China Internet Giants Turns to Digital Fashion as NFT Mania Cools Off

Technology Author: Yijuan Li May 07, 2022 05:32 PM (GMT+8)

As the NFT frenzy cools down, internet enterprises are deploying their digital fashion businesses

HM Sanlitun store shows fashion clothes and models

ByteDance’s short video sharing platform Douyin has entered the digital fashion industry and planned to launch a fashion community called “Pheagee” late last month.

This is another move for the internet giant to dig into digital fashion after the hype of the non-fungible token (NFT). Last year, the Bejing-based firm acquired the metaverse technology merchant PICO, which offers digital fashion technology.

Digital fashion and the NFT are both niche sectors in the metaverse market, but they are different in nature. Each NFT is unique, and once purchased, the buyer is the only person who owns it. But digital fashion products are like clothes in the real world and can be circulated as any goods.

In addition to ByteDance, other internet enterprises such as Tencent and Xiaohongshu are also intensively deploying digital fashion businesses.

Since last year, Tencent has started to upgrade its QQ Show from two-dimensional to three-dimensional space, where users can dress up virtual characters by purchasing virtual clothes.

Xiaohongshu also launched a digital collection platform called “STEP INTO R-SPACE” earlier this year. It also introduced the “Design Verse” project featuring nine domestic designers and put up 3,000 digital fashion items exclusively for sale on the platform last month.