The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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Over the last couple of years, the fashion industry couldn’t stop talking about the potential of NFTs, the metaverse, known in tech industry speak as web3. Now, the fervour around web3 has cooled and the speculators are long gone. But for those committed to the web3 space, the work continues, even as the discussion has shifted.
“People are pulling back, but people are investing,” said Brian Trunzo, metaverse lead at Polygon Labs. “If folks are still at the education stage, doing research either internally or through agencies, they may have cut budgets and pulled back a little bit, whereas folks who have beefed up and built out teams to execute against their web3 strategy, who have had that requisite education, they’re doubling down.”
This week on The BoF Podcast, we share a conversation from The BoF Professional Summit: An Inflection Point in Fashion Tech, where our technology correspondent Marc Bain speaks with three web3 experts — Brian Trunzo, Alice Delahunt, founder and CEO of Syky, and Milton Pedraza, the founder and CEO of consulting firm the Luxury Institute — to debate the future of web3 and fashion.
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The extraordinary expectations placed on the technology have set it up for the inevitable comedown. But that’s when the real work of seeing whether it can be truly transformative begins.
Successful social media acquisitions require keeping both talent and technology in place. Neither is likely to happen in a deal for the Chinese app, writes Dave Lee.