NFTs are gaining popularity in luxury fashion. Tiffany & Co. started selling personalized jewelry for CryptoPunks holders, Byredo partnered with RTFKT to develop a “future perfume in Web3,” and Gucci is doing well, as usual. The relationship between luxury brands and the digital market is complex. Web 2.0 was built on abundance, lack of differentiation and the exploitation of personal data – not a code of luxury. NFTs are the Web 3.0 opposite. NFTs value scarcity, provenance, community and knowledge. Luxus quickly picked them up.
Access to the secondary market through NFTs appeals to premium brands. NFTs have smart contracts, so developers get royalties when they are resold. Imagine Dior and Air Jordan getting a cut every time a Dior x Air Jordan 1 is sold. Secondary sales of the Dior x Air Jordan 1 bring in close to $10,000 with multiple transactions per week. Meet Gucci Superplastic and Prada Timecapsule NFT. All these companies execute digital NFTs, but combining them with real objects is difficult.
“Billions of dollars in brand equity are at stake for these premium companies with their tangible items.” If they break that, it’s a huge turnoff,” says gmoney of Web 3.0. He owns a rare CryptoPunk, launched Adidas: Into The Metaverse and overturned two Air Force 1 x Louis Vuitton by Virgil Abloh NFT.
gmoney launched crypto-native luxury brand 9dcc last month. ITERATION-01, his first 9dcc t-shirt, may not seem high quality to us. 9dcc pairs physical products with NFT technology from the beginning, and these NFT projects achieve a high coin price (around 0.05/0.1 ETH). If successful, they could sell for several times this amount. gmoney and 9dcc are redefining “luxury” and starting what previous luxury companies have not done.
Gmoney’s moniker came early. In high school I was constantly making money. He traded stocks at the time, but he “would have loved StockX” He appreciates the value and potential of the aftermarket so much that he “designs for the aftermarket” with 9dcc.
gmoney is releasing a limited amount of t-shirts for Admit One NFT holders. Recognize that One NFTs are reselling on OpenSea for almost 8 ETH (roughly $12,000). This t-shirt has a built-in NFC tag that proves its authenticity. “It’s one thing for a company to say, ‘We made 100 T-shirts,’ but you don’t know.” As a consumer, I want to know because it affects resale.
“How much is Ye shirt worth?” If someone had something, it might have more value. In-game Jordan shoes fetch higher prices than regular Air Jordans. The NFC tag can track if Ye West has been wearing a 9dcc shirt and scan it during album release. StockX doesn’t just show you the ITERATION-01 on the secondary market; it shows you when and where Ye wore it. Its aftermarket potential is huge.
Let’s consider the archive. Brands quickly lose control of their archives and it takes years to rebuild them. “When brands are starting out, they’re leaner, so they may not have the budget to vault product and keep it pristine. Once they start holding inventory, a lot of the initial magic may be lost. Document diving is an important new branding strategy; see Gucci Vault.
9dcc’s open source vault tracks NFC. They can stay connected to their product, and if they want to use ITERATION-01 shirts in an archival play, they can buy them back from the community instead of scouring vintage stores and aftermarkets. Traceability drives ownership. 9dcc can track down the owner of a product not listed on OpenSea and offer to buy it back.
gmoney: “Everyone wants to bring their crypto swing into the real world. By wearing a 9dcc ITERATION-01 shirt with NFT, you increase the value of your 9dcc and the product and NFT you wear. Imagine being on the sidelines at a Lakers game when LeBron James had a career-defining night. What if the tee performs a “check-in” action on the game? The aftermarket appreciates that shirt more.
If the ITERATION-01 holder is encouraged to wear the brand, everyone wins. The holder gains cultural experience and the product value of the 9dcc increases.
Important cultural objects are now in a vault to prevent damage. 9dcc will offer this too, but now holders have a choice: Vault their ITERATION01 shirt to preserve its value? Or do they use it in cultural events to enhance its value? 9dcc is ready for either.
gmoney’s large community and the demand for its NFT instruments show the potential of launching a crypto native brand. His distinction lies here. “You could buy a Dior shirt, and it could mean a few things to a few different people, but no one will think it’s a crypto native.” In the first pitch, RTFKT said they were building Nike’s digital roadmap. In many ways, 9dcc is building a new aftermarket road map for fashion. “I’m going to push the limits. Not everything is going well, but at least I will learn from it and take a step in the right direction. Disruption is what happens in this space.”
Mail Bonus – #Gmoneys #cryptonative #brand #redefines #luxury