01 October 2022 18:38, UTC
Studying time: ~3 m
Most individuals immediately probably first affiliate NFTs with digital-only objects like profile photos, art work, and collectibles. However blockchain tokens will also be tied to bodily artwork, property, and different tangible property.
In a single provocative instance of how NFTs may shake up retail and attire, PussyDAO goals to make use of Solana NFTs as redemption coupons to buy issues like underwear and streetwear.
Founder and CEO Izzy Howell, previously head of development at Solana derivatives protocol Cypher, advised Decrypt at this week’s Chainlink SmartCon convention that the thought got here to her whereas chatting together with her former DeFi colleagues.
“I used to be up actually late with my staff, and the entire guys on my staff simply saved saying liquidity is all that issues. ‘That is an important factor: liquidity, liquidity, liquidity,’” she recalled. “And the subsequent thought in my head was that I needed to make a pair of panties that stated ‘extremely liquid’ on the crotch.”
Howell—beforehand named a rising star in crypto by Decrypt—shared her thought with others and stated she “received a number of assist from the crypto business” (together with funding) so she left Cypher to give attention to the brand new enterprise. PussyDAO will begin off by providing NFTs that may be redeemed at any time for the bodily underwear, however she has bigger ambitions for the model over time.
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“We’re utilizing Web3 tech to scale the subsequent technology of attire, CPG [consumer packaged goods] merchandise, software program drops, and experiences,” Howell advised Decrypt in a followup chat through Telegram. “Our model is punk rock meets hyperfemininity: we’re gritty, girly, and highly effective—and a much-needed breath of recent air on this bro-centric house.”
Howell’s plan is to develop the PussyDAO model into “something that’s tremendous hype-y,” together with the aforementioned merchandise and experiences.
The concept of redeeming a blockchain token for bodily attire isn’t new, and it’s been explored in numerous methods. Unisocks, for instance, is a challenge that sells tokens redeemable for Uniswap-themed socks, and the worth of every token rises with every sale on a bonding curve—it began at $12, however now shopping for a token prices $22,807.
Adidas explored the mannequin of NFTs redeemable for unique attire with its Into the Metaverse drop final December in partnership with Bored Ape Yacht Membership, NFT influencer gmoney, and the Punks Comics challenge. And the WAX blockchain’s vIRL NFT idea is constructed round tokens that may be redeemed for bodily items.
Howell stated that redemption NFTs make sense for streetwear and different items as a result of it’s simpler to resell digital tokens than be compelled to bodily ship issues to patrons. Swapping tokens may very well be cheaper, simpler, and have much less of an environmental affect than delivery packages, too.
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“Folks purchase [streetwear] immediately, after which it is the client’s accountability to take that hat and put up it themselves on eBay, and so they need to cope with the delivery and all that stuff,” she defined. “But when I simply personal the NFT that entitles me to that bodily object, it is far more frictionless for me as somebody who’s promoting it on a secondary market.”
Howell is launching on Solana as a result of she was “raised by the Solana ecosystem,” however she envisions a multi-chain future and plans to debut merchandise on different blockchain platforms.
As PussyDAO charts a course in the direction of its first product launch, Howell describes a model that’s uniquely Web3. “That is the primary investor-backed social commentary,” she advised Decrypt. “Not solely are we an organization—we’re additionally a dwelling, respiratory artwork motion. We drop merchandise which can be designed to incite significant conversations round gender, id, and the monetary panorama.”