Will fashion be NFT's Trojan Horse 🎠?
Luxury brands make NFTs the latest fashion statement. Ethereum is a green blockchain, and how. A million dollar game key. Losing $400k over a fight. All the cool stuff from NFT Paris, unplugged.
Hello y'all. This is The Token Dispatch. Did you know Ethereum Proof of Stake (PoS) consumes almost 90000x less energy than Youtube? We didn't. Now we do 👍. Today we also discover, rather re-discover the art of losing money, and how to not spend your money. It's Monday, and it ain't a fun day, by any means 😡. It's all over the place 😵💫.
Move over haute couture, NFTs are the latest fashion statement. Major luxury fashion brands are going wild for NFTs, with their eyes set on the metaverse. And it didn't just stop with Nike's RTFKT Studios. These creative NFT projects offer longer-term utility, often linked to experiences and membership programs!
👗🎨Who are we talking about
It all started with Fabricant's "Iridescence" dress, which sold for a whopping $9,500 in May 2019. Gucci became the first major luxury fashion brand to enter the NFT space when it auctioned its Aria film for $25,000 in May 2021. Since then, major brands like Adidas, Burberry, and Prada have all hopped on the NFT bandwagon, showcasing their digital creations and generating fresh revenue. And in 2022:
Nike: Launched RTFKT x Nike Dunk Genesis CryptoKicks NFT in April. Announced their SWOOSH platform to allow community members to create and trade digital collectibles in November 2022.
Adidas: Teamed up with Prada to launch an NFT project on the Polygon network in January 2022.
Gucci: Launched the SuperGucci collection with Superplastic in January 2022.
Tiffany: Reported remarkable NFT revenue of $12.62 million. Sold around 250 NFTiffs, which are digital passes, to customers.
Dolce & Gabbana: Launched the Genesis Collection, or Collezione Genesi, in NFT space. Auctioned for $6 million and sold out instantly.
Burberry: Collaborated with Mythical Games for "Blankos Block Party" project.
Prada: Launched the Timecapsule NFT collection as an expansion of the brand's popular Timecapsule program.
Louis Vuitton: Released new NFTs as part of Louis: The Game app in April.
Salvatore Ferragamo: Opened a concept store in SoHo, NYC, featuring NFT booth and hologram sneaker customisation tool.
Paco Rabanne: Launched NFTs in collaboration with Selfridges in late April.
Balmain: Launched Balmain Thread, an NFT-based membership program developed with MintNFT.
NFTs have generated fresh revenue for brands that they would not have otherwise generated.
Brands can use NFTs to build exclusive communities of NFT owners, attach rewards or experiences to them, and increase the value of new physical products.
NFT collections can be used to communicate brand values to consumers, which is important to conscious consumers.
NFT marketing can attract younger generations, particularly Gen Z and millennial consumers who are trend-setting and tech-savvy.
NFT marketing is a great tool for engaging with crypto-savvy audiences.
Brands can use NFTs to build and foster communities of loyal customers.
🌍 Doing Good with NFTs 🤲
Many fashion brands have taken a philanthropic approach with their NFTs, donating a portion of their proceeds to various charitable organizations. Vogue Ukraine and Vogue Singapore's collaborative drop went towards Save The Children Ukraine, while Dion Lee donated a percentage of its first NFT drop's proceeds to the Women's Reproductive Rights Assistance Project (WRRAP).
👠Metaverse Fashion week
Decentraland has announced the return of Metaverse Fashion Week March 28-31 2023. The Metaverse Fashion Week 2 is taking things to a whole new level with interoperable wearables, cross metaverse teleporting, and an avatar 'supermodel' ambassador. Decentraland is teaming up with Spatial and OVER to bring the event to even more metaverses, so you can wear your Decentraland clothes no matter where you are. And it's not just any fashion show - this one will be recognized by the CFDA and follow the trends of New York, London, Milan, and Paris. So grab your virtual heels and get ready for a week of fashion fun!
🔮The Future is Now
According to research firm Technavio, digital fashion is projected to become a market worth over $6 billion by 2026, while Morgan Stanley analysts predict the virtual luxury goods market could reach up to $50 billion by 2030. So, will we be seeing more fashion brands jumping on the NFT bandwagon in the future? It's safe to say that the future looks bright and digital.
Ethereum is a green blockchain ✅
After Ethereum's eventful transformation on September 15, 2022, the network just went green, proper green. It has dropped its energy consumption by a whopping 99.99%! This means we can all breathe a little easier knowing that our beloved crypto isn't harming the environment as much. 💚
According to the Crypto Carbon Ratings Institute, the blockchain now uses only 2,6001 megawatt hours per year (0.0026 TWh), with an annual CO2 emission of just 870. That's a massive improvement from the previous 23 million energy consumption and 11 million CO2 emission figures.
With miners also making the switch to green mining, the energy numbers can only drop further in the future. And who knows, with Ethereum leading the way, maybe other major coins will follow suit and we'll finally have a crypto world that's truly sustainable.
TTD Blockquote 🔊
John Karp, president NFT Factory
"Sometimes we say that NFTs are a trojan horse for crypto....We see physical art as the best way to touch as many people as possible."
NFT Factory is the grooviest, coolest hub in Paris dedicated to making NFTs accessible to everyone! They've got a crew of 130 tech and crypto gurus, artists, investors, and companies, all working together to unite the community. And get this, and they've got their own NFT membership token owned by around 1,000 people. These people get access to a super exclusive, closed space where they can brainstorm ideas and come up with interesting business ventures.
David Gokhshtein: Who is Dogecoin’s Latest Champion?
David Gokhshtein is a man of many talents - from being a financial industry high-flyer to a podcast host, a website owner, and now, a social media personality. But it's his recent claim to be the "unofficial leader of $SHIB" that has really got people talking.
🥸Who is David Gokhshtein?
After studying, Gokhshtein quickly established himself in the financial industry, holding several high-level positions as a Finance Director in the automotive sector. In 2018, he was invited to join the Forbes Financial Council, where he shared insightful content about the growth and application of crypto in modern business. Gokhshtein went on to launch his own personal website, where he shared his analysis on BTC and ETH. He also co-founded and hosted the 'Crypto Mamba Podcast'.
Dogecoin and Shiba Inu fever: Gokhshtein is a devout supporter of meme coins like Dogecoin and Shiba Inu. He's even hinted that he'll delete his Twitter account if SHIB ever hits $0.01! G3VRSE NFT Collection: A Network of Like-Minded Enthusiasts. In an effort to expand his Web 3 network and community, Gokhshtein launched a free NFT collection of 10000 NFTs called G3VRSE Pass.
TTD WTF 🤯
💰Who's got the million dollar key?
A bunch of NFT enthusiasts (UpDAO) are on a mission to buy the winning key from Yuga Labs' Dookey Dash game. And they've placed a jaw-dropping bid of $1.1 million on it! But that's not all, the current owner, Kyle "Mongraal" Jackson, is asking for a whopping $3.5 million for the key NFT. UpDAO, connected to Pixel Vault's Inhabitants Universe, has placed a bid of 690 WETH on the key. With only 48 hours left for Mongraal to accept or ignore the bid, UpDAO has about $24.4 million in its community treasury, representing roughly 5% of its assets. But when you're an NFT enthusiast, nothing is too crazy!
💷And losing this much
Rapper Drake got a little too trigger-happy with his wallet and lost a whopping $400,000 on Jake Paul's fight against Tommy Fury in Saudi Arabia! Ouch! Prior to the fight, Drake was all in on Paul to win by KO, but unfortunately, things didn't go as planned and Fury ended up taking home the victory in a split decision. But despite his recent streak of bad luck in combat sports gambling, he finally hit the jackpot and won a cool $1 million on Israel Adesanya.
'The Wallet Is the New Cookie': Salesforce Web3 Lead
Salesforce, the cloud-based CRM software giant, is breaking into Web3 to help future-proof its clients and connect with a new generation of customers. The company launched a pilot for an NFT minting and sales platform last June, designed to help engage online communities and collect valuable data.
"We think the wallet is the new cookie," the co-founder of Salesforce's Web3 studio Marc Mathieu . "It's gonna be embedded in all the brand's websites, connecting your wallet. That's a new data layer.
Salesforce's Web3 studio team is comprised of over 100 ambassadors spanning various industries and geographies. The company is taking efforts to address criticisms of its NFT rollout, including waiting on Ethereum's transition from 'proof of work' to the more efficient "proof of stake" consensus mechanism. Salesforce believes Web3 will help them build a new kind of relationship with customers and bring in their values of trust, sustainability, and equality.
Satoshi Nakamoto’s last Unfinished Project Inspires this New Online Marketplace
Satoshi Nakamoto's half-finished project has finally been brought to life by an anonymous team of tech wizards! They've created a trustless, unstoppable marketplace called Particl, which is a fork of Bitcoin. And get this - it's got an eBay-style marketplace built right into its wallet!
The marketplace is built using blockchain smart contracts, and it's got zero fees, encrypted chat messages, and all sorts of fancy-sounding privacy feature like ring signatures and blinding. It's even got more transactional privacy than Monero.
Right now, the marketplace only accepts payments in PART, its native currency. And they're planning on adding support for other cryptocurrencies soon. During the Covid pandemic and Hong Kong student protests, people were listing all sorts of things on the platform - PPE, hand sanitiser, Covid tests, protective gear, and even a Tesla car! Particl is totally shaking things up - it's a disruptor for Amazon, eBay, and exchanges alike.
TTD NFT Buzz 📯
Adidas' Web3 lead Erika Wykes-Sneyd hinted at unique ways to integrate crypto beyond simply adding a payments option. Adidas may soon include the inclusion of a cryptocurrency, but it won't be as simple as just adding a payments plugin.
Doodles CEO Julian Holguin believes that most projects will not be able to make it through these times. Despite the bear market, Holguin believes that brighter days are coming and that events like NFT Paris can provide a much-needed breath of fresh air.
Animoca Brands chairman Siu has revised the target for the company's metaverse fund, Animoca Capital, from $1-2 billion to $1 billion. Siu noted that while the market is not as optimistic following the FTX meltdown, there are still plenty of sources of capital for the new venture.
Lotte Group laps up NFTs. South Korea’s fifth-largest conglomerate with operations in manufacturing, hotels and e-commerce, partners with Polygon for global NFT drive.
Robin Arzón, vice president of fitness programming and head instructor at Peloton, is building a Web3 community around working out.
Ameen Soleimani, the co-founder of SpankChain and Reflex Labs, has teased a revival of the Ethereum transaction mixer, Tornado Cash.
UltronGlow, a storage protocol that offers inexpensive, user-priced decentralized storage options, has started its beta program.
Social investing and trading platform eToro secured BitLicense to offer crypto services in New York, along with a money transmitter license from the New York State Department of Financial Services.
Edogawa Ward in Tokyo plans to use metaverse tech to help social recluses, also known as “hikikomori,” begin to integrate with society again.
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