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Textile major Mafatlal Industries to open metaverse gallery, NFT store

Textile major Mafatlal Industries to open metaverse gallery, NFT store
Photo Credit: Pixabay
6 Jul, 2022
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Indian textile company Mafatlal Industries is opening a metaverse gallery and NFT store for fashion enthusiasts on COMEARTH, an e-commerce metaverse platform, started by NFTICALLY in June. Mafatlal’s NFT gallery will use 3D models to engage with customers and offer an immersive experience of designer clothes, the company said. Six designs of school and hospital uniforms will be made available as NFTs in the store.  

Priyavrata Mafatlal, vice chairman of Arvind Mafatlal Group said that through COMEARTH his company is planning to reach out to a larger audience.  

“We are thrilled to have partnered with NFTICALLY. Having a century-long legacy and experience, we believe in pushing our boundaries and being innovative and creative in every aspect of our business,” added Mafatlal.  

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A subsidiary of Arvind Mafatlal Group, Mafatlal Industries is one of the leading Indian companies in textile making and textile chemicals. Though fashion designers in India have launched NFTs of their designer clothing, Mafatlal is the first textile company to join the bandwagon. In December 2021, designer Raghavendra Rathore launched NFTs of his menswear designer clothing.  

According to Toshendra Sharma, Founder, and CEO of NFTICALLY, this is a first for a reputed Indian textile brand. “Enabling Mafatlal’s NFTs on the Web3 ecosystem will boost engagement between the brand and the young audience,” he added.  

Founded in April 2021, NFTICALLY has enabled several enterprises, brands, celebrities, and influencers to open their Whitelabel NFT stores or marketplaces.  

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Global fashion brands are among the first adopters of NFT. Gucci, Louis Vuitton, Dolce & Gabanna, Adidas, and Nike are some of the brands that have launched NFT collections.  

According to a March 2022 report by DappRadar, NFT collections of three brands Adidas, Nike, and Gucci generated $137.5 million in sales in just three months. Last month Meta Platforms also said that it is launching a digital store where users can buy designer clothing for their virtual avatars.