Fashion

Leading virtual fashion brand raises $10 million to expand its presence in the metaverse

Leading virtual fashion brand raises $10 million to expand its presence in the metaverse

A digital space known as the metaverse is leading a new reality, where virtual objects exist in gamified or parallel online worlds. Here, participants can work, socialize, own property, and trade items that exist in a world built on blockchain. As companies continue to invest heavily in this space, brands must learn to navigate this new frontier and determine their place in the digital world.

With growing interest in the metaverse and non-fungible tokens (NFTs), space runners is working to mitigate some of the unknowns of this transition. Space Runners is a metaverse fashion brand aimed at creating interoperable fashion items for the metaverse and building a space where fashion can be gamified for the first time.

By collaborating with different artists, celebrities and brands, the project provides a base to meet the world where they are, supporting traditional businesses as they grow in the Fashion Metaverse landscape. In doing so, Space Runners’ goal is to become the largest provider of fashion items across the metaverse and games, regardless of their engines and blockchain.

“In the Metaverse, we view fashion as an indispensable part of digital identity, self-expression, and virtual culture. Far from boundaries, open to interaction and innovation, fashion will be much more important to the metaverse than it is in the physical world,” shares Deniz Ozgur, co-founder of Space Runners.

Building a Fashion Metaverse

The leading metaverse fashion brand also announced a $10 million funding round, co-led by Polychain, Pantera Capital, Accel, Jump Capital and other participants including Yat Siu, co-founder and president of Animoca Brands, and Justin Kan co-founder of Twitch and Fractal.

Space Runners’ first launch was an NFT sneaker collection in partnership with NBA champions Kyle Kuzma and Nick Young. These limited-edition assets are designed to be portable in the metaverse, unlocking traits including speed and power. In addition to leading a revolution in the way the world views fashion, each Space Runner NFT unlocked the opportunity to interact with athletes through exclusive events, weekly court seats in basketball games and other behind-the-scenes events. These benefits are in addition to member-only benefits, including unlimited access to Solana API (SOL) services.

The release, which took place in December 2021, consisted of 10,000 NFTs sold in just nine minutes. Space Runners has since sparked the growth of the largest Solana NFT community, consisting of 500,000 members on Discord, Twitter and Instagram.

More About Space Runners here

Foreshadowing an upcoming industry-wide transition, this first collection demonstrated how fashion items could be crafted as NFTs that are then plugged into any metaverse or game. Creators and artists would then have the ability to take advantage of augmented reality (AR) and social media filters to allow their NFT holders to interact with Space Runner assets outside of the metaverse, in a place where the digital and real worlds collide.

All efforts will then culminate in a metaverse game that is set to launch in 2022, ushering in a new era for fashion.

Into the metaverse and beyond

Leveraging the $10 million received through funding, Space Runners aims to grow its two main lines of business – fashion items and the fashion metaverse.

For its fashion items, the Space Runners team is taking the necessary steps to become the largest provider of interoperable fashion items across NFT games and the wider metaverse. In parallel, their initiative to develop a fashion metaverse will gamify the industry with a concept known as “wear-to-earn”. Under this model, participants will be incentivized and rewarded for their forward thinking about fashion in the digital realm.

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