Ordre, a global online wholesale fashion technology company operating out of Australia’s Byron Bay, has raised US$9 million to expand its fashion services. The funding will also accelerate the development of its blockchain-based authentication platform and non-fungible token (NFT) technology.
Morgans Leads Funding Round
The Series B funding round was led by an Australian financial consulting services firm, Morgans Financial Ltd, according to the report. This marks Ordre’s third fundraise since its inception in 2015. So far, it has reportedly raised up to US$30 million.
Using the new fund, Ordre intends to relaunch Ordre.com, which is the company’s multibrand virtual showroom platform that grew by 325 percent over the past year. It also plans to use the fund in expanding “Ordre Virtual“, a new custom/white label virtual showroom platform.
Authentication and NFT Technology for the Fashion Industry
More interestingly, the new funds will help speed up the development of Ordre’s authentication platform and NFT technology for the fashion industry. Dubbed “Authentique”, the blockchain-based authentication platform will help create a “digital fingerprint“ for fashion products to help combat counterfeit.
The platform will also enable the digitisation of product ownership, which can be transferred or transacted in the form of NFTs.
Authentique is perhaps our most exciting venture to date: visual recognition technology, which creates digital fingerprints of products. You can scan a product with your phone and instantly verify if it’s the real thing and once you own it, you can transfer digital ownership of that product through an NFT to your [crypto] wallet.
Ordre founder Simon Lock
Fashion NFTs Are So Hot Right Now
NFTs are becoming very popular in the fashion industry. During Crypto Fashion Week in February, lots of digital artworks were issued as NFTs, which play out as glimpses of future ideas in the fashion space. Fashion NFTs are continually rising in popularity, as reported earlier this year by Crypto News Australia .
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