MION Spa’s experience in woven labels for the fashion industry combined with Hedera’s fast and sustainable blockchain technology will create unique, branded NFT labels to support fashion brands in their journey into the Metaverse
LUGANO, SWITZERLAND / ACCESSWIRE / May 17, 2022 / The HBAR Foundation, an organization that supports the development of projects building on the Hedera ecosystem through grants and other resources, today announces a collaboration with MIOO TECH, a newco created by fashion labels manufacturer MION Spa, to integrate non-fungible tokens (NFTs) into designer fashion labels.
MIOO will enable luxury fashion brands to track provenance and create sustainable, metaverse-ready garments that can be transposed seamlessly to virtual reality. The HBAR Foundation will support the development, growth, and launch of MIOO on the carbon-negative Hedera network.
MIOO will become one of the first recipients of the HBAR Foundation’s $250 million Metaverse Fund, which supports projects focusing on interactive digital experiences.
Luxury fashion brands from Gucci to Louis Vuitton are already embracing blockchain technology as a way to instill product authentication systems and eliminate counterfeit goods. MIOO plans to go a step further by issuing a corresponding NFT for each individual garment that can be modeled in the metaverse and even sold separately on secondary markets. In doing so, MIOO enables its luxury brand customer base to tap into a market expected to be worth $50 billion by 2030, according to figures from investment bank Morgan Stanley.
In addition, through MIOO, the brands will provide provenance certification, tracking the garment’s journey through all stages of the supply chain to confirm that a product is authentic and manufactured sustainably and ethically.
MIOO is the brainchild of two co-founders from the worlds of fashion and art: Niccolò Mion, CEO of MION Spa, a leading company in the luxury clothing and leather goods labeling sector with 230 million labels produced per year, 500 clients in Italy, and 700 worldwide; and Etan Genini, co-founder and CEO of Valuart, a company that supports creators, brands, and collectors through blockchain and art advisory. The pair created MIOO with a vision to harness the integration of NFT technology to unlock opportunities for consumer engagement for its luxury fashion brands.
Etan Genini, Co-Founder of MIOO, said “We aim to transform the in-store and virtual shopping experience, allowing fashion brands to convert their products into NFTs in order to connect and stay in touch with their consumers. Customer engagement will be tailor-made to the buyer and brands will be able to convey specific marketing activities and communications about new products, events, store openings, and much more.”
Niccolò Mion, Co-Founder of MIOO and CEO of MION Spa, added: “Thanks to the use of certified blockchain technology on labels, we can now give a multitude of garments uniqueness, tracking, and added value, both for the end consumer and for the brands that will collaborate with us. What was a promise of authenticity from brands is now a verifiable and immutable blockchain certification, allowing consumers to gain complete insight on all steps of the supply chain.”
Thanks to the use of Hedera, MIOO allows the collateralization of items on the blockchain in a fast and sustainable way. Hedera’s technology will enable MIOO to create the NFT of the purchased garment in less than a minute while remaining carbon-negative.
Hedera is committed to carbon-negative network operations, purchasing carbon offsets quarterly, as well as providing high throughput and low fees through its Directed Acyclic Graph (DAG) structure which increases transactional speed and efficiency.
Alex Russman, VP and Head of the Metaverse Fund at the HBAR Foundation, said: “The MIOO project is set to revolutionize the luxury fashion industry by bringing cutting edge Web3 technology to the most exclusive designer brands in the world. We look forward to collaborating with MIOO to create a sustainability-focused project that delivers verified ownership and authenticity and allows high fashion items to be recognized in the metaverse and beyond.”
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Cryptoland PR for HBAR Foundation
MIOO, is a company headquartered in Lugano, co-founded in 2022 by Niccolò Mion, CEO of MION Spa, and Etan Genini, CEO and founder of Valuart, with the goal of making all the products of the most prominent luxury fashion brands sustainable “Metaverse Interactive Objects”, i.e. digital objects that are real and valuable, but also collectable and saleable in the Metaverse thanks to unique labels applied onto the items.
The Hedera network is the most used3, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is governed by a council of the world’s leading organizations, including Avery Dennison, Boeing, Chainlink Labs, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, sustainability, gaming and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development and other operational functions that are required to scale. For additional information, please visit https://hbarfoundation.org/ or follow the Foundation on twitter @HBAR_foundation
SOURCE: The HBAR Foundation
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