The Madista Mundus Futugo App is creating a marketplace for luxury physical goods and digital assets in the metaverse. In this interview with TechBullion, the CEO Justas Venckus will be telling us more about the opportunities available with this ecosystem that connects customers with luxury goods, retailers, and fashion experts.
Please tell us more about yourself and your role in this business?
My name is Justas Venckus and I am CEO of Madista Mundus, which is developing the Futugo project. I am involved in the international commodity trading business since the year 2000. Last decade we have been focused on the Chinese market, where we have come up with an idea to develop a project for luxury fashion. China is becoming a world leader for luxury goods consumption and will overcome the US and European markets in terms of size in the coming year.
What is Futugo and what is your vision for this platform?
Futugo is a modern marketplace for luxury physical goods on web2 and digital fashion in the metaverse through NFT‘s on web3. It is a platform where users can not only shop but also learn the latest news, connect with other users or fashion and art service providers, discuss fashion and art-related topics and interact with each other. It is a place where we will connect customers from all over the world with freelancers, personal shoppers, stylists and art agents. It will be the platform where you can shop for luxury in a new, modern way. Moreover, you can trade, pawn or sell your designer goods or NFTs. Our goal is to gather the biggest community of luxury fashion and art lovers in the world. We want to make Futugo the number one APP where every luxury fashion lover will purchase, sell, trade or pawn designer goods, art pieces, designer beauty products, NFT art or virtual designer wear.
What is the technology behind the Futugo app and what unique features/services does it provide?
Futugo app is an e-commerce platform (web 2.0), a digital marketplace in the metaverse (web 3.0) and a social network designed exclusively for luxury lovers. We are using blockchain solutions for product authentication, and we will provide NFT certificates for every luxury item to improve its traceability and make luxury shopping more sustainable. To make our user shopping experience more personal, we will integrate virtual fitting rooms, 3D product view, livestream shopping events, live broadcasts from designers’ fashion shows. Also, we will create a freelancing platform for personal stylists, shoppers, and art agents, where they will be able to find clients from all over the world. We are also creating Futugo social token reward system, which will definitely be a reason for our users to remain active in our social network.
What Inspired you to leverage blockchain technology in creating this luxury fashion ecosystem, what outcomes should we expect?
Sustainability. Futugo cares about finding sustainable ways of online shopping and invites all to follow this new technology which helps identify and trace original items. We created a sustainable luxury shopping method that improves second-market performance and eliminates all possible human errors, that might occur in the luxury items verification process. In Futugo App you can purchase 100% authentic luxury fashion brands, fine art, cosmetics and get NFT certificates for each item individually. This way we support the second-life market performance, by using those digital passes to prove the item’s authentication. All our items are registered in a blockchain solution, which offers a sustainable way to improve the traceability of luxury items!
Tell us more about the e-commerce side of the Futugo app, how does it work?
We are creating the world’s first multifunctional fashion platform, that is building a bridge between luxury goods, fashion experts and customers. Of course, e-commerce is a big part of this. For the past few years, we were tracking the changes in the luxury market. We noticed that the demand in China for luxury goods is growing considerably faster than in other countries. On the contrary, in Europe, the demand is significantly decreasing. Also, the performance of the physical boutiques and art galleries wasn’t so good in the past few years, thanks to the pandemic… All of these signs and trends led us to come up with this idea – a multifunctional app for fashion and art that doesn’t stock any inventory. We selected the “Ship straight from the boutiques” business model. In that way, we are capable of covering both -the need to sell (in Europe) and the need to buy (in China and other countries). We can assure all our customers that the goods are 100% authentic because we are working and shipping those goods straight from the verified boutiques in Europe.
What makes the Futugo boutiques special and what can we find in the boutiques?
The key is the business model that we have chosen. We are working only with legit partners in Europe and Japan. All our items are authentic & original and they are being shipped straight from the boutiques so there is no risk of accidentally purchasing the fake item. Also, all our items have NFT certificates, meaning that once you buy an item, you will get a forever-lasting code that will prove the item’s authenticity. In Futugo app you will be able to find high-end fashion brands, fine art, sculptures, cosmetics, beauty products, designers’ digital clothes and NFT art. It could become your number one solution for luxury shopping.
Who is the personal assistant service at Futugo for, what are the benefits and how does it work?
Our platforms will connect users with stylists, personal art agents and personal shoppers. Stylists will provide online consultations, help our clients choose the right items from the e-shop, style them or create an outfit for a special occasion. Personal art agents will consult our clients with art and design-related questions, show art pieces, possible designs and suitable artists or even be an online guide in physical art galleries. Shopping assistants will help in getting rare and authentic items or will find and buy desired items directly from designers who sell their goods only in physical stores.
Futugo will have a social network exclusively for fashion lovers. Why is this important and how does it work?
During our research, we have noticed that there are a lot of forums in different social networks that were dedicated to fashion, a lot of hashtags, or profiles, but there is no dedicated social network for that. Also, there is no freelancing platform for specialists from this industry. Meaning that personal stylists or art agents need to spend their time searching for clients everywhere, which is not efficient at all. Not to mention how important this industry is, how much different news media are dedicated to it, but still no unification. Then, we came up with an idea – a social network and a marketplace, which unifies different brands, designers, news channels, the newest technologies, specialists, fans, celebrities, and everyone who are into fashion and ar. And that is how Futugo App was born.
We will have three different pages: Feed page – for luxury fashion and art-related content, pictures, videos, live broadcast’s and connecting with other users, Discussion page – an open forum where users can share, ask, and talk about fashion-related topics, comment on subforums or create a new one for the topic that is interesting for them and News page – where we will post the newest fashion and art-related information, articles and interviews gathered from different sources daily.
At what stage of development is the Futugo and what do we expect next on your roadmap?
The project is in a startup stage, even though it is being developed already since the beginning of 2021. Because this project is huge, there are a lot of things to be done. During this time, we have made full market research and analysis along with a preliminary marketing strategy for China. We have contacted over 1000 (one thousand) multi-brand luxury boutiques and brands in Europe for cooperation possibilities. We have made very important meetings with extremely strong high-end brands in Europe to evaluate the partnership. Besides, fine art galleries, luxury beauty shops showed an interest to work together. Contracts with the strongest and best IT and blockchain developers in Eastern Europe was made. We already have a prototype for the mobile app and the web2 platform is ready to be coded. We have technical documentation for the web3, which is also ready to be coded on a blockchain. A team of IT, marketing, personal shoppers, lawyers, advisers, financial and business professionals has been formed. The next stage of the app is the most important and interesting when active programming and coding works must start after IDO. Along, we will make partnership agreements and memorandums of cooperation with the majority of multi-brand boutiques in Europe, fine art galleries and beauty segment representatives. Marketing launch programs will be developed for the Chinese, US and Middle East markets. We are keen to expand our team for faster project growth, therefore now the very important stage for us is the attraction of investments.
Do you have any available opportunities for investors and partners on the Futugo project?
Yes, we have a huge possibility for investors. In the coming months, we will announce dates for private and seed sales, also for public sales through IDO of Futugo tokens. We are always very open and kindly welcome any potential partners or investors for cooperation. Just drop us a message and we can chat about your interests. We welcome every initiative from everyone, who can not only be an investor but who can bring added value to the project. It is also worth mentioning that not only our users and investors will benefit from the project, but we will also deliver advantages to all our partners through tokenization, so all users of the platform will be incentivised to provide only the best services.