Farfetch and Outlier Ventures Team Up to Boost Web3 Start-ups
Farfetch made its name connecting boutiques and brands to the web — now the self-styled operating system for fashion is looking to build new links to Web 3.0.
The platform has teamed up with Outlier Ventures to launch the Dream Assembly Base Camp accelerator program, looking to connect some of the most promising Web3 start-ups in the luxury and lifestyle mentorship while offering networking and support.
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That means the duo will be nurturing companies and founders that are building not in the web of today, which is dominated by centralized platforms, but laying the groundwork for a much more decentralized approach that is seen as taking over — eventually.
The 12-week remote program will “focus on digital fashion, tokenized loyalty, immersive experiences and the creator economy. Participating start-ups will gain access to Farfetch and Outlier Ventures’ network of leading mentors from the fashion, technology and Web3 industries, as well as investors, to support their future fundraising efforts.”
Carol Hilsum, senior director of product innovation at Farfetch, said Web3.0 is opening up a “new wave of opportunity for the luxury industry.”
“Web3 has really created this new type of culture and new understanding about things like community and experience,” Hilsum said.
Digital fashion — style worn by avatars — is one area that is expected to get some attention in the program.
“How are people going to use digital fashion? What does it mean in their everyday lives? We’re looking for start-ups that are building into that space,” she said.
It’s a space that presents hurdles that are technical, yes, but also touch on just what luxury means.
What does a luxury experience in this new setting look like? How much say and input will users have?
They are questions that, as of yet, don’t have clear answers. But someone out there is working on them.
“We are very aware the future of Web3 is being designed and built largely in the fashion tech ecosystem,” Hilsum said.
This kind of effort, helping shepherd and connect with the next generation, is something both Farfetch and Outlier have experience with.
Farfetch launched its Dream Assembly program in 2018 and has since taken more than 60 start-ups through the program. Outlier Ventures has had its Base Camp program since 2019 and worked with companies such as DIAData, Boson Protocol, Auroboros, Gravity Layer, NFT42, Cryptio and Crucible.
Applications will be accepted through Aug. 19 for the program, which begins in September.
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