The Council of Fashion Designers of America (CFDA) recently announced it will be celebrating its upcoming 60th anniversary by “looking to the future” with a metaverse, Web3, and NFT exhibition in December. While the subjects of the event may be unfamiliar to many, organizers hope to use it to show fashion players the opportunities that are becoming available in the digital world.

““Our vision at 5Crypto and with this partnership is to empower and educate Web2 brands on the limitless opportunities Web3 presents, and create special moments that bridge the gap between consumer and crypto,” said Akbar Hamid, founder and CEO of 5th Column and 5Crypto, a communications agency for cryptocurrency, metaverse, NFTs, and consumer brands. More on Web2 versus Web3 in a bit.

The CFDA event will include a metaverse exhibition (metaverse can mean augmented or virtual reality, or avatar/gaming reality, among other things) of 60 looks from the CFDA’s six decades, as well as exclusive NFTs (non-fungible tokens) that will go up for auction.

Valentino Vettori, founder, Arcadia Earth, a platform that aims to raise awareness about sustainability and circular design, says fashion companies can start creating values and relationships with their clients through Web3, NFTs and crypto currency. During a presentation at the recent Coterie New York show, Vettori described Web2 as a website where the brand sells to others. He then explained Web3 almost like crowdsourcing – where a brand would be owned by whoever buys a piece of the company through non-fungible tokens or crypto. It could be owned by a 100 people or a million people, depending on the value someone creates for their company. The ownership is then distributed through digital assets like NFTs, whose ownership can be tracked through blockchained smart contracts.

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