Marc Bain of Business of Fashion talked with RTFKT about their vision for the Future.
For RTFKT and Nike, sneaker NFTs are just the start. What RTFKT is really trying to do is construct the metaverse, step by step, by encouraging its audience to use its products as the building blocks.
It arguably makes RTFKT a new kind of brand — one poised somewhere between the currents of fashion, crypto and gaming, and well-positioned to capitalise on the growing confluence of the three.
If there’s one belief that unites and drives the three founders of RTFKT, it’s that the digital signifiers we use to broadcast our identities, tastes, social status and other traits are just as important as the physical ones.
“The vision has always been that in the future all your digital possessions will be a lot more valuable to you than your physical possessions, and that means both economically and emotionally,” Benoit Pagotto (RTFKT) said.
The point is to make all releases going forward interoperable, meaning they can be worn by a CloneX, displayed in the space pod or used in some other way with previous RTFKT items. Vasilev (RTFKT) said the next phase they’re moving into is “building full ecosystems and different units where everything will interlink.”
In doing so, RTFKT allows its fans to combine its products in different ways, involving them in building its mini-universe. Items like the Nike CryptoKicks are also AR-enabled, so parts of that universe can be overlaid on the real world.
For RTFKT and Nike, sneaker NFTs are just the start. What RTFKT is really trying to do is construct the metaverse, step by step, by encouraging its audience to use its products as the building blocks.
It arguably makes RTFKT a new kind of brand — one poised somewhere between the currents of fashion, crypto and gaming, and well-positioned to capitalise on the growing confluence of the three.
If there’s one belief that unites and drives the three founders of RTFKT, it’s that the digital signifiers we use to broadcast our identities, tastes, social status and other traits are just as important as the physical ones.
“The vision has always been that in the future all your digital possessions will be a lot more valuable to you than your physical possessions, and that means both economically and emotionally,” Benoit Pagotto (RTFKT) said.
The point is to make all releases going forward interoperable, meaning they can be worn by a CloneX, displayed in the space pod or used in some other way with previous RTFKT items. Vasilev (RTFKT) said the next phase they’re moving into is “building full ecosystems and different units where everything will interlink.”
In doing so, RTFKT allows its fans to combine its products in different ways, involving them in building its mini-universe. Items like the Nike CryptoKicks are also AR-enabled, so parts of that universe can be overlaid on the real world.
Bored Ape Yacht Club’s ApeCoin,
has seen a price spike over the past 24 hours as the ApeDAO community votes on several proposals.
APE spiked late last night, hitting a price of nearly $27. Since then, the token has shed some of those gains and is now trading hands at just under $22.
Decrypt
has seen a price spike over the past 24 hours as the ApeDAO community votes on several proposals.
APE spiked late last night, hitting a price of nearly $27. Since then, the token has shed some of those gains and is now trading hands at just under $22.
Decrypt
NonFungible's NFT Market Report Q1 2022 is out now.
The general public seems to be losing interest in NFTs, if the search volume on Google is to be believed. Collectibles are the predominant segment in the industry, far ahead of Art or even the Metaverses.
The resale profit volume is down 3% while the total loss volume is up nearly 50% compared to the previous quarter.
For the first time, some segments show a negative balance: Gaming shows a total loss of almost $50 million on the segment, which makes it the least profitable segment of the industry from a trading point of view.
The full report is available here ⬅️
The general public seems to be losing interest in NFTs, if the search volume on Google is to be believed. Collectibles are the predominant segment in the industry, far ahead of Art or even the Metaverses.
The resale profit volume is down 3% while the total loss volume is up nearly 50% compared to the previous quarter.
For the first time, some segments show a negative balance: Gaming shows a total loss of almost $50 million on the segment, which makes it the least profitable segment of the industry from a trading point of view.
The full report is available here ⬅️
What is OTHERSIDE?
Everything to know about the new Bored Apes project.
With Otherside Metaverse, Yuga Labs, the company behind BAYC, expressed a desire to “build something that expands the universe of the BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join.”
Otherside is a MMORPG (Massively Multiplayer Online Role-Playing Game) connected to the BAYC ecosystem. The forthcoming game will also offer an interoperable experience that also includes prominent NFT collections like Cool Cats, World of Women, CrypToadz, and more.
On April 30 at 9 p.m. ET, 55,000 parcels of Otherside land, called “Otherdeeds,” will be made available for purchase. The cost of each Otherdeed will be 305 $APE. With $APE currently valued at around $20 – $24, each Otherdeed will likely cost somewhere between $6,000 and $7,300 at the time of mint.
NFT NOW
Everything to know about the new Bored Apes project.
With Otherside Metaverse, Yuga Labs, the company behind BAYC, expressed a desire to “build something that expands the universe of the BAYC, but also invites the larger NFT community (and those priced out of BAYC membership) to join.”
Otherside is a MMORPG (Massively Multiplayer Online Role-Playing Game) connected to the BAYC ecosystem. The forthcoming game will also offer an interoperable experience that also includes prominent NFT collections like Cool Cats, World of Women, CrypToadz, and more.
On April 30 at 9 p.m. ET, 55,000 parcels of Otherside land, called “Otherdeeds,” will be made available for purchase. The cost of each Otherdeed will be 305 $APE. With $APE currently valued at around $20 – $24, each Otherdeed will likely cost somewhere between $6,000 and $7,300 at the time of mint.
NFT NOW
BoF Professional Summit: New Frontiers in Fashion and Technology.
🗓Save the date
Wednesday May 4, 2022 - The Times Center, New York.
Limited tickets are available to attend in person in New York — or join the global livestream 🌐
🗓Save the date
Wednesday May 4, 2022 - The Times Center, New York.
Limited tickets are available to attend in person in New York — or join the global livestream 🌐
Live-To-Earn is even easier than Play-To-Earn. Kooola Metaverse is for the laziest of earners.
Users can buy a ticket for the virtual concert for 10 BIT (~ $12) at Bybit, but during the concert they receive a possibility to earn.
Users can collect the dropping fragments in the KnowKnow concert while enjoying music and partying with other users. Every time collecting 10 fragments, users will be able to get a mystery box. There will be NFT and REAL tokens inside the mystery box, valued from 2–75 REAL (around 10–375 USDT), which means users will be able to get back within about 1 week!
The concert will be held each hour, while the fragments would also be renewed! 160 fragments would be available for grab in each concert, users can continuously collect fragments to win incentives.
Realy
Users can buy a ticket for the virtual concert for 10 BIT (~ $12) at Bybit, but during the concert they receive a possibility to earn.
Users can collect the dropping fragments in the KnowKnow concert while enjoying music and partying with other users. Every time collecting 10 fragments, users will be able to get a mystery box. There will be NFT and REAL tokens inside the mystery box, valued from 2–75 REAL (around 10–375 USDT), which means users will be able to get back within about 1 week!
The concert will be held each hour, while the fragments would also be renewed! 160 fragments would be available for grab in each concert, users can continuously collect fragments to win incentives.
Realy
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Daniel Arsham – the US artist best known for his IRL eroded sculptures: classical statues, cartoon characters cast in bronze, and “future relics” – branched out into NFTs in 2021 with a dynamic digital sculpture noscriptd Eroding and Reforming Bust of Rome (One Year). “I think it remains to be seen how revolutionary certain NFT projects will be,” he tells Dazed. “I frankly think a lot of them are going to zero, in terms of value.”
Using the smart contract that assigns ownership of an NFT, for example, Arsham coded Eroding and Reforming Bust of Rome (One Year) to change over time; as suggested by the noscript, the bust deteriorates over the course of a single year, before reforming to start the cycle once more.
Arsham: I think one of the things that NFTs do very well, that the art world and the art market don’t do particularly well, is create community. People can gather around a specific idea and be part of something and [the NFT can] give them immediate access to other content.
READ THE FULL INTERVIEW ON DAZED
Using the smart contract that assigns ownership of an NFT, for example, Arsham coded Eroding and Reforming Bust of Rome (One Year) to change over time; as suggested by the noscript, the bust deteriorates over the course of a single year, before reforming to start the cycle once more.
Arsham: I think one of the things that NFTs do very well, that the art world and the art market don’t do particularly well, is create community. People can gather around a specific idea and be part of something and [the NFT can] give them immediate access to other content.
READ THE FULL INTERVIEW ON DAZED
I see EPOCH exhibitions as an allegory of the events of the past two years, so in a way, by acquiring an EPOCH NFT you become a participant in a model attempting to circumvent systemic structures while becoming a custodian of a cultural time capsule - Peter Wu+
CHECK OUT THE INTERVIEW WITH PETER WU+
TO KNOW MORE ABOUT THE EPOCH'S VIRTUAL EXHIBITIONS, AND PHILOSOPHY THAT DRIVES IT.
CHECK OUT THE INTERVIEW WITH PETER WU+
TO KNOW MORE ABOUT THE EPOCH'S VIRTUAL EXHIBITIONS, AND PHILOSOPHY THAT DRIVES IT.
Nike VS StockX battle is still on.
This week, the sneaker giant attacked the resale marketplace’s core promise to customers that it only sells brand new, authentic products, alleging in a request to amend a previously filed lawsuit that it obtained four pairs of counterfeit Nikes on StockX.
StockX responded with a statement saying Nike’s own brand protection team has expressed confidence in its authentication and that many Nike employees, executives included, buy and sell on StockX.
But the real battle between the companies isn’t about physical fakes. It’s about Nike’s efforts to protect its IP in the digital world. The target of its original lawsuit, filed in February, is StockX’s sneaker NFTs, which Nike claims infringe on its trademarks. StockX says the tokens are not virtual goods but digital listings used to track ownership of physical sneakers that are stored by the platform but can be bought and sold as part of its new Vault NFT programme.
Marc Bain for BoF
This week, the sneaker giant attacked the resale marketplace’s core promise to customers that it only sells brand new, authentic products, alleging in a request to amend a previously filed lawsuit that it obtained four pairs of counterfeit Nikes on StockX.
StockX responded with a statement saying Nike’s own brand protection team has expressed confidence in its authentication and that many Nike employees, executives included, buy and sell on StockX.
But the real battle between the companies isn’t about physical fakes. It’s about Nike’s efforts to protect its IP in the digital world. The target of its original lawsuit, filed in February, is StockX’s sneaker NFTs, which Nike claims infringe on its trademarks. StockX says the tokens are not virtual goods but digital listings used to track ownership of physical sneakers that are stored by the platform but can be bought and sold as part of its new Vault NFT programme.
Marc Bain for BoF
New EPOCH's VR exhibition CRYOSPHERE facilitates some kind of sensitivity to ephemera. While wondering the desolated glacier, you suddenly understand that this digital replica of an icy landscape could be the only thing that will remain.
Collecting digital images (.jpg etc.) as NFT art actually pierces the essence of an art collection. The concept of “owning” something is in fact abstract, and as a mechanism to ensure that concept, NFT art relies on cryptocurrency, Web 3.0, and blockchain—magic words—for it to function. Physical artworks, as corporeal objects, need materials such as canvas and paint, or stone and metal, to bolster the concepts that back up their values. But it’s possible that actually such materials are not required for art to be art. That’s the most notable thing that is revealed when you start making NFT art - Takashi Murakami.
CHECK OUT THE FULL INTERVIEW ON ARTNET
CHECK OUT THE FULL INTERVIEW ON ARTNET
👍1
We just had a fantastic interview with Ukrainian multidisciplinary artist Julia Beliaeva about her almost prophetic art, first days of Russian invasion and moral dilemma for female artist when witnessing atrocities of ongoing war.
There’s a funny story. Before the war, I was proposed to make an NFT collection. It was interesting but at some point I was told that I need to consider the market and demand… I answered that I won’t draw the monkeys. It was the end of the conversation - Julia Beliaeva
FULL INTERVIEW AT COEVAL MAGAZINE
@mzm2night
There’s a funny story. Before the war, I was proposed to make an NFT collection. It was interesting but at some point I was told that I need to consider the market and demand… I answered that I won’t draw the monkeys. It was the end of the conversation - Julia Beliaeva
FULL INTERVIEW AT COEVAL MAGAZINE
@mzm2night
Key notes from New Frontiers in Fashion and Technology dedicated to metaverse & fashion.
The marketing value of digital fashion and NFTs may now be clear, but fashion brands will need to separate hype from the concrete opportunities to generate sustainable revenue streams presented by growing consumer engagement with the metaverse.
Pioneers in the metaverse have shown there is a business case for fashion brands to invest in virtual worlds. Granted, a fully formed metaverse — comprising an interconnected, virtual ecosystem that overlaps with or offers an alternative to physical reality — is not yet possible given technology constraints. But brands’ experiments with metaverse principles, such as virtual fashion, extended reality, gaming and non-fungible tokens (NFTs), demonstrate the impact that virtual activities can have as marketing and community-building tools for fashion. Global spending on virtual assets reached around $110 billion in 2021 and is expected to grow at roughly the same rate as the gaming market to be worth around $135 billion or higher by 2024.
The next frontier for leading brands will be to translate unproven technologies into sustainable revenue streams, effectively separating hype from reality. Over the next two to five years, fashion brands focused on metaverse innovation and commercialisation could generate more than 5 percent of revenues by investing in virtual activities today.
Looking beyond a five-year horizon, some bullish observers expect mass consumer adoption of virtual worlds, creating the biggest opportunity for the fashion industry since e-commerce. The bears predict that the hype around the metaverse will fade as technologies fail to meet expectations or users prove reluctant to use virtual spaces as extensively as some business plans are counting on.
The pace of adoption will be driven by technological advancement, the interoperability between virtual environments and social acceptance. Tech players as well as fashion start-ups and brands need to develop technologies that help evolve today’s unrefined virtual experiences into mature, immersive realities. Mass consumer adoption could be a significant hurdle — 78% of people who have already ventured into virtual worlds say they miss physical interaction when doing so.
In virtual spaces and on social media platforms, the appetite for creating and adapting online identities is high: approximately 70% of US consumers from Gen-Z to Gen-X rate their digital identity as somewhat important or very important. A similar appetite for virtual goods can be found in China, where 70% of luxury consumers have purchased or will consider purchasing virtual assets.
The marketing value of digital fashion and NFTs may now be clear, but fashion brands will need to separate hype from the concrete opportunities to generate sustainable revenue streams presented by growing consumer engagement with the metaverse.
Pioneers in the metaverse have shown there is a business case for fashion brands to invest in virtual worlds. Granted, a fully formed metaverse — comprising an interconnected, virtual ecosystem that overlaps with or offers an alternative to physical reality — is not yet possible given technology constraints. But brands’ experiments with metaverse principles, such as virtual fashion, extended reality, gaming and non-fungible tokens (NFTs), demonstrate the impact that virtual activities can have as marketing and community-building tools for fashion. Global spending on virtual assets reached around $110 billion in 2021 and is expected to grow at roughly the same rate as the gaming market to be worth around $135 billion or higher by 2024.
The next frontier for leading brands will be to translate unproven technologies into sustainable revenue streams, effectively separating hype from reality. Over the next two to five years, fashion brands focused on metaverse innovation and commercialisation could generate more than 5 percent of revenues by investing in virtual activities today.
Looking beyond a five-year horizon, some bullish observers expect mass consumer adoption of virtual worlds, creating the biggest opportunity for the fashion industry since e-commerce. The bears predict that the hype around the metaverse will fade as technologies fail to meet expectations or users prove reluctant to use virtual spaces as extensively as some business plans are counting on.
The pace of adoption will be driven by technological advancement, the interoperability between virtual environments and social acceptance. Tech players as well as fashion start-ups and brands need to develop technologies that help evolve today’s unrefined virtual experiences into mature, immersive realities. Mass consumer adoption could be a significant hurdle — 78% of people who have already ventured into virtual worlds say they miss physical interaction when doing so.
In virtual spaces and on social media platforms, the appetite for creating and adapting online identities is high: approximately 70% of US consumers from Gen-Z to Gen-X rate their digital identity as somewhat important or very important. A similar appetite for virtual goods can be found in China, where 70% of luxury consumers have purchased or will consider purchasing virtual assets.
Key notes from New Frontiers in Fashion and Technology dedicated to metaverse & fashion [CONTINUATION].
Some companies are using augmented
reality (AR), to enable users to alter photos and videos, and are creating digital skins to change
the appearance of a user’s avatar. For example, digital fashion start-up DressX, which sells virtual clothing that can be added to a photo and posted on social media, has partnered with brands such as H&M to launch digital collections. Meanwhile, users on online gaming platforms such as Roblox update their avatars with new skins regularly.
Furthermore, if brands choose to partner with virtual platforms, in gaming or otherwise, the top-line opportunity may be dampened by high take rates, which could reach as high as 50% commission on revenues.
Much of the frenzy about blockchain-based NFTs has been centred around digital art collectibles, which are in some cases bought and traded for inordinate sums, driving news headlines as some observers scratch their heads. The compound annual growth rate of the value of the NFT market skyrocketed 750% between 2018 and 2021, from $41 million to $24.9 billion.
But the rapid rate of growth in NFT sales
is already starting to moderate. Indeed, the daily trading volume on NFT marketplace OpenSea fell by 80% between February and March 2022.
The potential revenue generation of in-game outfits and accessories can be significant. Gucci sold a virtual version of its Dionysus bag for the equivalent of $6 on Roblox, which later led to bids of more than $4,000 per bag when resold on the secondhand market.
The long-term business opportunity for fashion brands to engage with NFTs will likely serve more pragmatic purposes by using NFTs as loyalty tokens. Gucci, Adidas and The Hundreds, among others, have used NFTs to offer benefits like early access to new NFT drops and physical products, essentially serving as a membership programme. In a sense, these NFTs are digital collectibles, since users cannot yet wear them in virtual worlds, though they could use them for social media profiles. Brands are starting to add more utility to collectible NFTs, which could make buying one more worthwhile to consumers and translate into a long-term opportunity for brands.
Business of Fashion
Some companies are using augmented
reality (AR), to enable users to alter photos and videos, and are creating digital skins to change
the appearance of a user’s avatar. For example, digital fashion start-up DressX, which sells virtual clothing that can be added to a photo and posted on social media, has partnered with brands such as H&M to launch digital collections. Meanwhile, users on online gaming platforms such as Roblox update their avatars with new skins regularly.
Furthermore, if brands choose to partner with virtual platforms, in gaming or otherwise, the top-line opportunity may be dampened by high take rates, which could reach as high as 50% commission on revenues.
Much of the frenzy about blockchain-based NFTs has been centred around digital art collectibles, which are in some cases bought and traded for inordinate sums, driving news headlines as some observers scratch their heads. The compound annual growth rate of the value of the NFT market skyrocketed 750% between 2018 and 2021, from $41 million to $24.9 billion.
But the rapid rate of growth in NFT sales
is already starting to moderate. Indeed, the daily trading volume on NFT marketplace OpenSea fell by 80% between February and March 2022.
The potential revenue generation of in-game outfits and accessories can be significant. Gucci sold a virtual version of its Dionysus bag for the equivalent of $6 on Roblox, which later led to bids of more than $4,000 per bag when resold on the secondhand market.
The long-term business opportunity for fashion brands to engage with NFTs will likely serve more pragmatic purposes by using NFTs as loyalty tokens. Gucci, Adidas and The Hundreds, among others, have used NFTs to offer benefits like early access to new NFT drops and physical products, essentially serving as a membership programme. In a sense, these NFTs are digital collectibles, since users cannot yet wear them in virtual worlds, though they could use them for social media profiles. Brands are starting to add more utility to collectible NFTs, which could make buying one more worthwhile to consumers and translate into a long-term opportunity for brands.
Business of Fashion
Telegram
MetaSavvy
BoF Professional Summit: New Frontiers in Fashion and Technology.
🗓Save the date
Wednesday May 4, 2022 - The Times Center, New York.
Limited tickets are available to attend in person in New York — or join the global livestream 🌐
🗓Save the date
Wednesday May 4, 2022 - The Times Center, New York.
Limited tickets are available to attend in person in New York — or join the global livestream 🌐
Explore the vast collection of NFTs with the first version of Coinbase NFT 🌀
Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet!
For a limited time only, there’ll be no Coinbase transaction fees 🤑
CREATE.
COLLECT.
CONNECT.
at nft.coinbase.com
Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet!
For a limited time only, there’ll be no Coinbase transaction fees 🤑
CREATE.
COLLECT.
CONNECT.
at nft.coinbase.com
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Some news in The Garden, AZUKI's brand for metaverse.
Each Azuki holder has been airdropped a token, which can be used to redeem the jacket in the coming weeks. All royalties from the secondary market trading of the Azuki Twin Tigers Jacket token will go towards supporting Stand With Asians, an AAPI-focused community fund.
The Azuki Twin Tigers Jacket is inspired by "Sukajan" jackets, an all-time classic fashion piece dating back to the 1940s that combines American & Japanese street culture. Azuki added their own twist on the jacket, creating a beautiful piece symbolizing the solidarity of the Azuki garden.
Holders of the Azuki Twin Tigers Jacket token will be able to claim the physical jacket soon.
Each Azuki holder has been airdropped a token, which can be used to redeem the jacket in the coming weeks. All royalties from the secondary market trading of the Azuki Twin Tigers Jacket token will go towards supporting Stand With Asians, an AAPI-focused community fund.
The Azuki Twin Tigers Jacket is inspired by "Sukajan" jackets, an all-time classic fashion piece dating back to the 1940s that combines American & Japanese street culture. Azuki added their own twist on the jacket, creating a beautiful piece symbolizing the solidarity of the Azuki garden.
Holders of the Azuki Twin Tigers Jacket token will be able to claim the physical jacket soon.
🔥5,000 USDT Giveaway From Kishu Inu x Bybit NFT🔥
To participate and win💰
all you have to do is to follow their communities and social media accounts. It's as simple as that!
Participate ➡️ HERE.
Don't forget to join Bybit NFT community for more news and to check out the new, exciting NFTs on Bybit NFT Marketplace 💥
To participate and win💰
all you have to do is to follow their communities and social media accounts. It's as simple as that!
Participate ➡️ HERE.
Don't forget to join Bybit NFT community for more news and to check out the new, exciting NFTs on Bybit NFT Marketplace 💥