Future+ Fridays | Issue04

Hi, it's Ashumi, the founder of Future+. We will be sharing the 5 things that were on our radar every Friday and a roundup of news at the intersection of creative, culture and technology. This week, memes are selling for millions, countries are cracking down on AI, new investments were made across web3 and so much more.

If you are reading this for the first time remember to subscribe here for weekly news and look back at older issues through this link.

📖 In this week’s issue- 

1. mmERCH receives seed investment of $6.4M

2. Meme Coin sells for millions

3. The EU AI act

4. Open AI’s “Sora” to be released to public

5. Walmart x Unspun

👩‍💻 Also on our radar, in case you missed it- 

• Hermès being sued for claims it only sells Birkins to the worthy clients with sufficient purchase history.

• Starbucks has announced it is sunsetting its Web3 rewards and loyalty program, “Odyssey” more insights shared on Marc Baumann’s post below:

• Norma Kamali is training an Generative AI model on 40 years of her designs to carry on her legacy in partnership with Maison Meta:

• Nvidia working on a robotics project Groot to allow robots to learn natural language and movements by observing humans:

• Crypto.com and Andy Ku’s Altava forge a partnership to propel digital fashion innovation 

• Anrelage closed out Rakuten Fashion Week Tokyo (RFWT) with many claiming this season was the most incredible, more Tokyo highlights here:

• With a TikTok ban on the cards in the US will advertisers and content creators be forced to go to Instagram reels and Youtube?

• Jewellery brand Thomas Sabo launches digital and physical collection of 50 items in partnership with digital fashion game Pocket Styler 

📲 Are you a brand or PR team that has news to share? Fill this form here to be featured to over 2000+ marketers, execs and innovation teams across fashion, luxury, beauty, retail and emerging technologies.

🔎 Deeper Insights:

1. Neo-couture company mmERCH secures $6.4 million in seed investment

Last week, mmERCH–a non-fungible fashion company that combines AI and Web3 within the fashion industry–received a seed investment of $6.4 million led by Liberty City Ventures. This investment is aimed at furthering mmERCH’s blockchain enabled one-of-a-kind clothing collections. An array of investors–including Tory Burch, Karlie Kloss, Charles Cascarilla, and more–supported the funding.

Founder and CEO of mmERCH, Colby Mugrabi, describes the brand as “neo-couture,” which offers limited-edition collections consisting of one-of-a-kind clothing items designed by Gen AI. Through the use of Gen AI, mmERCH is unveiling its first collection this April. The collection consists of three components: an AI generated NFT piece of digital artwork; a physical, one-of-a-kind hoodie; and a virtual avatar. This collection was created in collaboration with award-winning comic book artist, Gilbert Hernandez.

Why it matters: mmERCH’s combination of AI and Web3 reflects a rise in the convergence of fashion and the digital world. Digital fashion offers consumers increasingly personalised experiences, a consumer trend that has been on the rise for the past few years. Additionally, the encrypted blockchain technology that digital fashion implements ensures that each piece is authenticated while still satisfying the consumers need for the physical product. mmERCH combines collaborative creativity with pop culture artists, Web3 and Gen AI in a unique way and with the backing of a stellar advisory team and investors, we are excited to get our hands on the first drop.

TLDR: 

• mmMERCH received a $6.4 million investment to expand their blockchain enabled one-of-a-kind clothing collections by investors including Karlie Kloss, Tory Burch, Charles Cascarilla and more.

• Their first collection, which will release virtual, digital, and physical clothing, is set to be launched this April

• mmERCH is a neo-couture company that combines AI and web3, founded by Colby Mugrabi

2. The EU is cracking down on AI; what does this mean for fashion?

On Wednesday, the European Parliament voted to approve the EU AI Act: a legislation that reflects a turning point for how companies use AI across the EU. The act follows a risk-based approach, requiring brands to review how they use them. The act also places restrictions on AI that poses a risk to people’s fundamental rights, measuring risk in four categories: unacceptable, high-level, limited, and minimal. Anything at the unacceptable level will be banned in November, and the act will begin to take effect in May.

It is important that companies in the EU–especially those in the fashion industry–take note of the changes being made in regards to the use of AI. Brands that use AI to give styling recommendations will need to review how information is generated to the customer. Additionally, brands will be forced to label content that was generated using AI, reflecting increased transparency towards consumers. The act will also require companies to disclose when they use data–which may include past data sets, social media trends, and consumer preferences–to develop AI models.

Why it matters: The EU AI Act represents an effort to ensure companies are transparent towards consumers about their business practices. Consumers both appreciate and demand transparency. In a 2022 survey by Statista, 60 percent of respondents stated that they believe transparency is the most important brand trait. Brands will have to be more cognisant of their AI uses with the EU AI entering legislation; however, this new act may also reflect a new opportunity for brands to act transparently and provide more personalised experiences for their customers. 

TLDR: 

• The EU AI Act will prevent companies from using AI if it poses a risk for customers

• The act may affect fashion brands and other companies who use AI for styling purposes, or release Gen AI content

• The law will take effect in May and changes will be seen by the end of 2024

⭐️ Future+ cultivates dynamic partnerships with forward-looking brands and companies through in-depth insights reports, brand focused content, case studies, events and experiences. Become a partner here

3. OpenAI’s “Sora” is set to be released to the public

Sora–a hyper realistic text-to-video generator–will be available to the public this year, according to OpenAI CTO Mira Murati. Sora utilises a diffusion model that creates highly distilled images, making the generated videos more smooth and realistic than other AI video generation models. Sora is currently going through red teaming, where people test the tool to identify any issues. 

Despite an evident technological and AI innovation, there is still an unanswered question with the planned release of Sora: will it prevent users from generating harmful content? When asked about the possibility of generating nude images in an interview with The Wall Street Journal, Murati said she is “not sure” if the model will prevent users from generating these types of elicit images. Murati explained that OpenAI is currently working with artists from different fields to determine the level of flexibility Sora should have.

Why it matters: the set release of Sora to the public raises questions of ethics among AI models. AI is being developed at an exceedingly fast pace, and it can be difficult to manage imperfections that are created by newfound innovations. While AI is changing our world for the better–speeding up company efficiency and enhancing creative freedom, as described in the Future Plus 2023 Insights Report–it is important that companies monitor AI to ensure it doesn’t negatively affect consumers.

TLDR: 

• Sora, the text-to-video generator by OpenAI, will be released to the public this year

• OpenAI is unsure of whether or not the program will give users the ability to generate harmful content

• The program creates hyperrealistic videos that users will be able to create themselves once released publicly

🔮 Are you a journalist, trend forecaster or futurist with a unique perspective on the intersection of creative, culture and technology? Apply to become a Future+ Creator today.

4. Walmart partners with Unspun in an effort to reduce waste

Last week, Walmart announced their partnership with Unspun: a textile studio that uses a one-of-a-kind weaving technique for apparel production. Unspun’s 3D technology skips the traditional design method that requires fabric to be cut and stitched, going straight from the yarn to the garment which eliminates waste in the production process. Walmart is implementing Unspun’s technology within their supply chain to produce men’s chinos. Unspun’s technology will eliminate leg seams and create woven labels in the chinos, creating a stronger and more comfortable shoe. Walmart set a goal of using 350 Unspun machines by 2030. 

Unspun’s technology is an innovative step in the fashion industry. Over the years, hardly anything has changed in terms of how clothing is produced, specifically in regards to being conscious of waste production. Unspun’s technology eliminates waste, creates customisation potential, and localises production. Walmart’s collaboration with Unspun reflects a step towards sustainable fashion, with their set goal to run on 50% renewable energy by 2025 and 100% by 2035.

Why it matters: The Walmart x Unspun partnership reflects the importance of brands utilising sustainable practices and the ability of technology to act as an aid. Sustainable fashion is pivotal in an effort to reduce greenhouse gas emissions, with an estimated 4 percent of global waste being attributed to the fashion industry. With new technology like the Unspun 3D production system–and digital innovations like Web3 that provide virtual mediums for fashion–brands have an opportunity to reduce their carbon footprint and alter business practices in an effort to be sustainable. We hope collaborations like these help in the wide scale adoption of sustainable solutions and can be applied across many companies and verticals.

TLDR: 

• Walmart partnered with Unspun, a studio that uses 3D weaving technology to eliminate waste in clothing production

• Walmart set a goal to use 350 Unspun machines by 2030 and to run on 50% renewable energy by 2025

• Brands have a role to act sustainably, with 4 percent of global waste being produced by the fashion industry

📱 Thinking about becoming a Future+ member? For access to exclusive events, experiences, networking, and content, apply here for either our corporate or individual memberships. More information on the benefits here.

5. Meme Coin is on the rise again–and selling for millions

Can you imagine making millions overnight? Well, Meme coins are doing just that. Artist Darkfarms’ “Book of Meme” ($BOME) token reached a $1.46 billion market cap following its presale on March 14. Following the success of $BOME, multiple artists followed suit; over the weekend, roughly $100 million worth of tokens were sent to meme coin presales on the Solana blockchain. For example, Artist Kero generated more than $10 million for his meme coin “SNAP” in less than 24 hours. Meme coin presales are becoming exceedingly popular within crypto, many projects generating millions before even being released in Solana’s SOL token.

Meme coin refers to a specific cryptocurrency that is created based on popular memes, pop-culture references, viral trends, and more. Normally backed by enthusiastic traders, famous examples of meme coins include the Japanese Shiba Inu Dog and Pepe the Frog. Unlike Ethereum and Bitcoin, meme coins are generated with the purpose of being fun, social experiments. Creators of meme coins tend to use these trends and humorous themes to increase attention and thus, trading volume online. 

Why it matters: Social media and online sentiment can immensely influence other parts of society, such as trading. Meme coins specifically are heavily influenced by popular trends at the time, highlighting how rising trends can shape and influence consumer behaviours and preferences. Additionally, the popularity of meme coins also have historically signalled an incoming bull market when crypto prices soar causing a ripple effect in liquidity pouring into art, culture and also emphasises how consumers like to feel a sense of community when making purchases. 

TLDR: 

• $100 million worth of tokens were sent to meme coin pre sales over the weekend

• This was sparked by the pre sale of the “Book of Meme” meme coin, which reached a $1.46 billion market cap

• Meme coins are a cryptocurrency based on popular memes and/or pop-culture references (e.g. the Japanese Shiba Inu Dog)

That’s all for this week. Don’t forget to follow us on LinkedIn and sign up to our WhatsApp channel for more weekly recaps, case studies, and deep dives on everything happening across creative, culture, and technology. 

💬 For more news, announcements and updates, join our WhatsApp Community here.

Disclaimer// Not Financial Advice- Information in this newsletter only for the purpose of sharing knowledge, news and insights and not financial or legal advice or solicitation to buy, sell or trade any assets.