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DressX Raises $15 Million in Round A Financing

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It is reported that DressX, a fashion technology company, raised US $15 million in round A financing, led by Greenfield, a Berlin-based cryptocurrency venture c

DressX Raises $15 Million in Round A Financing

It is reported that DressX, a fashion technology company, raised US $15 million in round A financing, led by Greenfield, a Berlin-based cryptocurrency venture capital company. The round of financing ended at the end of February. Participants also included Slow Ventures, The Artemis Fund, Red Dao and Warner Music. Although most of its digital fashion products are offline, the company has begun to study web3 in depth by establishing its own NFT market and cooperating with the exchange Crypto.com.

DressX, a digital fashion company, received US $15 million in round A financing

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DressX, a fashion technology company, recently raised $15 million in round A financing led by Greenfield, a Berlin-based cryptocurrency venture capital company. The financing round concluded at the end of February and also saw participation from other notable investors such as Slow Ventures, The Artemis Fund, Red Dao, and Warner Music.

The focus of DressX is on creating digital fashion products that can be used in the virtual world. Through the use of advanced technologies such as AR, the company has been able to create various clothing items, accessories, and other fashion products that do not require physical materials.

Although most of the products offered by DressX are currently offline, the company has now taken a keen interest in exploring the potential of web3. DressX has established its own NFT market and has even partnered with the cryptocurrency exchange Crypto.com to introduce NFT fashion products to users. With NFTs, DressX can create unique digital fashion products that offer a level of scarcity, which is not possible with traditional digital fashion products.

The investment from Greenfield, a venture capital firm that specializes in cryptocurrency, indicates that the world of digital fashion may start to intersect with the world of blockchain technology. The partnership between DressX and Crypto.com may enable the use of NFTs as a medium of exchange instead of traditional payment methods.

As a result, the use of NFTs in the fashion world may bring a new level of innovation to the industry, transforming it into a more digitized landscape. This would create new opportunities for individuals and businesses to invest in unique digital fashion products, particularly those that are scarce due to their NFT status.

In conclusion, the recent funding round of DressX highlights the growing importance of digital fashion in the virtual world. With its foray into the web3 world through the use of NFTs, DressX is poised to change the way we think about fashion and wearables. Meanwhile, the interest from cryptocurrency investors shows that blockchain is expected to play a growing role in the future of digital fashion.

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