About You launches NFT platform Hypewear
German fashion platform About You is launching a new digital fashion platform called Hypewear. In doing so, the company wants to provide the mainstream with fashion NFTs. Upon registration, new customers will receive a free fashion NFT.
Less than a month ago, German fashion platform About You released its preliminary Q4 and full-year results. In 2021, it made a revenue of 1.7 billion euros. It’s adjusted EBITDA was affected by heavy investments and it seems that one of the company’s investments was the launch of a new platform.
No knowledge of crypto required
On Hypewear, customers can buy fashion NFTs even if they have no knowledge of cryptocurrency. They won’t need a crypto wallet either, as the payment can be completed in euros. The company believes that NFTs are popular among Gen Z and Y, who are looking for ways to express their personalities in the digital world.
‘About You wants to help shape the metaverse.’
“The metaverse opened up a new, exciting world for companies and fashion. At About You, we also aim to help shape it. With Hypewear, we are bringing our brand into the digital world and enabling everyone to be a part of it from now on”, said Tarek Müller, co-CEO and co-founder. “It is our vision that all physical fashion pieces can also be used as digital assets one day. We want to become the destination for digital fashion and the mainstream wardrobe of the metaverse.”
Products on the platform
To create a product range, the retailer is working with 3D-fashion and graphic designers, as well as classic brands from fashion, sports, music and gaming. New designs will be released weekly in limited drops of exclusive one-of-a-kind items on Hypewear.
‘To wear the items, users will get a digital fitting.’
In order to ‘wear’ the digital fashion, customers upload a photo on the NFT platform. After that, the items will be tailored to the user’s body in a digital fitting. Customers can then share the 3D pieces on social media channels.
CO2-negative blockchain partner
About You has chosen Algorand as its blockchain partner. Because Algorand is CO2-negative, the retailer can offer the minting of NFTs to customers for free, without any gas fees. Customers can now sign up and receive a voucher for a free NFT. In the next two months, the alpha version of Hypewear will go live.