DDMTOWN metaverse, will it be a 'savior' of the stagnant Dongdaemun market?

19 Aug 2022

Dongdaemun Market has 170,000 people, 26% of the workers in the Korean clothing industry, within a radius of 2km.

It is one of the world's largest fashion clusters with an annual turnover of 15 trillion won.

Recently, the Dongdaemun market failed to keep up with the constantly changing flow of the distribution market and retreated, and the global fashion cluster Dongdaemun market faced a crisis.

Therefore, in order for the Hallyu culture represented by BTS and K-drama Squid Game to lead to K-fashion following K-beauty all over the world,

We need new fashion content.

In Dongdaemun, the number of new products that Spain's global fashion company (Zara) makes throughout the year is within a week.

 It is a clothing market equipped with the world's best QRS (Quick Response System) infrastructure.

Due to COVID-19, buyers are cut off, offline consumption decreases, and non-face-to-face consumption increases.

Due to the rapid change in the rapidly increasing consumption culture, it accounts for 20% of the Korean textile fashion market

The Dongdaemun market is rapidly shrinking, and the vacancy rate in the Dongdaemun market has reached 40%.

In the meantime, various platforms and online shopping malls have been continuously growing based on the Dongdaemun ecosystem.

Among them, DDMTOWN, the first metaverse platform in Dongdaemun, promoted by the Dongdaemun Merchants Cooperative

It is attracting public attention ahead of its launch, and DM Town is characterized by realizing a virtual Dongdaemun within the metaverse ecosystem beyond existing online shopping.

DM Town aims to become one of the world's top five fashion cities, such as New York, Milan, Paris and London, with Seoul becoming the Dongdaemun market.

Transforming to digital and reviving in the era of blockchain paradigm, together with all merchants

A virtual convergence economy in which the virtual economy of the metaverse coexist and the real economy of Dongdaemun is realized.

To this end, the best existing metaverse implementation technologies such as AR (augmented reality), VR (virtual reality) and hologram (XR: Extended Reality) were applied.

In addition, it is possible to open an independent NFT exhibition hall in the DMTOWN metaverse and easily conduct NFT transactions by linking with the NFT market ‘THE FAVOR SHOP’.

It is composed of not only shopping, but also a virtual complex cultural space through various planning such as ▶3D fashion show ▶various exhibitions ▶lectures ▶expo.

Recently, we signed an MOU with the World Korean Trade Association (World Octa), which has 140 branches in 66 countries around the world.

By signing the agreement, Dongdaemun's excellent products in the metaverse space can advance to B2B.

Accordingly, attention is focused on whether DM Town will become a relief pitcher who once again revitalizes the stagnant Dongdaemun Market in the metaverse space and the real world.

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