ChainCatcher news, the Web3 digital fashion company Cult & Rain has decided to cease operations. According to an open letter released by the company's founder and CEO George Yang, the volatility of the cryptocurrency and Web3 markets has impacted its financial situation, and it also failed to secure external investment, ultimately choosing to shut down business operations and end the Cult & Rain 2.0 plan.

ChainCatcher news, digital fashion company DressX has completed a $15 million Series A funding round, led by crypto venture firm Greenfield. The round closed at the end of February, with participation from Slow Ventures, The Artemis Fund, Red Dao, and Warner Music. The funds will be partially used to improve the interoperability of its digital fashion assets, enhance its application, and boost the performance of the NFT marketplace.It is reported that DressX focuses on off-chain digital fashion items that can be showcased on platforms like Roblox and Instagram, and launched its NFT marketplace in March last year, establishing a partnership with Crypto.com. NFTs sold on its marketplace can be digitally worn in augmented reality through the DressX application. (source link)

ChainCatcher news, the Web3 accelerator and investment firm Outlier Ventures has jointly launched the Web3 luxury business development accelerator program Dream Assembly Base Camp Cohort with the luxury fashion platform FARFETCH Limited. The Dream Assembly Base Camp Cohort is a 12-week remote accelerator program designed to provide curated guidance, networking, and support programs for the most promising Web3 startups in the luxury fashion and lifestyle sectors, aimed at driving the development of Web3 luxury business.It is reported that this project is the second round of the accelerator program, which will focus on luxury data infrastructure, community tools, digital fashion experiences, self-expression, and sustainability. The program is now open for applications, with a deadline of March 24, 2023. Participating startups will gain access to leading mentors and investor networks from FARFETCH and Outlier Ventures in the fashion, technology, and Web3 industries to support future fundraising efforts. (Source link)

ChainCatcher news, the Web3 fashion platform Syky has completed a $9 million Series A funding round, led by Seven Seven Six, with participation from Brevan Howard Digital, Leadout Capital, First Light Capital Group, and Polygon Ventures. The new funding will be used for team building, product and technology development, and more.It is reported that Syky will issue NFT membership passes called The Keystone (987 pieces) on January 20, reserving and granting 50 pieces of The Keystone to designers. Holders will gain exclusive access to connect and collaborate with other creators on the platform, and will be able to participate in online and in-person fashion events. (TechCrunch)

ChainCatcher news, digital fashion platform House of Blueberry has completed a $6 million financing round, led by Makers Fund. This round of financing will be used to expand partnerships with games and other virtual worlds.House of Blueberry was founded by Mishi McDuff in 2012 and has sold over 20 million digital assets under its own brand on platforms such as Roblox, The Sims, and Second Life. (source link)

ChainCatcher news, the digital fashion platform DressX has completed a new round of financing, with participation from Warner Music Group (WMG), although the specific investment amount has not been disclosed. Warner Music Group will launch metaverse virtual goods "verch" for fans and followers.It is reported that DressX previously completed a $3.3 million financing. The platform's virtual clothing launched in the Meta Avatar Store can be worn on Instagram and Facebook profiles. In addition to Meta, the company has also established partnerships with virtual avatar platforms and metaverse platforms such as Roblox, Zepeto, Ready Player Me, Decentraland, The Sandbox, and Spatial. (source link)