METAVERSE FASHION COUNCIL

SOCIAL NETWORK BUTTERFLIES AI ADDS A FEATURE THAT TURNS YOU INTO AN AI CHARACTER Aisha Malik for TechCrunch Key Takeaways: 💥 Butterflies AI, the new social network where humans and AIs interact with each other, is launching a new Clones feature that turns you into an AI character. This latest addition builds on a feature launched to the public back in June that lets users create AI personas, called Butterflies, that automatically create posts on the social network that other AIs and humans can then interact with.  🦋 With this new feature, users can take a selfie and create themselves as a Butterfly with a developing backstory. The idea behind the feature is to give users the ability to reimagine themselves in the form of an AI character. While not everyone may be interested in creating an AI clone of themselves and having others interact with it, the new feature is aimed at people who want to have a bit of fun and visualize how their life could be different. 👾 Butterflies AI was founded by Snap engineer Vu Tran, who came up with the idea for the startup after seeing a lack of interesting AI products for consumers outside of generative AI chatbots. With the launch of Clones, Tran says people can now insert themselves into different storylines and wonder “What if?” Users can play around with the feature to reimagine themselves as an astronaut, a pro wrestler, a celebrity or anything else. Although you can visualize these sorts of things with text-to-image generation tools, Butterflies AI goes beyond a simple photo and lets you create an AI clone that has its own personality and background that others can then interact with. 🌀 For example, one Butterflies AI employee recently went on a trip to France and did a lot of fun activities, but isn’t the kind of person who likes taking selfies. He decided to instead create a Butterfly of himself and prompted his clone to mimic his own real trip. Although he didn’t get a photo of himself at the lavender fields in Provence, he now has an image of his AI clone there. The launch of the new Clones feature comes a few weeks after Meta launched the ability for select creators to clone themselves to create their own custom AI characters for chatbots that other users can interact with. Butterflies AI acknowledges that the concept behind its new Clones feature is similar to Meta’s, but notes that while Meta’s is limited to select users, its own feature is rolling out widely.  ❓ Users can create a clone by going to their account profile and clicking the new Butterflies Clones button. From there, they can capture a selfie to create themselves as a Butterfly.  LEARN MORE: https://lnkd.in/dMzin4ew 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

SOCIAL MEDIA'S UNSAVOURY UPSIDE FOR LUXURY BRANDS Marc Bain for The Business of Fashion Key Takeaways: 💹 Consumers in China and now the US are pulling back on high-end spending. Aspirational shoppers who went on stimulus-fueled splurges after the pandemic are back to budgeting their dollars. And some critics say the industry has become stagnant creatively as brands churn out formulaic, logo-heavy merch that’s failing to excite customers. 🕸 But Bernstein analyst Luca Solca predicts luxury can count on at least one big tailwind — though brands are unlikely to brag about it in marketing or on earnings calls. The insecurity and alienation social media is fueling in young people will push them to buy luxury goods in hopes their new purchases will somehow elevate them to better versions of themselves, Solca wrote in a recent research note. 📈 Solca and crew aren’t prescribing luxury items as a solution to these problems. Rather they’re describing what they see as societal trends that, whatever their other consequences, should be of long-term benefit to the luxury industry. 😷 In their view, the increased time people are spending online is eroding their self-esteem and amplifying feelings of inadequacy. This and other ill effects of social media have been hot topics in recent months following the publication of “The Anxious Generation” by New York University social psychologist Jonathan Haidt, who argued that today’s “phone-based childhood” is spurring a mental-health epidemic. 🍇 Another trend they point to, for instance, is the rising number of young people living with their parents. That’s in part because many have been priced out of buying their own home. Still, without the financial burden of a mortgage, they can direct more of their money towards other things, like clothing and handbags. Millennials and Gen-Z also stand to inherit a considerable amount of wealth that they’ll be able to spend. 💭 The picture of legions of young people living at home and spending hours on their phones as they buy luxury goods to soothe their social media-induced mental disorders is a bleak one. Though just how much of the blame social media really owns is debatable. Researchers such as Candice L. Odgers, a developmental psychologist and critic of Haidt’s, have noted there isn’t compelling evidence that digital technology is a major contributor to adolescent depression compared to other factors like family history and exposure to harmful conditions such as violence or discrimination. LEARN MORE: https://lnkd.in/e6ScWP_8 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

OPENSEA RECEIVES SEC WELLS NOTICE ALLEGING NFTS ARE SECURITIES nft now Key Takeaways: 🔥The U.S. Securities and Exchange Commission (SEC) has broadened its regulatory efforts in the cryptocurrency sector by issuing a Wells notice to OpenSea, a leading NFT marketplace. This move suggests that the SEC is considering taking formal action against the platform for allegedly dealing in unregistered securities. 🗣️OpenSea’s CEO, Devin Finzer , announced the receipt of the Wells notice in a statement posted on X (formerly Twitter) on Wednesday (Aug. 28). The notice indicates that the SEC is investigating whether the NFTs traded on OpenSea might be classified as securities, a determination that could lead to enforcement action ♦️To support those who might be similarly targeted, OpenSea has pledged $5 million to help cover legal expenses for NFT creators and developers who receive similar notices. Finzer argued that NFTs are fundamentally creative products and should not be regulated in the same way as financial instruments like securities. 🛳️The SEC’s move against OpenSea is part of a larger pattern of increased scrutiny on the cryptocurrency industry. This year, the agency has issued Wells notices, filed lawsuits, or reached settlements with several crypto-related companies, including ShapeShift, TradeStation, and Uniswap. Centralized trading platforms like Coinbase, Kraken, Binance, and Robinhood have also been involved in legal disputes with the SEC. 💭 Despite the legal challenges, Finzer remains confident that OpenSea is operating within the law. “I hope the SEC will come to its senses sooner rather than later, and that they’ll listen with an open mind,” he writes. LEARN MORE: https://lnkd.in/d_ud2xrp #web3 #investment #fashion #ai #metaverse

[OP-ED]A NEW ERA OF CREATIVITY AND INNOVATION Ugyen Wangmo for METAVERSE FASHION COUNCIL Key Takeaways: 👚 The fashion industry, amid a digital transformation, is yet again confronted with a new shift as artificial intelligence increasingly infiltrates every domain, the industry that was once historically steeped in tradition. With the introduction of AI, fashion magazines are seeing fundamental changes in their operations—including changes in how contents are created, curated, and consumed. 💎 Once limited to print and static digital formats, fashion magazines are becoming increasingly dynamic and responsive. Reader experiences are enhanced, and artists and designers are empowered to push the boundaries of creativity. Drawing from the innovative practices at FORWARD Fashion, an independent publication headquartered in Toronto, Ontario, Canada, we explore how AI is innovative and deeply impactful. ↗ FORWARD Fashion fosters a space where technology meets creativity, pushing the boundaries of traditional fashion journalism and exploring new grounds of artistic expression. The magazine's dedicated platform, FORWARDai, has become successful as a vibrant community and a hub for collaboration among AI artists and fashion innovators. The power of partnership, which has always been the lifeline, now sees AI allowing it to have an even wider reach and diverse talents to come together and create an ecosystem where ideas can flourish and groundbreaking projects come to life. Our articles spark conversations and encourage our audience to think critically about the role of AI in Fashion. Along with the AI Artists, we aim to drive the industry towards a more innovative and inclusive future by fostering a community of curious and forward-thinking individuals. 💥 Empowering the AI community is one of the primary purposes of the FORWARDai initiative. We function to bring AI artists closer to a broader audience, help them communicate their work, and share their stories. The magazine features in-depth interviews and articles highlighting these artists' journeys to showcase their creations while discussing their challenges and opportunities to help aspiring AI artists start their journey into these limitless creative possibilities. By giving a voice to AI creators, these creative innovators have helped inspire others in the industry for thought-provoking content that challenges conventional ideas about Fashion and technology. They are leading the way into what is to come. LEARN MORE: https://lnkd.in/dhK-5Fcj 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

FASHION OR FANTASY? AI HALLUCINATIONS, EXPLAINED Maghan McDowell for Vogue Business Key Takeaways: 🦄 During a recent test of an experimental luxury chatbot, a prompt for a “colourful floral kaftan” returned a matching result from Australian brand Camilla. Great! There was only one problem: Camilla wasn’t associated with the company that provided the chatbot, which was ostensibly created to recommend products from its own coffers. Oops. 🤖 Artificial intelligence-generated mistakes like these, which produce results that are either totally imagined or simply not intended, are often called ‘AI hallucinations’. At best, they risk frustrating customers and eroding brand trust, and at worst, they can perpetuate biases or generate harmful content. Brands experimenting with generative AI need to tread carefully — but how? 💥 AI hallucinations are mistakes caused by AI engines having insufficient or inaccurate information, says Simon Bain, CEO of AI-based cybersecurity company OmniIndex. There are those that totally make up information that isn’t based on any fact. This entirely made-up result is typically referred to as an “open hallucination”, says Sahil Agarwal, co-founder and CEO of AI safety and security company Enkrypt AI. 🗣 There can also be nuanced mistakes, such as if a search for “vegan leather handbag” returns results including animal leather handbags based on a misinterpretation of the taxonomy of “vegan leather”, or a computer vision that perceives the look of leather on a vegan leather bag, says Faisa Hussein, product manager of e-commerce search and discovery company Groupby, which is used by those including Rebag and various departments stores. LEARN MORE: https://lnkd.in/eVKT_pq6 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

TIKTOK TOP100 FASHION INDEX FashionUnited Key Takeaways: 👾 Developing the most optimal, effective, and engaging social media strategy remains challenging for many fashion brands. Following the meteoric rise of social media platform TikTok, brands, retailers, and designers across the board have sought out ways to increase their presence and command an ever-larger following on the Chinese app. Today, TikTok has become a pivotal force within its own rights in the global fashion industry, driving trends and influencing consumer behavior on an unprecedented scale. To help identify some of the most prominent trends and developments when it comes to brands’ social media usage, FashionUnited has established its own Fashion Popularity Index. 📱 Looking specifically at TikTok, the most popular fashion brand on the social media platform by far is luxury fashion house Louis Vuitton, with a following of 14 million users. In second place, we have Spanish fast fashion giant Zara with 11.8 million followers, closely followed by Chinese ultra-fast fashion company Shein with 9.5 million followers. German sportswear brand Adidas is in fifth place with 8.1 million followers, as Luxury fashion brand Dior aims to catch up with 8 million followers. 👚 Part of Louis Vuitton’s ongoing popularity on the app is linked to the luxury brand’s continual production of distinctive, curated content, as well as its decision to forgo the polished brand image that is more typical of platforms like Instagram and its showcase of unfiltered behind-the-scenes footage. In addition, Louis Vuitton’s TikTok profile is rich with celebrity collaborations from Kim Kardashian to Jared Leto and Naomi Campbell, underlining their commitment to leveraging the significant impact of influencer marketing. 📊 The Fashion Popularity Index is continually kept up to date, as FashionUnited is continuously adding fashion brands to develop a comprehensive list with over top 1000 brands. Additionally, FashionUnited will monitor and report on the social media campaigns and other digital activities of the brands featured in this index. LEARN MORE: https://lnkd.in/dPiHw3Xh 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

MANCHESTER FASHION INSTITUTE PIONEERS ‘VIRTUAL TRADE FAIR’ FOR STUDENT BUYERS Fashion Network Key Takeaways: 👗Pioneering Manchester Fashion Institute (MFI) has launched a virtual trade fair for fashion-buying students. ♻️ Claiming digital fashion events are a “step towards sustainability in the industry”, the inaugural ‘Virtual Trading Fair’ is the result of Manchester Met’s fashion buying students working with BrandLab360 to develop an immersive buying experience. 🔥 It enables participants to “virtually attend and collaborate from any location in the world”. Buyers can virtually walk from room to room and view the designs, “a direction that experts at MFI believe the fashion industry will be heading towards in the future”. 🗣️ Anita Mitchell  MFI’s Digital Strategic Lead, said: “Virtual Reality and the Metaverse continues to be an important focus within our concurrently refreshed curriculum.  This digital partnership with BrandLab360 is integral in supporting the digitalisation of our fashion curriculum by further extending our vast experience in this area.” ⚡️The event will support graduate employability and sustainable fashion practice by ensuring students have the practical experience of solving real-world industry challenges with the latest digital tools and skills. LEARN MORE: https://lnkd.in/djD2QDwS #web3 #investment #ai #metaverse #fashion

HOW AI CAN BECOME YOUR PERSONAL STYLIST Alexis Beck for Metaverse Fashion MAGAZINE Key Takeaways: 🤖 AI integration into the decision-making process can significantly enhance the efficiency, accuracy, and effectiveness of decisions across various sectors, including beauty, finance, healthcare, and more. AI naturally excels at processing vast amounts of data, making it a powerful tool for big-data analysis. Its ability to access and analyze large datasets enables it to identify patterns and trends that may escape human observation. 👾 On the flip side, AI also enhances the customer experience by offering a more personalized experience based on the analysis of customer behavior, browsing history, and purchase patterns. The fashion and beauty industries are no exception, as AI enables them to analyze customer needs in depth and provide individualized consultations. 👚 StyleDNA is a perfect example of how AI can provide customers with a more individually tailored styling experience. StyleDNA is an AI-powered fashion stylist app that creates a personalized style profile for each user. 📢 “Our AI stylist is available 24/7, completely objective, and processes requests within seconds. It searches among 5 million products, taking into account the user’s color type, style, body type, existing wardrobe, and preferences. Go ahead and let the AI Stylist create up to 5 outfits for various occasions based on a text request or any selected items in just 9 seconds. Style DNA is a scalable solution ready to assist millions of people with their everyday style dilemmas.” –said Elena Volkova, Co-founder and CEO of StyleDNA. LEARN MORE: https://lnkd.in/dNABEvKJ #web3 #investment #fashion #ai #metaverse

EXITING THE CLOTHING INDUSTRY AS AN INVESTOR: IS THIS THE RIGHT PATH TO SUSTAINABILITY FashionUnited Key Takeaways: 💡 Last week, ASN Impact Investors, the asset manager of Netherlands-based ASN Bank, announced that it sold all its stakes in clothing companies. This step was taken because major fashion brands such as H&M, Zara and Asics are not making sufficient progress in the area of sustainability. While this may seem like a bold decision at first glance, it also raises important questions: Is selling shares the solution for an impact fund? What does this mean for the future of sustainability in the clothing industry? 💲 ASN sold approximately 70 million euros worth of shares in the clothing industry. While this is a substantial amount, it is only a fraction of the 4.2 billion euros in assets under management (1.7 percent of the portfolio). This is in stark contrast to the enormous impact that the clothing industry has on our planet, namely one of the most polluting industries. How does selling shares change that enormous impact? 👨💻 Instead of investing directly in shares of clothing brands, investors would be better off focusing on external innovations that enable sustainability in the clothing industry. The real opportunity, both in terms of impact and economic value, lies in facilitating the transition from linear to circular initiatives. 👾 The key to sustainability in the clothing industry lies in the innovation and implementation of circularity, whereby the use of new materials is minimised as much as possible and reuse is optimised. This goes beyond recycling; it focuses on extending the life of products and reusing materials to make new clothing. Circularity has a hierarchy, also known as the R-ladder, with numerous investment-worthy business models, such as repair, reuse, lending and upcycling. In this way, the impact on the environment can be reduced, while meeting consumer demand. ♻ Many clothing brands are orienting themselves towards circular models to make their business future-proof. At Manufy, for example, we see a great demand for knowledge and advisory trajectories. This is not only driven by the intrinsic motivation of fashion companies to reduce their ecological footprint, but also certainly in response to increasing legislation and the financial incentive towards business cases on circularity. Many solutions result in lower costs and/or higher revenues per garment sold. For example, by adding their own or a facilitated second-hand platform, a clothing brand can earn multiple times on the same garment. LEARN MORE: https://lnkd.in/dFbxzPew 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse

LANVIN GROUP POSTS 20% DROP IN SALES AMID LUXURY SLOWDOWN Malique Morris for The Business of Fashion Key Takeaways: 📉 Lanvin Group’s revenue decreased 20 percent year over year to €171 million ($191 million) in the first half of 2024. The company, like many operators in the luxury sector, attributed its slowdown to lagging demand in China and Europe and disappointing sales with retail partners. 👾 The group — which owns its flagship brand Lanvin, along with shoe maker Sergio Rossi, knitwear seller St. John and intimates brand Wolford — also generated a €42 million loss during the period as a result of the dip in sales. Lanvin’s revenue dropped 15 percent to €48 million, and Sergio Rossi’s revenue fell 38 percent percent to €20 million. It expects the slowdown to continue this year. 🤖 But Lavin Group is in the middle of a turnaround plan, starting with a creative overhaul. The company hired designer Peter Copping, who worked at Balenciaga, as artistic director at Lanvin starting in September, as well as Paul Andrew, former creative director at Ferragamo, as creative director at Sergio Rossi. The company also increased brand marketing to drum up excitement for its portfolio and drive sales in the coming months. 💰 The group has already seen some improvements in the business. It said several of its brands, including Lanvin and St. John, generated more full price sales in the first half of the year. The company’s stock rose nearly 13 percent following its earnings release. LEARN MORE: https://lnkd.in/dixf957C 🦄 Join the Metaverse Fashion Council today 🦄  https://lnkd.in/gMj-X98H #web3 #investment #fashion #ai #metaverse