD8,500), a trophy, and a certificate. Four other startup teams received a POC Verify prize for their 5G artificial intelligence of things application, receiving NTD50,000 (USD1,700), a trophy, and a certificate, per team.

Asia Pacific Telecom 5G Accelerator winners

Below are the five winning teams for this cohort:

First prize: Tenderdigi is building a solution to assist in regulating emotional and psychological challenges in children and adults, specifically those who have issues with hyperactivity and difficulty in sleeping, through the sensing of brainwaves.

The other startups that made it into the top five are:

Seashore Networks is a B2B startup providing solutions that offer better connectivity and security through their software. Compared to the more mainstreamed WiFi technology, their solution is easily upgradeable with broader coverage.

Asiania is building a full-stack platform for event organising that can host events and guide event organisers throughout the process, incorporating the use of augmented and virtual reality in its technology roadmap for a higher fidelity event experience.

Yunpin offers technology with better telepresence, allowing for higher quality cross-border communications for businesses to stay connected by way of 360-degree cameras, on top of the usual speaker and microphone.

MyWay Tech offers seamless integration for its clients and users, through face recognition technology, AI bot integration, application development and thermal technology. It provides customizability to its clients, improving business decision-making and integration of systems processes.

Also read: The future of infrastructure is in tech innovation

Everyone’s a winner with access to resources

The other startups that pitched in the demo day event are Mishkan Limited, It’s Alive Studio, Fantopy and Quest Edtech. Details on the other pitching startups can be found here.

As in its support to winning startups in 2021, the winners of this cohort get the opportunity to access APT 5G Accelerator resources such as a 5G lab to further develop their solutions, connection opportunities with partners, and digital platform resources to market their products, as well as support to expand in Taiwan including cash bonuses up to NT$250,000.

These startups are receiving guidance in establishing international partnerships and market expansion initiatives. With 5G+AIoT as the central theme, the interrelated tech focus areas for this competition are virtual reality (VR), cloud software, Internet of Things (IoT), and big data, across industry applications in education, entertainment and gaming. 

The judges for the 2022 APT 5G Accelerator demo day are Mark Cheng, APT 5G Startup Project Manager at  APT 5G Accelerator, Melvin Jeffrey C. Chan, VP and Head of Enterprise Innovations and IoT Business Development at PLDT, Bookyung Kim, Associate at KK Fund, Jeremy Soh, Investment Associate at Qualgro VC, Kevin Wu, Chief Operations Officer at NuMiner, Jack Yang, Business Development Director of Greater China at TMY Technology Inc. and Jeff Chuang, Investment Manager at AVA Angels.

Also read: oVice, a virtual office platform, uses innovative technology to redefine remote work

Several organisations have made the support and progress of the APT 5G Accelerator possible. Asia Pacific Telecom (APT) is a wireless telecom leader and the first telco to bring 5G services to Taiwan. They have partnered with the Philippines’ largest telco, PLDT, and Singapore based venture capital firms, Qualgro and KKFund.

As it incubates startup ventures in the 5G space, the program also matches 5G startups with businesses and investors to promote innovation and cross-border exchange of ideas and creative talent, thereby expanding opportunities in the industry. This makes the accelerator an ideal springboard for deep tech startups to demonstrate their 5G solutions and execute their proof-of-concept testing and verification, through the resources provided by APT and its international organisational partners.

APT has continued to open regional opportunities for startups in the 5G space, fortifying collaboration among innovators and pushing technological frontiers forward. Learn more about the APT 5G accelerator through their official website.

– –

This article is produced by the e27 team, sponsored by AsiaIOA

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Ecosystem Roundup: Blibli plans to raise US$500M in IPO; Eurazeo launches US$215M insurtech fund for SEA; Kaodim shuts down

Blibli CEO Kusumo Martanto

Blibli plans to raise US$500M in imminent Indonesia IPO
The Djarum Group-backed company plans to raise at US$4B pre-money valuation; The potential listing could take place in June-July; As part of the plan, Blibli and Ticket.com will merge and conduct the IPO together as one group.

Malaysia’s services marketplace Kaodim shutters operations
The prolonged lockdowns during the pandemic and the resulting operational disruptions, labour shortages, and higher running costs significantly impacted the business; Its backers include 500 Startups, East Ventures, and Venturra.

Grab backer Eurazeo sets aside US$215M for SEA insurtech fund
The fund is targeting growth-stage startups at their series B or C rounds with cheque sizes of US$10-20M; Indonesia and Thailand are some of the fund’s priority countries.

MoEngage nets US$77M Series E led by Goldman Sachs, B Capital
MoEngage will use the capital to deepen its geographic footprint in the US, the UK, and Asia and explore strategic acquisitions; In the last 12 months, MoEngage claims to have grown ARR by 105%+, added 500 new customers.

Binance VC arm closes US$500M fund for Web3 projects
Investors include DST Global and Breyer Capital; Binance Labs has invested in over 100 projects, spanning 25 countries, since 2018; Axie Infinity, Elrond, Polygon, and The Sandbox are among its portfolio.

Indonesia’s social commerce startup Super banks US$70M Series C led by NEA
Other investors in the round include Insignia, SoftBank Asia, DST Global, Amasia, B Capital, and TNB Aura; Super will use the money to develop new FMCG private-label brands in the next several years and launch cosmetics products.

SG family office Silverstrand Capital launches biodiversity accelerator
At the end of The Biodiversity Accelerator+’s three-month online programme, participants can unlock investments of up to US$250K each; The firm targets eight companies for the first cohort.

Japans’s Akatsuki launches US$20M Web3 fund
The Emoote fund will focus on early-stage investing that includes seed capital, mainly in Asia (50 per cent) and the US (40 per cent); Emoote has invested in more than 20 projects so far.

Matrixport betting big on NFTs, blockchain gaming to expand its cryptocurrency financial services
Matrixport provides services, including Cactus Custody, spot OTC, fixed income, structured products, lending, and asset management.

500 Global opens doors for 2022 Taiwan accelerator
The accelerator program has openings for 20 tech startups, with registrations scheduled to run from June 1 to July 1 this year; The programme seeks tech-focused or tech-enabled startups at the pre-seed or seed stage.

HitPay raises US$15.75M Series A to expand its payment gateway biz in SEA
Investors include Tiger Global, Global Founders Capital and HOF Capital; HitPay provides solutions such as local and cross-border payment acceptance and payouts, an online store platform, POS software, plugins, and payment links.

Indonesia’s social ecommerce platform Dagangan bags US$6.6M funding
Investors include BTPN Syariah and a subsidiary of Sumitomo Mitsui Banking; The firm will use the money to expand its presence in more rural areas across Java, and also enhance its product development as it looks to offer products beyond physical goods.

Singapore crypto firm Cloudwall bags US$6.3M in seed round
Lead investors are LocalGlobe and Illuminate Financial; Cloudwall’s Serenity provides institutional investors with the risk management insights to effectively build portfolios and manage risks inherent in digital assets.

Privyr raises US$6M Series A to help B2C firms convert leads right from their phones
Investors are MassMutual Ventures, Vulcan Capital, and Wavemaker Partners; Privyr is a mobile-first sales productivity and workflow management tool which is used by 45K sales professionals across 75+ countries.

Ringkas raises US$2.3M pre-seed round to create 100M new homeowners in SEA
Investors include 500 Global, Iterative Capital, Creative Gorilla Capital, Teja Ventures, and Init-6; Ringkas aims to solve the housing problem by digitising the value chain and creating an intelligent platform that would simplify the process.

Coins.Ph Co-Founder Ron Hose’s new NFT rental marketplace Playdex nets US$2M
Investors are PDAX, OrangeDAO, Buko Ventures, Justin Mateen, and others; On Playdex, metaverse gamers can play and earn immediately without buying expensive NFTs.

Singapore co-working firm Found8 to exit Malaysia
ts KL Sentral location, which opened in the fourth quarter of 2019, was Found8’s first venture outside Singapore; The co-working sector in Malaysia has been hit especially hard by the country’s prolonged movement control orders.

Ex-Gojek, Oyo execs’ agritech startup Eratani bags US$1.6M in pre-seed
Investors include Trihill Capital, Kopital Network and Kenangan Fund; The Indonesian startup helps farmers improve land efficiency, acquire farming supplies, manage their harvest, and get access to loans.

HK think tank’s edutech venture Gift.ed bags US$1M in pre-seed round
The investor is IMC Pan Asia Alliance; It will incorporate the think tank’s existing publications and executive education curriculum, which is based on 15 years of leadership programmes and workshops.

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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How luxury brands are experimenting with the metaverse

I never owned any luxury fashion until last month.

Before, I struggled to justify spending US$100 on a black t-shirt with the italicised words “agnès b” emblazoned on the front when a shirt without the six characters would cost a tenth of the price. Some would call me stingy, whereas others would shake their heads and think, “He just doesn’t get it.” They were right; I didn’t.

Luxury fashion is a US$108 billion market and will hit excesses of US$130 billion by 2025. Clearly, enough people “get it”, creating a robust global demand unabated by COVID-19.

Luxury fashion is not merely about the raw materials, craftsmanship, and high quality of that agnès b t-shirt, but the aspiration to communicate economic status, social status and consumption. What we wear symbolises who we are (and who we are not).

The challenge of digital with luxury fashion

Despite the e-commerce boom since the early 2000s with the likes of Amazon, only nine per cent of luxury goods sales in 2017 happened online, paltry in comparison to the industry average of 27 per cent of total fashion sales online. Factor in the COVID-19 impetus on fashion, and online sales are still expected to amount to only 25 per cent in 2025. What might explain this?

Consumers want to “touch it, feel it, try it” when it comes to fashion, especially luxury fashion. Most of us probably had the experience of browsing fashion sites, thinking, “Oh! That looks good on the model, and it’ll probably look good on me”, only to be disappointed upon receipt of the merchandise, a size too small, cutting too loose, colour tone off, the fabric feels cheap, the list is endless.

These issues are exacerbated when it comes to luxury fashion. It is no longer about fit or feel but the optics we perceive ourselves. Throw in the white-glove, personalised service from well-groomed, polite and beneficial ambassadors at physical luxury fashion stores. It is little wonder that experiencing haute couture digitally is lacklustre at best. 

So what can we expect when luxury fashion brands take a step into the metaverse, sinking deeper into the digital? Will consumers bite? What will the experience be like? Will it be a step up from the status quo of purchasing the physical online?

Also Read: The power of paid communities and NFTs

Luxury fashion in the metaverse remains an unknown, but brands are experimenting

Wearing physically Wearing virtually
 

Purchasing physically

 

The safe bet

(I touch, I feel, I see, I buy)

 

(What happens here? Will I even buy digital apparel?)

 

Purchasing digitally

 

Not ideal

(Maybe it will work…is there a return/refund policy?)

To explore some of these issues, I outline four strategies luxury fashion houses are experimenting with as they attempt to transform digital fashion from lacklustre to experiential. 


Broadly, luxury fashion houses experimenting in the metaverse have to answer two questions in their approach toward Web3:

  • Do we want to go phygital by bundling digital fashion with IRL physical pieces, or keep it digital-exclusive?
  • Do we want to strengthen our position as a coveted luxury or increase our accessibility to a broader audience (that is affluent nonetheless)?

The purists: Digital-only + coveted luxury

The purist approach focuses on limited-edition, high-priced, digital-only merchandise. Purists tend to draw clear boundaries, and a metaverse strategy should be targeted solely at the digital realm and not cross over into the physical world (at least not yet). In addition, luxury comes at a price, and only the elite can access it in limited quantities. Examples of this strategy include:

  • Dolce & Gabbana: Collezione Genesi was a nine-piece collection that sold out for more than US$6 million in October 2021, including gold and silver dresses (titled “The Dress from a Dream”) embellished with shimmering beads and crystal accents, as well as two gold-plated and gem-studded silver crowns, called The Lion Crown and The Doge Crown, the latter being sold for 423.5 ETH, or US$1.27 million at the time of auction. It is interesting that Dolce & Gabbana first adopted this Purist approach before rolling out their second initiative as Adventurers (discussed more later).

  • Nike and RTFKT released the Dunk Genesis CryptoKick virtual sneakers for the metaverse for US$4,000 to US$9,500, with select limited-edition pairs exceeding US$100K.

  • Luxury jewellery and watchmaking brand Jacob & Co. sells the “first-ever NFT watch”, an SF24 Tourbillion timepiece, for US$100,000 at a 24-hour auction on the ArtGails NFT platform.

The purist strategy is centred around creating an aspirational desire among the luxury fashion house’s digital-savvy audience, introducing pieces inaccessible to most consumers due to limited quantity and exorbitant price tags.

Furthermore, even as most metaverses like Sandbox and Decentraland are being built, the lack of immediate utility transforms from a ‘bug’ to a ‘feature’, a not-so-subtle message that the collectors of these pieces have demonstrated sufficient wealth and status where utility is not of consideration. The work can remain merely as a collector’s artefact.

The consuls: Phygital + coveted luxury

The consul approach builds on similar aspirational desires as the purists but extends luxury fashion from digital to include physical pieces that act as accompaniments. Examples of this strategy include:

  • Givenchy is a French luxury brand that collaborated with Mexico-based airbrush artist Chito to create an exclusive collection of 15 NFTs. The “Chito x Givenchy NFT” collection features an array of cartoonish characters and symbols, some of which are animated and others bearing the Givenchy logo. These NFTs are printed on streetwear-adjacent pieces and accessories and retail in select geographies and stores. While the physical apparel is non-exclusive and remains relatively accessible, the 15 NFTs remain exclusive, with a minimum price of 5 ETH/US$10,000 at the time of writing.

  • Bulgari bundled the launch of their exclusive watch, the Octo Finissimo Ultra, which claimed to be the thinnest mechanical watch in the world at 1.8mm in thickness, with an engraved QR code that yields access to a unique non-fungible token (NFT) representing digital art. Only ten pieces were produced at the cost of US$440,000. 

  • Balmain’s collaboration with Barbie to launch the Barbie x Balmain-branded apparel line, along with three NFTs, sold between US$12,490 and US$21,379. Each NFT is accompanied by “a one-of-a-kind BALMAIN x BARBIE collector fashion”.

Select fashion houses have also pushed the boundaries of what physical entails and ventured beyond wearable apparel to exclusive merchandise. Examples include:

  • Gucci’s collaboration with SUPERPLASTIC to create SUPERGUCCI, ten unique NFTs, each accompanied by a handmade Italian ceramic sculpture designed by both Gucci and SUPERPLASTIC. At its peak in February 2022, the average secondary market price for a SUPERGUCCI exceeded 15 ETH/US$30,000 at the time of writing.

Similar to the purist strategy, the combination of an ostentatious price tag and limited edition triggers the scarcity mindset in consumers for the consuls.

Also Read: Are NFTs and celebrities a match made in heaven?

Yet, as the name suggests, consuls bridge the world of the metaverse and natural world with well-integrated digital and physical apparel that might give well-heeled customers an additional reason to open their wallets.

On the flip side, select luxury fashion houses have chosen metaverse strategies that expand outreach to new audience groups by increasing accessibility, not just in price but in available quantity.

In pursuing these audiences, luxury fashion houses are undoubtedly aware of brand dilution risk, as seen by the careful targeting of consumers with disposable income but have yet to consider fashion labels as means to communicate economic status, social status and consumption.

The campaigners: Digital-only + increased accessibility

The campaigners’ approach leverages the power of digital to broaden accessibility to the brand. Whereas in the physical world, the creation of fashion entails costs, from manufacturing to logistics to retail distribution, the digital world enables pieces to be produced in mere clicks, replicable for an infinite amount at near-zero marginal cost (though, in practicality, no luxury fashion house makes infinite quantities of a piece, underscoring the effort to mitigate brand dilution).

The two quintessential examples of this strategy are iconic luxury fashion brands that have chosen to engage in the metaverse at no cost (free!):

  • Louis Vuitton, arguably the world’s most well-known luxury fashion brand, recently celebrated their 200th anniversary with a metaverse game titled Louis the Game. Players can dress their avatar with different Louis Vuitton monogram prints and colourways at zero cost, and 30 embedded NFTs are discoverable throughout the game. Each NFT is a collectable that cannot be sold.

  • Prada also took the first step into the metaverse in collaboration with Adidas by inviting anyone (yes, anyone!) to submit a photograph using a specially-designed filter that partially removes the image anonymously. 3,000 photos were selected to create an artwork that would be minted and airdropped to the individuals who submitted the photograph. While the output leans more towards art than fashion wearable in the digital world, it reflects an unprecedented ‘opening-up’ of fashion houses to co-create and co-own

The campaigners’ strategy can best be described as ‘careful inclusion’, as exemplified by Louis Vuitton and Prada. While both have opened up their metaverse plays to a broader audience without price-gating, they have noticeably excluded their namesake-branded digital apparel.

This distance preserves the prestige and exclusivity of the brand, even as they lean into the metaverse. While others pursuing the campaigners’ strategy have included fashion items such as virtual puffer jackets and checkered beanies by Ralph Lauren, the balance between brand expansion and brand dilution remains delicate. 

The adventurers: Phygital + increased accessibility

The adventurers’ approach then boldly challenges expanding the audience and increasing accessibility while offering digital and physical.

Unsurprisingly, this is the strategy that the fewest luxury brands pursue. It is almost antithetical to the (potentially outdated) tenets of luxury fashion, exclusive, high-priced pieces sold through a delightful (and almost subservient) white-glove in-person experience.  

  • Following the successful launch of Collezione Genesi, Dolce & Gabbana launched their second NFT collection, DGFamily Glass Box. Each glass box may be a Black ( common), Gold (rare) or Platinum (very rare) Box, which in turn unlocks access to a combination of digital, physical and experiential benefits. Holders can redeem not only virtual D&G apparel for the metaverse but also exclusive D&G apparel that will not be sold at retail. While each NFT is not cheap (mint price at 1.2 ETH or US$3,000 at the time of writing), it is consistent with the price points of D&G physical apparel with the added benefits of virtual apparel. 

  • Balenciaga has teamed up with the popular video game Fortnite to launch an exclusive Balenciaga x Fortnite virtual and physical apparel collection, including a roster of outfits and backpacks. Consumers can purchase real-life apparel at selected stores and Balenciaga’s online store and unlock the same outfits in Fortnite. The price points of the apparel reveal a similar consistency to the brand, with shirts costing approximately US$650 and hoodies for US$1,500. 

The adventurers’ strategy combines both the physical and virtual to unlock more value for consumers. One can access virtual and real-life apparel for similar price points, offering the benefits of luxury fashion the economic and social status twice. While what is offered is by no means cheap, the adventurers potentially unlock a new segment of customers who see the ‘double benefits’.

Winning in the luxury fashion metaverse

With these four directions, we have seen luxury fashion houses adopt to experiment in the metaverse; which might be the winner?

Also Read: Disrupting new business and consumer engagement models with location-based NFT technology

I believe it is too early to tell. The metaverse vision, while exciting, remains to be in very nascent stages. Still, luxury fashion brands can increase their odds of finding ‘product-market fit’ by running multiple experiments across the four.

Two fashion houses, in particular, stand out as they have launched multiple campaigns in quick succession that different span strategies, Gucci and Dolce & Gabbana.

Gucci has emerged as one of the fashion houses leading the charge in the metaverse and crypto space. In June 2021, they were one of the first labels to enter the NFT realm with a Purist strategy (digital-only + coveted luxury) by launching a category-defining four-minute film titled Aria.

The ethereal-themed film depicting flora, fauna and garments from the collection fetched US$25,000, with the proceeds being donated to UNICEF to aid in COVID-19 relief efforts (Web3? Check. Creative? Check. Do good? Check.)

Subsequently, Gucci teamed up with Superplastic to create 500 NFTs and adopted the Consul approach. Each NFT comes with digital art and an entire 8-inch tall white ceramic SUPERGUCCI SuperJanky sculpture, hand-crafted by ceramicists in Italy

Most recently, Gucci adopted the Campaigners strategy by introducing the 10KTF Gucci Grail collection, where Gucci Creative Director Alessandro Michele took “a trip to New Tokyo – a floating city in a parallel universe”.

In this project, Gucci sold-out passes to holders of blue-chip NFTs like the Bored Apes Yacht Club, and the passes are exchangeable for Gucci apparel to “dress” the blue-chip NFTs. The mint price of these passes cost one ETH/US$2,000 at the time of writing, which remains consistent with the brand’s price point.

Most recently, to solidify their preeminent position as the leader amongst the pack of fashion houses experimenting in the metaverse and, more broadly, Web3, Gucci also announced the acceptance of crypto payments across stores in New York, Los Angeles, Miami, Atlanta and Las Vegas starting at the end of May.

All that remains is for Gucci to explore the Adventurers’ strategy, one that would be unsurprising for their next metaverse/NFT initiative.

Dolce & Gabbana is the luxury fashion house that deftly navigated from the Purists to the Adventurers is Dolce & Gabbana. After their record-breaking success from Collezione Genesi, the launch of DGFamily Glass Box reflects the boldness of their strategy, leaping from digital-only to phygital, and from coveted luxury to increased accessibility.

As discussed earlier, the adventurer strategy potentially unlocks a new segment of customers, such as yours truly.

Last month, I bought a DGFamily Glass Box collection, marking my first luxury fashion purchase in the physical world and digitally.

I admit I still am a far cry from the target customer luxury labels would want to target. Still, the prospects of receiving both physical and digital branded apparel did strike a chord within me, as I envision my future metaverse avatar dressed similarly to me in real life.

As to whether this will be the first of more luxury fashion purchases, only time will tell. What is certain is this, haute couture brands are just getting started in the metaverse + real-world play and are proclaiming loudly to the world – gm.

Disclaimer: I own several NFTs, including the Dolce & Gabbana DGFamily Glass Box, which was recently revealed to be a Black Box (the least rare of the collection). This article does not constitute an endorsement or recommendation and should not be taken as investment and financial advice. All views expressed are my own.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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East Ventures-backed Kaodim brings the curtains down on its local services marketplace

The COVID-19 crisis has claimed another startup victim in Southeast Asia. Kaodim Group, an online marketplace for local and professional services in the region, has announced that it is shutting down its operations.

The prolonged pandemic-induced lockdowns and their knock-on effects in operational disruptions, labour shortages and higher running costs led to this situation. Kaodim considered and exhausted all options before taking the extreme step, its Co-Founder and CEO Choong Fui Yu said in a message on its website.

“So it is with a heavy heart that we announce that from July 1 2022, Kaodim and all its affiliate platforms will no longer be operational,” he said.

Also Read: GoBear shuts down amidst decreased demand for its financial products, services

“Although our recent recovery has been strong, the last 2+ years have been incredibly challenging. The prolonged COVID lockdowns and their “knock-on” effects in the form of operational disruptions, labour shortages and higher running costs (especially on the service provider side) have significantly impacted our business and the quality of service we are able to deliver. More recently, these challenges have compounded further with inflation and rising costs. This has affected customer demand, service provider fulfillment, margins and in turn, our earnings. Ultimately, we feel that we can no longer grow the business meaningfully for the long term, in line with our mission and ambitions,” the CEO added in the message.

Founded in November 2014 by Jeffri Cheong and Choong Fui-Yu, Kaodim operated as an online platform to provide a way to hire hundreds of services — from house cleaning and home renovation to photography. Users were matched instantly to a highly rated service provider at a competitive fixed packaged price.

The firm operated as Kaodim in Malaysia and Singapore, Gawin in the Philippines, and Beres in Indonesia.

In November 2017, Kaodim raised US$7 million in a funding round led by Square Peg Capital and an affiliate of SIG Asia Investment. Previously, it received a US$4 million Series A round led by Venturra Capital, with participation from Beenext, 500 Global and East Ventures in November 2015.

Since the pandemic struck, many high-profile startups in the region have ceased their operations. Among them are Singapore-based Honestbee (grocery delivery), Singtel-owned HungryGoWhere (restaurant reservations), and GoBear (financial products comparison); Indonesia-based Sorabel (fashion e-commerce), Airy (budget hotels aggregator), and Stoqo (food ingredients provider).

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