Nick Lau, Founder of WEAR Digital Inc., shares his thoughts about creating a Metaverse Marketplace and Metaverse for Luxury.
Nick Lau was glad to share his valuable insights with the ‘To The Verge’ team. He shared his thoughts on emerging technologies like AI, Blockchain, NFTs, etc., and his plan to develop innovative solutions with the convergence of physical & digital worlds. Read till the end to know about his vision & insights about immersive technologies.
WEAR Digital Inc. was launched to bridge the gaps between the digital and physical fashion worlds by using Augmented Reality and Blockchain technologies.
Through future technologies, the company intends to offer new revenue streams and business models for global designers and fashion brands.
“I studied fashion design at Parsons School of Design but was always fascinated about how technology could shape the luxury industry. WEAR was originally conceived as an AR commerce app that aims to reimagine online shopping nay transforming the traditional 2D interface into something much more immersive and in 3D through the use of AR and VR. During my final year at Parsons, I founded WEAR and took the idea to a couple of VCs in New York. We are now backed by XRC Labs in New York.”
“Wear is an NFT marketplace and metaverse for luxury brands and artists. We are an end-to-end solution that includes an NFT development platform, a marketplace, and a dedicated Metaverse with multiple interactive rooms, purpose-built for luxury brands and their demanding customers. Our ultimate vision is to make marketing luxury in the metaverse simple.”
Bridging the gap between physical and digital fashion
Nick and his team focused on Ethereum Blockchain (a native cryptocurrency platform with open-source, decentralized blockchain and smart contract functionality) and NFTs to merge digital & physical worlds to come up with unique products and experiences.
“All our projects and assets are minted on the Ethereum blockchain using tailored Wear ERC 721 smart contracts. The concept of merging physical and digital worlds is key to our business model. We offer some kind of physical element, whether a one-of-a-kind product or experience. An example of this would be an upcoming project that we are launching with A Society, a luxury eyewear label, Lousy, up-and-coming artists. We created 5,000 sets of digital NFTs glasses, of which 250 would be physically produced as physical/digital twins.”
Challenges in giving virtual experience through WEAR
Nick and his team are building digital assets to create highly realistic experiences in the virtual world.
“We are currently building a series of virtual galleries on the local platform as well as building on top of decentral and creating ticketed virtual experiences such as pop-up stores, shows, music gigs, and art exhibitions. It is a different type of experience compared to real life.”
Collaboration with global brands & revamping storytelling
Nick envisions collaborating with the big fashion brands and artists with promising potential. The venture enables them to create NFTs.
“We provide a one-stop-shop solution to brands to create NFT projects; however, we are looking to collaborate with brands that we love, and artists that we see have a lot of potential in the digital space hence keeping the marketplace and all our projects highly curated and high fidelity.”
Strategy for Smart Contracts
Nicks shared that their venture provides customized smart contract solutions to the users and provides them end-to-end support & guidance from concept to launch. This strategy is different from other DIY solutions.
“Instead of a one size fits all solution to NFT creation such as Opensea, which is also a DIY model. We custom produce smart contracts tailored to their offerings and the project, as well as guiding them from concept to launch.”
Future of the world with Web3
Nick envisages a world that adopts more utility-based NFTs and tools. He believes that Web3 will transform the world. He strives to provide better & long-term NFT solutions to the users and lead this bandwagon.
“The team and I have been part of a few NFT projects, even since the early days before they really exploded. We’ve seen a lot of cash grabs and solutionless NFTs that don’t really offer anything to the market. As a result, one thing that we are really striving for is to pair a long-term solution with our NFT projects, tied in with utilities that let NFT projects live far beyond their expected lifespan.”
“Right now, there is a lot of money being thrown at NFTs by brands – but not every brand has a clear idea of what they want to do. We foresee there will be even more adoption of utility-based NFTs and tools in this space in the future, and we aim to be the frontrunner in that regard.”
With WEAR, Nick Lau intends to merge the digital and physical worlds using NFTs Blockchain technology. Their purpose is to create exceptional life-like virtual experiences.
The final vision is to unfold a unique immersive marketplace for the artists and global fashion brands to launch their digital collections. They aim to provide this by simplifying the creation of NFTs and digital ownership with customized smart contracts.
Nick Lau pursued his BFA in Fashion/Apparel design at Parsons School of Design and has a good grasp of immersive technologies like Metaverse, NFTs, Blockchain, AI, etc.
He conceptualized his venture WEAR during the final year of his course and intended to develop a unique solution for the big brands and artists. Since then, he has invested his efforts to create real-life virtual experiences using future technologies.
Nitisha Lal is a writer enthusiastic and curious to learn new things. Currently, she writes about the latest developments in technology, particularly around Web3 and the Metaverse. She enjoys nature walks, capturing the world around her on the phone, or reading books when away from work.