Web3 luxury fashion company Syky (pronounced “psyche”) wants to merge the traditional world of fashion with Web3 technology. And now it has found its investors, raising $9.5 million in a Series A round that Reddit co-founder Alex Ohanian’s Seven Seven Six led. Brevan Howard Digital, First Light Capital Group, Leadout Capital, ad Polygon Ventures also participated in the round.
To start its Web3 community, Syky will be launching an NFT collection on January 20th at 9 am EST. The collection will feature 987 “Keystones” that give holders access to company alpha, detailed reports, and access to virtual and IRL events. In addition, Syky will reserve 50 Keystones for up-and-coming designers who wish to connect with the company. The mint price per Keystone is 0.2 ETH.
Alice Delahunt, who previously worked at Ralph Lauren and Burberry, heads Syky. She believes that the future of fashion is digital and the next 10 years will see the disruption of traditional industries like fashion through blockchain and Web3 technology. In a statement, she said that Syky will build a platform that “equalizes creative opportunity” for aspiring designers and features the best fashion from emerging and established brands.
The company name, Syky, comes from the Goddess of Soul in classical mythology called “Psyche.” Psyche, in ancient literature, rose to her divine nature by persevering through adversity. She is often a figure in poetry and art. Now, through the company’s name, she has her place in fashion and technology.
Fashion Bets Big on Web3
While Syky’s entrance into Web3 is big news, it is far from the only fashion company getting involved in the next iteration of the internet. In 2022, we wrote several articles about the fashion industry and Web3. Here are three.
First, two months ago, the Council of Fashion Designers of America (CFDA) celebrated its 60th anniversary with an activation in The Sandbox. The activation featured 60 retrospective fashion designs, all voxelized for The Sandbox metaverse.
Next, also two months ago, a study from Roblox and the Parsons School of Design made news, suggesting that digital fashion is a rising trend among younger generations. The survey sampled 1,000 Gen Z community members and found that over 70% planned to spend money on digital fashion.
Lastly, four months ago, fashion house Balmain launched an NFT membership program. Called “The Balmain Thread,” the NFT collection will eventually have up to 10,000 NFTs, with the members receiving a variety of rewards, including access to new NFT drops.
Syky’s Web3 entrance is big news and could shake up the fashion industry. Here at Rarity Sniper, we’ll keep our ears to the ground for further developments in the story.