UNXD Raises $4M to Bring Luxury Fashion to the Metaverse

The raise included participation from prominent metaverse investors Animoca Brands and Polygon Studios.

AccessTimeIconMar 8, 2022 at 2:00 p.m. UTC
Updated May 11, 2023 at 5:55 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Metaverse fashion company UNXD has raised a $4 million funding round led by Animoca Brands, Polygon Studios and Red DAO, the company announced Tuesday.

The raise is the latest bet by investors on the future of fashion in the metaverse, a growing industry that includes avatar companies, high-priced virtual wearables and even legacy name brands like Nike (NKE) and Adidas.

  • Why Prada Is at the Forefront of Digital Fashion and Metaverse
    00:54
    Why Prada Is at the Forefront of Digital Fashion and Metaverse
  • What Will The Metaverse Look Like in the Future?
    16:36
    What Will The Metaverse Look Like in the Future?
  • The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
    01:22
    The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
  • Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
    11:34
    Saudi Arabia's NEOM Is Working to Build the 'City of the Future' With Blockchain, Web3: Yat Siu
  • The Polygon-based UNXD calls itself a “business-to-business-to-customer” platform, collaborating with established brands while also creating its own non-fungible token (NFT) collections and marketplace, co-founder Shashi Menon told CoinDesk.

    The company’s highest profile collaboration was an NFT collection with Dolce & Gabbana last September titled “Collezione Genesi,” which fetched just under $6 million at final sale.

    “The biggest outcome of that first release was proving it was possible to bridge the world of luxury and crypto, in a way that somehow felt native to both,” Menon told CoinDesk in an interview. “So that’s kind of what we’ve now tried to triple down on.”

    The company is also planning a Metaverse Fashion Week with the Ethereum-based Decentraland virtual world later this month.

    Menon and the company’s other co-founder, Nick Gonzales, both have backgrounds in the fashion industry.

    Upcoming launches for UNXD include an additional Dolce & Gabbana release, as well as an NFT collection with luxury watch brand Jacob & Co.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.