Značka: NFT

CertiK's identification of Crypto Cars as 'rug pull' was a false alarm

In a period of market downturns, rumors of crypto bans and decentralized finance, or DeFi scams, blockchain enthusiasts can be sensitive to the smallest abnormalities within projects they follow and sometimes erroneously fear for the worse. The day prior, CertiK, a leading cybersecurity ranking platform in the blockchain space, issued a warning via Twitter regarding CryptoCars, alleging that it was a “rug pull.” However, the staff quickly deleted the post as it was a false alarm.Via a series of Twitter screenshots obtained by Cointelegraph, CertiK first claimed that the website and Telegram for CrytoCars were down. However, users quickly pointed out that both the CryptoCars website and Telegram apps were still functional, resulting in CertiK rescinding the community alert.According to the developers of CryptoCars, the project’s Telegram chat will be temporarily closed “until the end of the Lunar New Year from 27th Jan to 7th Feb.” The CryptoCars development team is based in Vietnam, which celebrates the Lunar New Year holiday.Sources at CertiK issued the following statement to Cointelegraph regarding the incident:”Incident reporting, although complex, is rapid in nature and is done in a manner to alert the community on up-to-date suspicious activity. In this situation, we noticed [their] Telegram went offline, funds dropping to zero, and the $CCARs website being unavailable. This created an alert of a possible rug pull.”Despite the error, CertiK has done much to benefit the blockchain community. As recently as the day prior, it issued a verified community alert for Qubit Finance as the protocol suffered an $80 million hack.CryptoCars launched in September 2021 as a nonfungible token, or NFT, car racing game. Structured under a play-to-earn model, CryptoCars requires players to purchase an NFT car minted on the Binance Smart Chain through a blind box created by its developers for 6,600 CCAR or from another user starting at 490 CCAR. According to its official site, the project claims to have 721,683 players, 582,666 NFT cars, and 248.8 million in-game transactions at the time of publication. It also has over 124,500 followers on Twitter.

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The Sandbox (SAND) metaverse token gains 40% after Snoop Dogg, Warner Music partnership

Sandbox (SAND) refused to go down despite broader negative market sentiment in the past 24 hours. Instead, the altcoin logged a breakaway recovery as traders assessed its recent high-profile partnerships as a sign that the project has strong fundamentals.SAND rose 10.23% to $3.38 at the UTC close on Jan.27, followed by another 5.42% spike to $3.57 on Friday. In contrast, Bitcoin (BTC), dropped 1.41% within the same timeframe.SAND/USD daily price chart. Source: TradingViewSAND adoption boomsTraders decided to increase their exposure to SAND after the Sandbox announced partnerships with American rapper Snoop Dogg and Warner Music, a major record label.On Jan. 27 Snoop Dogg tweeted a teaser of what appeared to be his upcoming nonfungible token (NFT) collection, dubbed “the Snoop Avatars.” The rapper further hinted that his avatars would come as a part of the Sandbox metaverse.Somethin big comin soon. ⬇️ Keep up 2 date @TheSnoopAvatars @TheSandboxGame https://t.co/GkqdAJE10L— Snoop Dogg (@SnoopDogg) January 26, 2022Later, that day, the Sandbox announced that it would create a music theme park and concert venue within its metaverse with the help of Warner Music. In doing so, the gaming project noted that the Warner Music artists would virtually engage with their fans and generate real revenues streams.“We’re shaping The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy first-of-a-kind immersive experiences and be more closely connected to their favorite musical artists through NFTs,” Sebastien Borget, chief operations officer and co-founder of The Sandbox, told Cointelegraph.Naturally, the high-profile partnerships boosted the prospects for SAND to find more takers in the future. That is primarily because of the token’s role as a primary asset inside the Sandbox metaverse — a medium of exchange, governance and staking. As a result, it fared better than most of its top-ranking crypto rivals on Thursday.What’s next for SAND?The latest bout of buying appeared in line with a choppy recovery in the broader cryptocurrency sector that started on Jan. 24.Between its nadir of Jan. 22 and Friday’s top, the crypto market added over $150 billion to its net valuation. SAND, which recovered alongside other assets, bottomed out at $2.56 then went on to rally over 40% in just four days.SAND/USD daily price chart. Source: TradingViewFollowing the bounce, SAND price confirmed its 200-day exponential moving average (200-day EMA; the blue wave in the chart above) as its interim support. If the euphoria surrounding the Snoop Dogg and Warner Music partnerships sustain, Sand will likely extend its upside momentum toward the 50-day EMA (the red wave) near $4.50.Meanwhile, independent market analyst Cantering Clark doubted the upside setup, reminding that SAND’s pump could have posed a “helpful exit for holders” before a potential bearish continuation ahead.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 interesting NFTs launching this week: Cool Pets, Ethaliens and KaraFuru

With crypto prices down badly, NFTs appear to be on a discount which is making it hard for many collectors to resist a good sale. Notable projects like World of Women have recorded their largest sale at 260 Ether ($627,755 at current value.)In contrast, the total volume sales of Cool Cats decreased by nearly 30% in the last seven days. Yet, newly released projects like Azuki are up over 122%, according to data from OpenSea.Another day, another record breaking wow royalty club sale 260 eth. Congrats @worldofwomennft and congrats @WoWPixiesNFT for picking one up on Friday for 135. Savvy investment! pic.twitter.com/dsxxKyVSyf— Konop 🍌 (@konop) January 24, 2022While blue chips are gaining fresh traction, new releases are also making moves and raising excitement among NFT investors. Here are three NFT projects whose launch might be worth keeping an eye on.Cool PetsThe price of Cool Cats might have simmered down since its partnering project, Cool Pets is slated to release on January 28, 2022. Cool Cats has amassed over 100,000 followers on Twitter, CoolPets seems to be a gateway into the community for those priced out of the Cool Cats collection. However, the Cool Pets mint will be 0.5 Ether.Cool Pet owners will be able to interact with their elemental pets, similar to Japanese digital pets, Tamagotchi, Cool Pets will incorporate gamification elements to the experience, also be able to set off on quests with the opportunity to earn rewards making it another “play to earn” (P2E) game.One of the biggest things coming to the Cool Cat ecosystem alongside Pets? Tokens! Here’s an overview:$GOLD will be a Polygon ($MATIC) based token.It will drive in-game transactions and allow for gas fee FREE gameplay.$MILK will be an ETH-based pairing for use on exchanges. pic.twitter.com/z78TWMgRNf— Tacticool.eth ᵍᵐ (@TacticoolCat) December 11, 2021Following a similar model to Axie Infinity’s scholarship program, Cool Cat owners are able to rent out their Cool Pets to non-Cool Cat owners in exchange for a small percentage of the earned rewards.Cool Pets will run on the Polygon network whereby its native GOLD token will be used in the Cool Pets ecosystem. However, Cool Pets will also have an Ether-based pairing token called MILK which will facilitate transactions for larger ticket items like Cool Pets and Cool Cats. MILK will also be a utility token for its fellow NFT project, The Littles, and its ecosystem.Ethalien VOXEthalien VOX is the 3D pixelated version of the Ethalien genesis collection with a supply of 7,500. For five years, each Ethalien will generate 5 STAR tokens per day with a total supply of 69,420,000. Collectors who held an Ethalien before January 20, 2022, are guaranteed a whitelist spot for the pre-sale of Ethalien VOX which is scheduled for January 28, 2022.”Happy $STAR Day”Huge date for the Ethaliens, our utility token has arrived! #EthalienInvasion#NFTCommunity #NFTs pic.twitter.com/AJ3kxMPTvm— 5Dot0ᴺᶠᵀ 🎯 (@NFTNewbie2) November 7, 2021Following the pre-sale, the public mint will launch with a minting price of 0.055 Ether which is more than half of Ethalien’s current 0.09 Ether cost, meaning the upcoming launch is relatively reasonable.What makes Ethalien unique it it enables its collectors to earn STAR tokens beyond holding a genesis NFT. Holders can earn Ethalien through its “Starcade” which allows players holding start to earn more tokens and possibly breed Baby Ethaliens.The project incentivizes users to purchase more Ethaliens since a specified amount of “stardust” is given depending on the number of Ethaliens owned.Stardust is a casino-chip-like token that holders can either gamble with in its “Ethercasino” or use to shop for other NFTs and merchandise.KaraFuruKaraFuru is one of the latest highly anticipated drops and the project’s Twitter account has amassed over 50,000 followers in just eight days. The project creators (Museum of Toys and digital artists WD.Willy) are winning the hearts and potential pockets of many collectors.Hey Furus! 🔥Get up and put your hands up as we welcome the12 Official Characters from the Karafuru Universe! 💫Karafuru NFTs will have over 1000+ possible combinations of traits.Which Karafuru is your favourite? #KarafuruNFT pic.twitter.com/XFrMdrUNvC— Karafuru NFT (@KarafuruNft) January 25, 2022Created in 2019, The Museum of Toys became the first and largest museum of toys in Indonesia. NFT collectors are drawn to the vivid colors of the art and based on the excitement in social media, it appears that NFT collectors are on the edge of their seats.Hey Furus! 😃We can’t wait to show everyone what Karafuru is really about. A lot of cool things we’ll release this week and that is everything you have been asking for.GET READY! 🔥Because this week will be the most colourful week of our lives!#KarafuruNFT— Karafuru NFT (@KarafuruNft) January 24, 2022In the past week, the team has cryptically advised its followers to “GET READY!,” stating it will be the “most colorful week of our lives,” leaving hopeful holders wondering how to get on the whitelist.To be more precise, there are roughly 60,000 Discord members hoping to snag a spot on the whitelist.Although some communities like CyberKongz were given whitelist spots, other potential buyers who want a spot need to be more active in engaging within the KaraFuru community and while this method might not be genuine, it is competitve.It seems with an increasing number of NFT projects on the way, more and more are integrating and building out their point of entry with community engagement as a core focus for whitelisting.Rumor has it that Discord members who are very interactive with other members and actively participate in community initiatives are likely to take priority for a whitelist spot, however that is not a guarantee.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Polygon (MATIC) sees a strong oversold bounce after $250B crypto market rebound

Polygon (MATIC) emerged as one of the best performers among high-ranking cryptocurrencies on Jan. 26 as the price rose nearly 17% to reach an intraday high at $1.825.The gains surfaced amid a synchronous rebound across the crypto market that started on Jan. 24. In detail, investors and traders poured in over $250 billion across digital assets, benefiting Bitcoin (BTC), Ether (ETH) and many others in the process.Performance of the top-fifteen cryptocurrencies in the last 15 days. Source: TradingViewPolygon, a secondary scaling solution for the Ethereum blockchain, also cashed in on the crypto market rebound. The valuation of its native token, MATIC, rose from as low as $9.77 billion on Jan.24 to as high as $13.58 billion two days later.Meanwhile, its price jumped from $1.312 to $1.825 in the same period — that’s nearly a 40% gain in just three days.Fed meeting and high-profile hiringThe latest bout of buying in the Polygon market appeared ahead of a Federal Reserve announcement about its interest rate increase scheduled to come on the afternoon of Jan. 26. In detail, cryptocurrencies have also been through several whipsaws in recent months over expectations that the U.S. central bank would embark on a series of interest rate hikes to fight inflation. Similarly, stock markets have suffered because of the prospect of the Fed’s shrinking balance sheet and higher rates.According to Luca Paolini, the chief strategist at Pictet Asset Management, people may have expectations that the recent turmoil in the stock market and a rising rift between Ukraine and Russia that has drawn in NATO allies’ focus may have the Fed tone down its rate hike rhetorics.Waiting for the FED to speak today.— David Gokhshtein (@davidgokhshtein) January 26, 2022Nonetheless, Polygon managed to outperform top rivals like Bitcoin and Ethereum in terms of intraday gains, and it appears a high-profile hiring was the core reason behind it.As Cointelegraph reported on Jan. 25, YouTube’s head of gaming, Ryan Watts, left the streaming giant to join Polygon Studios, a gaming and nonfungible token (NFT), backed by the namesake layer-2 protocol’s $100 million fund. Related: Altcoins book 40% gain after Bitcoin and the crypto market enter a relief rallyThe news seemingly boosted investors’ appetite for MATIC, prompting it to do better than other large-cap cryptocurrencies.Huge news for $matic https://t.co/uNFO6MtddN— Lark Davis (@TheCryptoLark) January 25, 2022

Key support levels heldMATIC’s sharp rebound placed the price back above its 200-day exponential moving average (200-day EMA; the blue wave in the chart below), a level significant for its role in limiting the market’s downside bias.MATIC/USD daily price chart. Source: TradingViewOn Jan. 25, MATIC bulls attempted to reclaim the 200-day EMA as support almost a week after losing it. The drop-and-bounce around the blue wave looked very similar to the price action in the July–August period last year, wherein closing above it had led to a 200%-plus price rally.The fractal shows strong buying sentiment among MATIC traders near the 200-day EMA. Therefore, should the price stay above the support, its likelihood of continuing its uptrend appears higher. Nonetheless, the bullish momentum risks exhaustion near MATIC’s descending trendline resistance, as shown in the chart above.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Why crypto industry needs venture capital: Q&A with veteran investor

Traditional funding in the crypto space was once considered useless. After all, the industry itself offers different, controversial, but nonetheless, ways to fund a project – initial coin offering (ICO), initial exchange offering (IEO) and the current darlings of offerings – launchpads and initial decentralized exchange (DEX) offerings. But with the industry maturing and more startups wanting not only the capital but mentorship to build a working and valuable product, venture capital has emerged as one of the most attractive options. Cointelegraph talked to Li Rongbin, founding partner of SevenX, about why venture capital funding is the next big thing for crypto startups and entrepreneurs.Tell us about your fund.Our company, SevenX Ventures, was launched at the beginning of 2020, so we are a relatively young brand. But all of our three founding partners have around six years of experience in crypto VC. We are one of the earliest VCs to invest in DeFi and NFTs in China. We’ve backed such DeFi projects like Dodo, Zerion, Debank, Furucombo, Daomaker, Vega, etc., and NFT-related projects, including YGG, Alchemy NFT, Rangers, and Whale, etc. Before SevenX, we’ve separately had our own crypto venture funds, based in Beijing and  Shanghai, which were early investors of some great projects, including Huobi, Tron, NEO and others. We decided to merge into one because we want to really gather our experience and knowledge to better deliver value to our portfolios.Why do you think the crypto industry needs corporate investment, given that there are many options to fund a project like ICO and IDO, for instance?We believe in decentralization and really think that a decentralized way of fundraising is cool and helpful. Such kind of fundraising will bring users, publicity and community. But VCs are experienced and have great connections and resources in the industry, which are good for bootstrapping,  There is a debate around whether to take VCs’ funds as an entrepreneur. Sometimes these firms do little help, and they are also the fastest to dump the project in the bear market. But I think the problem really is in how you deal with the communication and utilization of what VCs have to offer in the most efficient way. What kind of companies do you invest in? How do you do your research and due diligence?We love innovations. We are looking for anything that is innovative enough to change the current paradigm of crypto, and we are not afraid of taking risks.More specifically, we are investing in projects with logical reasoning ability and founders who clearly know where it is going. We like imagination, but those bold imaginations should be based on logical reasoning and analysis. We think right now the whole industry is in the very early stage, just like the Age of Exploration.We want to be the backers of those ambitious “captains,” we want to give them support on “the sailing” with “gears like compass, toolbox and knowledge” because we have seen a lot of captains before and used to be captains ourselves (we still are, from an investment perspective).We will provide the capital needed for the voyage, the safety and even sometimes as a crew member. But we need to back the entrepreneurs who know what they’re doing. And we only invest in captains who really want to find the new continent, not the ones who just want to discover another island and ship some goods back.For research, we always map a specific market to form an architect structure, for example, what is the foundation of the whole DeFi direction, or how many pillars should it really have? We then analyze the driving forces or impact factors behind it. We have a so-called “get-BTC” model to analyze a product from six different aspects, including governance, economy, team, business model, technology and community.What matters most when investing in a crypto company – the product or the team?I would say that at an early stage, the team matters most as products could evolve as time passes by. But people are hard to change. We’re also interested in investing in teams that have seen failures before.But at a later stage, it is the product that matters most as a lot of things might influence the outcome and lead to failure in this ever-changing market.What’s the most difficult thing about investing in crypto companies and products? What kind of risks are involved?The most difficult thing is that there is too much happening every day in the space. I often sleep for only six hours a day, trying to catch up with the innovations happening all over the world. Sometimes we need to slow down a little bit and think rather than act fast.The risk is that we have to realize we are participating in a great experiment in the whole new world. And it’s definitely not risk-resilient. But how do you change the world without experimenting?What is the most promising direction in the industry right now? Why?But we are looking at potentially interesting directions like the arweave ecosystem. We think it is the backbone of Web 3.0, NFT infrastructure and the new paradigm of NFT utility. Other potentially interesting developments include DID, credit lending, community decentralized autonomous organizations (DAOs), and any type of technology that could bring crypto to mass adoption.What kind of assistance do you provide to the companies you invest in? A compass, toolkit, a supply station. We provide assistance throughout the entire process of product development – from building tokennomics, designing marketing strategy, setting up business development, to recruiting and providing emotional support.Did you ever have an unfortunate experience with projects?For the past two years, so far, so good.What does the future of investment in crypto look like? Do you think it’ll see an inflow of more institutional investment firms?More competition from traditional Web 2.0 giant investors and more small two- or three-men teams that root deep in the ecosystem will take place at the same time.  Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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The Beatles and John Lennon music history collection to be auctioned as NFTs

John Lennon’s eldest son Julian is selling some of the rarest pieces of music history from his private collection. John Lennon’s coat from the “Magical Mystery Tour” film, his cape from “Help!,” three guitars and Paul McCartney’s handwritten arrangement notes for “Hey Jude” are some of the most sought after memorabilia from music history up for nonfungible token (NFT) auction.The NFT series, called “Lennon Connection: The NFT Collection,” has opened up for bidding on Monday and will commence on February 7 in collaboration with NFT marketplace YellowHeart and Julien’s Auctions. A portion of the sale from the NFT auction will be donated to Lennon’s White Feather Foundation. Registration and Bidding is now open for Lennon Connection: The NFT Collection. In collaboration with @JuliensAuctions x @YellowHeartNFT , a portion of the proceeds will be donated to @TWFFofficial to offset carbon via @nori. Learn more at https://t.co/6l5nzO1CHJ pic.twitter.com/bvG7EHAX88— Julian Lennon (@JulianLennon) January 24, 2022Julian would keep the original physical items and the buyer would own the rights to the unique NFT. Each NFT in the collection would be offered as an audio-visual collectible, narrated by Julian Lennon himself.The most notable item that is expected to attract the highest bid is said to be the hand-written note by Paul McCartney for Hey Jude. The NFT for the item has a starting price of $30,000.Related:  There’s a browser plugin that autoblocks Twitter NFT profile picturesJulien’s Auctions has previously sold other Beatles memorabilia fetching millions of dollars in the auction. Some of the most notable items include one of John Lennon’s acoustic guitars that fetched $2.4 million, Ringo Starr’s drum kit was sold for $2.2 million, the drum head Ringo used on the “Ed Sullivan Show” in 1964 was sold for $2.1 million.NFTs have become the latest trend in crypto and many believe it would disrupt the art industry. Mainstream artists and celebrities have ditched traditional auctions for NFTs as it has become the latest trend in the art industry.

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Paris Hilton says that the Metaverse will be the ‘future of partying’

The OG influencer Paris Hilton has continued her crusade into the Metaverse, saying that she sees it as the “future of partying, going out, interacting with people, and being social”.On Jan. 25, Hilton appeared as a guest on the ‘Tonight Show’ with Jimmy Fallon, where she spoke about her experiences in the NFT community.Hilton told Falon that she will be dropping her first NFT collection with Super Plastic on the Origin protocol “soon,” but didn’t give any further details regarding a timeframe. Super Plastic is a vinyl toy and digital collectibles company.She revealed the collection to audience members entitled “Forever Fairytale,” a collage of memories with her newly-wed husband Carter Reum. She then gifted the first NFT in the collection to Falon, and additional NFTs to each member of the audience.Always representing my fam! Love everyone in this amazing community so much & want the whole world to understand & know! https://t.co/SQXF3fsVxJ— ParisHilton.eth (@ParisHilton) January 25, 2022“I think that’s the first NFT giveaway in television history,” said Fallon. On Jan. 18, Super Plastic dropped its “Headtripz” NFT collection, featuring a collaborative piece with Hilton.Although this will be her first collection, it’s far from her first foray into the NFT space. In April 2021, Hilton sold her “Iconic Crypto Queen” NFT for $1.1 million. In a Nov. 2021 interview with The Guardian, Hilton said that she began investing in crypto during 2016 when she “became friends with the founders of Ethereum.” Since then, she’s amassed an admirable NFT collection of 141 pieces, including a Bored Ape and works by Grimes and Steve Aoki. Isn’t she gorgeous? ✨ Can’t wait for one of you to unlock her! You can now burn your pill NFTs @Superplastic #HEADTRIPZ ❤️✨ GET YOURS: https://t.co/GasQZPsf8L pic.twitter.com/W2ADi7eNTG— ParisHilton.eth (@ParisHilton) January 20, 2022

The pop culture icon has become a somewhat unexpected advocate for the Metaverse in recent times. Hilton’s “Paris World” debuted on online gaming platform Roblox during New Year’s Eve 2021, where Hilton played a DJ set to a virtual crowd. “I think it’s important for people to not only be in the physical world but also to be in the digital world,” she told Bloomberg on Jan. 21.Paris World comes complete with an amusement park, petting zoo, nightclub, and mansion where users can buy outfits from her closet or hang out on her yacht. To date, the Metaverse island has only attracted a total of around 63,900 visitors according to Roblox stats. By comparison, Roblox’s “ALDC Studio” world inspired by the American reality TV show “Dance Moms” has amassed over 30.5 million visitors. Hilton has over 55 million followers across her social media accounts on Instagram, Twitter, Facebook, Snapchat, and Youtube. Despite its underwhelming stats, Hilton says that she remains hopeful for the island’s future. “I see Paris World evolving into a destination for different events throughout the year — Valentine’s Day, Super Bowl, New York Fashion Week,” she said.”Paris World” in Roblox. Source: Paris Hilton/DXSHRelated: Paris Hilton drops surprisingly well-informed article about NFTsThe millionaire heiress rose to fame following the success of her reality TV program “The Simple Life” in 2003. She recently released a new show called “Paris in Love,” and a podcast called “This is Paris.”

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Blockchain-enabled digital fashion creates new business models for brands

Nonfungible tokens (NFT) may be disrupting the trillion-dollar fashion industry, but NFTs are just one piece of a much larger puzzle that is revolutionizing this sector. Rather, blockchain technology as a whole continues to be a game-changer for the fashion industry. While blockchain-based supply chains served as some of the earliest use cases of how the technology could help detect fraudulent items, digital wearables being built on blockchain networks are now coming to play. Megan Kaspar, co-founder and managing director of Magnetic — a privately held crypto and blockchain investment and incubation firm — told Cointelegraph that digital fashion is a very powerful use case for blockchain technology. However, she noted that many brands remain unaware of the value that blockchain can provide in terms of creating new business models. The rise of digital fashion and its impactIn order to explain the massive opportunities blockchain can bring to today’s fashion world, Kaspar noted that all brands will initially move to a “digital-first” model in the near future: “This is where collections are created digitally first, whether in-house or outsourced to a company. The digital-first process reduces time, energy and capital, all of which are no longer required to preview collections prior to production. The digital collection can then be superimposed onto photos through digital tailoring.” To put this in perspective, Kaspar was recently featured on the cover of the January issue of Haute Living. This was unique in the sense that it was the first fashion magazine cover in the United States to display digital luxury designer garments on a human. Additionally, the Haute Living cover is equipped with QR codes that generate augmented reality try-on functions, allowing readers to scan barcodes to see how each digital piece featured could look. The designs, which were created by Fendi and digitized by DressX, can then be purchased directly on the Fendi website. Megan Kaspar on the cover of Haute Living January 2022 in a digital Fendi Dress. Source: Haute LivingWhile innovative from a marketing perspective, there are other benefits of digital-first fashion. For instance, Adrienne Faurote, fashion director at Haute Living, remarked in her feature story that “the days of shipping over 20 trunks of clothing across the globe” are gone. This is an important point to consider, especially as the COVID-19 pandemic has resulted in a number of supply chain issues, such as shipping containers getting delayed across the world. It’s also important to note that a blockchain network is not required when it comes to digital-first models. Daria Shapovalova, co-founder of DressX, told Cointelegraph that while the Fendi garments worn by Kaspar on the cover of Haute Living are completely digital, they are not NFTs:“With this first digital cover in the U.S., we aimed to promote digital fashion to a mainstream audience, making Fendi AR try-on capabilities available to everyone — free of charge. Releasing the items as NFTs, on the other hand, would mean that the digital assets and AR would only belong to the NFT holders, which would significantly limit the audience’s ability to interact with the digital garments.”According to Shapovalova, while NFTs are capable of bringing many opportunities to the digital fashion industry, such as providing a sense of belonging and a scarcity effect, this was not what DressX intended to achieve with this specific campaign. Kamal Hotchandani, chief operating officer of Haute Media Group, added that the Haute Living cover demonstrates how mainstream publication features are moving to the digital landscape, with the rise of shoppable editorials and augmented reality (AR) try-on capabilities. Yet when blockchain capabilities are applied to this mix, the benefits become far greater. For example, blockchain technology is enabling Web3 e-commerce between digital and physical items. Justin Banon, co-founder of Boson Protocol — a decentralized commerce platform — told Cointelegraph that the company has developed a foundational base layer for Web3 that enables smart contracts to execute e-commerce transactions within virtual, metaverse environments. Due to the capabilities provided by smart contracts on Boson’s blockchain network, Banon said that trust issues that could potentially arise in a metaverse setting can be resolved: “For example, if an individual entered a metaverse and came across another avatar that was selling a car, one may wonder how this transaction would be secure. Boson Protocol serves as the trust layer between the metaverse and the universe by enabling the sale of NFTs with encoded game theory that can then be redeemed for real-world items.” Blockchain serving as a trusted layer between Web3 commerce transactions is critical here, especially as major labels such as Nike and Adidas set up stores in the metaverse. Digitizing items as NFTs becomes the next step required for selling goods in virtual environments, which bring about additional functionalities.For instance, Kaspar explained that digital-first collections can be sold solely as NFTs and then later manufactured if a buyer desires to have the physical items: “Harnessing blockchain technology and NFTs affords production quantity, visibility of each garment and globally accessible for the first time in history. Limited-edition drops and on-demand manufacturing could easily be byproducts of Web3.”Your unique RTFKT Punks Sneaker NFT gets you : NFT 1/1 + 1 Pair of Physical to forge June 22ndVXL Portrait 1/1 (airdropped later we removed double minting to ease the chain a bit)Voxel sneakers files for MetaverseAll made from your Punk ‍https://t.co/B4YOKI0dV4 pic.twitter.com/7vOX0mRRLr— RTFKT Studios (@RTFKTstudios) May 11, 2021Banon added that while 2021 focused primarily on brands selling NFT fashion, this year will see an increased push toward “digi-physical” or “phygitals.” According to Banon, this is when brands sell physical fashion items in Web3 ecosystems that are associated with NFT counterparts. “Think physical sneakers with an NFT wearable version as well,” said Banon. This was recently demonstrated by crypto fashion house RTFKT as the company collaborated with “CryptoPunks” to create 10,000 NFT sneakers. One custom sneaker pair was created for each “CryptoPunk” released and then given to its rightful owner to wear. The transparency provided by a blockchain network is also beneficial. For example, Kaspar pointed out that limited-edition fashion drops appeal to certain consumers. As such, it’s possible to understand how many items truly exist across a blockchain network when they are sold as digitized NFTs. This was demonstrated recently when Dolce & Gabbana launched its nine-piece “Collezione Genesi” NFT collection. Although the Fendi collection featured in Haute Living’s January 2022 issue was not NFTs, Natalia Modenova, co-founder of DressX, told Cointelegraph that nonfungible tokens will provide the next layer of utility within the fashion industry:“NFTs maximize opportunities and open up new realms for self-expression and creativity. We compare NFTs to high-end fashion or haute couture because it provides a sense of belonging, a scarcity effect and a luxury feel, which would not otherwise be achieved in the digital world.” How soon will digital-first fashion be adopted?While digital-first models are capable of providing the fashion industry with a number of advantages, there are challenges that may hamper adoption. For instance, while it’s notable how realistic the digital Fendi collection appears on Kaspar, the amount of work required to create such an effect is massive. To this point, Modenova shared that the process of digitizing garments is always dependent on the materials provided by the brand. “All nine Fendi outfits were digitized from photos, recreating the fabrics, patterns and silhouettes of the luxury garments in the 3D space from scratch,” Kaspar said, adding that all elements of fashion design — such as shape, color, space, form, texture, etc. — play a fundamental role in the digitization of garments to create a perfect visual design. As such, this process requires professionalism that may be difficult to obtain given that the space is still emerging. Related: Unlocking utility is key for fashion brands launching NFTs in 2022This challenge does not seem to be impacting the role that blockchain will likely continue to play in the fashion sector. Hotchandani remarked that moving forward, Haute Living plans to convert all the magazine’s covers into NFTs. “Our covers are pieces of art and content relevant to that moment in time, so I feel creating NFTs of our covers gives our art another expression and a permanent home on the blockchain.”Modenova pointed out that the rise of the metaverse has resulted in “metafashion,” noting that digital assets that were once only used for gaming are now being designed to dress digital versions of humans:“People from tech and gaming backgrounds quickly understand this, but now, the mainstream is starting to actively follow. This is a common pattern that arises when innovative products are launched. Wearables are the most natural extension of the metaverse and the most important pillar of the metaverse economy.”

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