The company, which produces digital fashion under its own label in partnership with a variety of designers, as well as acting as a platform through which other designers and brands can sell their digital products, raised $2 million in a seed round co-led by The Artemis Fund and Alpha Edison.

The funding will be used to create a DressX mobile app, a non-fungible token (NFT) marketplace and facilitate partnerships with social media, gaming and other virtual platforms.

DressX, founded in August 2020, describes itself as the world’s largest platform for digital-only fashion, with more than 100 partner designers and thousands of digital items available for purchase on its website.

One of those labels, Auroboros, recently became the first fashion brand to present a solely digital collection at a major international fashion week at last month’s edition of London Fashion Week.

“We will continue to shape this new exciting industry that has recently started to develop exponentially fast,” said DressX CEO and co-founder, Daria Shapovalova. “Our goal is to sell one billion fashion looks and to enable an innovative fashion experience to every consumer in the world.”

Demand is increasing within the virtual fashion market, as NFT mania this spring propeled new interest (and sales) for virtual fashion houses and retailers that enable brands and designers with a platform to sell to consumers.

Though NFTs have been the predominant buzzword, the category for virtual apparel is expanding fast, as companies look to capitalise on digital garments within gaming, metaverses and augmented reality.

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BoF Insights’ guide to digital assets in fashion, which examines the rise of the metaverse and underlying technological, social and consumer shifts, plus includes a playbook for how to seize the opportunity. To explore the full report click here.

The Opportunity in Digital Fashion and Avatars is the in-depth report published by BoF Insights, a new data and analysis think tank from The Business of Fashion arming business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.