L’OFFICIEL metaverse is the future for the globally recognized French fashion magazine, L’OFFICIEL Inc. This happened after the company officially announced its plans to launch several of its collections in the metaverse concept that is currently developing.
So, how is the concept of this one metaverse?
In a blog post, L’OFFICIEL stated that its future is in the metaverse and this change will be helped by the recent acquisition by Hong Kong-based financial services firm AMTD International Inc.
In this regard, AMTD International Inc is known to have acquired a 100 percent equity interest in L’OFFICIEL and plans to expand its global footprint, both in the physical world and the virtual metaverse.
Under the project dubbed Fashion Skin, the metaverse entry will see AMTD International unveil its land with L’OFFICIEL in the virtual gaming land of The Sandbox—a game world and subsidiary of Animoca Brands.
The metaverse project titled Fashion Skin will also present a virtual clothing collection created by applying artificial intelligence to the L’OFFICIEL database which contains more than 100,000 exclusive images from its circulation for more than a century or 100 years.
The metaverse initiative marks the shared interest of AMTD and L’OFFICIEL in embracing innovative projects in the media.
“By integrating L’OFFICIEL into AMTD’s SpiderNet, L’OFFICIEL demonstrates AMTD’s ability to enable connectivity and positions us as a core player in the global luxury fashion and media sector,” said AMTD Group Chair and AMTD International Founder, Dr Calvin Choi.
L’OFFICIEL Metaverse: A Reasonable Move
For L’OFFICIEL itself, which celebrated its 100th anniversary last year, plunging into the world of the metaverse is indeed a natural step. That’s because this magazine has become a leader in fashion in cyberspace.
In addition, in honor of its hundredth anniversary in the autumn of 2021, this world-renowned fashion and fashion magazine launched a unique digital museum called “The House of Dreams”.
The digital museum features an exhibition of non-fungible tokens (NFT) from L’OFFICIEL with archival images from 100 years of history and L’OFFICIEL’s virtual experience in partnership with luxury brands, such as Dior and Tiffany & Co.
On the other side, even now many major players in luxury mode automatically move to the metaverse or web3. Call it the brands Gucci, Louis Vuitton, Burberry, and many others who created NFT and explored blockchain technology.
Furthermore, not only virtual expansion, AMTD International Group will also focus on building L’OFFICIEL’s presence in Hong Kong, Macau, Czech Republic, Hungary, Switzerland, and the Netherlands.
Meanwhile, Benjamin Eymère will continue his role as L’OFFICIEL’s Chief Executive Officer, in addition to working on virtual projects as AMTD’s Chief Metaverse Officer.
L’OFFICIEL Metaverse: Getting to Know the NFT
NFT or non-fungible token is currently a popular term discussed by digital asset enthusiasts amid the rapid interest of many people in the metaverse, digital world, and cryptocurrencies in general.
Basically, NFT is a token that cannot be replicated and replaced. Through NFT, a work of art can be “tokenized”. It aims to create digital ownership certificates that can be bought or sold.
Although in line with crypto, but this NFT has its own uniqueness, namely the records of those who own it will be stored on the blockchain. Therefore, this “digital art” cannot be faked because it has been managed by thousands of computers around the world.
Therefore, an NFT artwork will always be unique and can be authenticated with blockchain technology via an immutable certificate of authenticity and ownership. In addition, buyers can also trace ownership back from an NFT to its creator without an intermediary or auction house confirming it.
The difference with crypto assets is that NFT is the value of a limited number of digital artworks, the owner of which has its own exclusivity to the digital work.
Meanwhile, crypto assets are coins that are traded for a certain amount. That’s why the difference is known to lie in the limit. Furthermore, the use of NFT is now increasingly widespread and can enter into various commodity assets. It also makes it more flexible and desirable.