Tag: Blockchain

Not Left Behind: The Fashion Industry Grand Entry into the Metaverse

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From buying prime pieces of land, developing them and selling them for profit, playing games and earning income, to trading with digital cash and making money from the NFT market, endless possibilities abound in the Metaverse. Doubtlessly, the Metaverse will change multiple aspects of our lives, although it might take time to fully actualize the project.

The fashion industry hasn’t been left behind. In March this year, Tommy Hilfiger, Roberto Cavalli, and Etro hosted the world’s first runaway show on Decentraland. The four-day event also included virtual panel discussions, besides allowing fashion enthusiasts to shop around.

Notable Fashion Brands in the Metaverse

Like tech and gaming brands, there has been a surge in the number of fashion brands entering the Metaverse. Among them is Gucci, a leading luxury brand. The company teamed up with Roblox, a leader in the igaming space, to exhibit items like sunglasses, hats, and handbags in the form of avatars.

The 2-week exhibition was hosted on ‘Gucci Garden’, Gucci’s space on the Metaverse, enabling fashion and NFT enthusiasts to grab the brand’s virtual collectibles.

Founded in 1919, Balenciaga is known for revolutionizing the fashion space, particularly the women’s fashion industry. From high-end handbags to the popular Balenciaga crocs, the firm has frequently created a stir, drawing criticism and praise in equal measure.

The fashion house’s recent partnership with Fortnite, an online game, revealed its interest in Metaverse. The agreement will see Balenciaga-labeled items used as avatars across the game.

Also, Balenciaga promised to refashion three Fortnite avatars, which will see them clad in the Balenciaga creations. Meanwhile, the game allows for trading Balenciagas digital assets across the platform.

Pomp and circumstance marked Lois Vuitton’s 200th birthday. The unique event included the company kick-starting its metaverse journey and launching LOUIS THE GAME, a mobile game embedded with 30 NFTs.

The artwork, estimated at USD 69.3 million, was created in conjunction with Beeple (Michael Joseph Winkelmann), an esteemed NFT artist. However, the collage is solely for gaming purposes and, therefore, not available for trading in the NFT market.

Seizing the Moment

While critics cite different reasons for not buying into the Metaverse idea, the innovation is a voice to reckon with. After all, figures don’t lie. For instance, D&G NFT is said to have accrued $6 million. Similarly, Gucci, Nike, and Adidas, Nike have collectively amassed $137.5 million in the NFT market. It means that the entry of fashion into Metaverse is something whales as well as retail investors, have their eyes on. Rightfully so, this is an unstoppable wave.

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Hail, NFTs! 3 Ways NFTs are Changing the World

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NFTs are not just jpegs uploaded and minted on the Blockchain. Industry players are finding new ways to harness this technology and create game changing products that are shaping the way we interact. True, the recent crypto market slump may have dampened the spirits of the general market. However, industry leaders opine this is part of the market cycle and soon we will be out of the woods. This article is a primer on NFTs, their use cases and where the world is headed with regard to this technology.

As an art form.

This is the most notable way through which NFTs have gained prominence.

This technology has democratized art, enabling previously unknown artists to be at the vanguard of artistic development- enabling designers, artists and graphic experts across the world to earn passive income. Some digital artworks have turned artists into instant millionaires and much-vaunted celebrities in the art world . There are exclusive clubs created around some of these artworks, attracting celebrities and sports stars.  NFTs have enabled artists to earn royalties even in perpetuity every time their artworks are resold. In some instances, sovereign countries are adopting them and finding ways to use them to boost economic output. Countries,

such as Japan, recently adopted  NFTs as gifts for the civil service.

Government employees who perform well are gifted with NFTs; they use them for commemoration.

In Supply chain

NFTs have found notable use cases in supply chain management .

Manufacturers can use them to create unique tags for their products  for provenance.

Consumers can easily scan these NFTs and help them get detailed understanding of the products they consume. Businesses can use NFTs to enhance transparency and boost efficiency as they can track products on real time . With one scan all supplier information can be brought to the fore.

This form of transparency can be, especially, helpful for perishable goods, medical supplies and fragile industrial products. Businesses can also use NFTs to enhance collaboration across

the supply chain – enabling them have one permanent track of records of the goods they procure. This ultimately helps businesses maintain a competitive advantage, cut costs, and build better inter- business relations.

As digital Identities

NFTs can also be used as digital identifiers. Their unique identifiers and qualities enable them to be potential tech candidates for a global registry. This is still controversial and industry players are still unsettled on how best to go about this.However, traction has been gained in the gaming industry where players can use NFTs to create unique personalities, ammunition or gaming accessories and even trade them. For sure , this is slowly gaining real-world adoption.

Some companies have developed NFT based KYC identifiers that automate the KYC process wile at the same time maintaining anonymity. What these do is that a user creates a single NFT with attributes  such as age, address, location and gender. These can then be used across multiple platforms anonymously in the event that one needs to pass KYC. The details can not be accessed publicly and can only be shared with express permission from the owner. In the UAE,

the government has established a digital presence(consulate) on the metaverse using web 3.0 technologies that also encompass NFTs. This metaverse is meant to offer a digitally immersive experience where the country can promote their services and  educate people about

the investment potential in this region. Visitors to the country’s digital platform will have a chance to interact with a customer representative and can be issued with a ticket where they’ll get their issues resolved.

These are tech  development that  can be directly  attributed to NFTs and their uses as this industry matures, more products and services will be developed anchored on this technology.

Hail, NFTs.This is the new norm.

Tokenizing Debt: Flipping Debt into IOU tokens

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A recent article stated there were ongoing rumors that Celsius wanted to convert its debt into IOU tokens.  According to leaked audio, Celsius executives were mulling converting their debt into an IOU cryptocurrency and giving it out to their debtors as settlement. This token will be given as a ratio of what the firm owes its clients and what it currently has on its balance sheet- the notion being that if the debtors could hold on to these tokens for long, then they will ultimately increase in price and generate gains for their holders. The company recently filed for Chapter 11 Bankruptcy and they are in the process of restructuring and finding the best way to clear their debt.

What are IOU Tokens

IOU is an acronym and stands for I Owe You. It is a contract that is signed by two parties indicating that they acknowledge that debt is owed by one party to the other. These contracts can be digitized and brought into the blockchain and then converted into tradeable tokens. Value of the tokens is expected to be governed by market perception of the party offering the tokens. In the event that the company can prove that it is sustainable and has multiple income streams, then the market may be bullish about it therefore boosting the value of the token. These kinds of tokens can only be employed by companies that have fallen into debt and consider their current income streams insufficient to cater for the underlying debt while at the same time sustain day to day operations. Depending on the contract, the token can be bought back by the company at an agreed timeframe or simply traded at the secondary market.

IOU tokens are ingenious ways in which Blockchain companies are spinning their debt obligations into “ temporary assets” and trading them on secondary markets. Celsius is not the only company that has leveraged this new debt model. Recently, a Chinese Mining company, Poolin, suspended withdrawals on its site and thereafter issued IOU tokens to its users. Users were given these IOU tokens at a  ratio of 1:1 of their holdings on the platform. The users have the option of selling these tokens on third party websites, reselling back on the platform or even purchase products  from the company.

Recent goings on in the industry show that IOU tokens seem to act as a viable last resort for companies facing liquidity challenges. Wide adoption of these tokens may encourage brick and mortar companies that have solid assets but are facing temporary  liquidity challenges to consider floating IOU tokens. This will deepen Defi, enhance liquidity in the ecosystem and  help develop new and advanced products for this industry.

5 Tips for Surviving a Bear Market

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The crypto market is fully in bear territory now, even though we have seen some relief over the past few days, with Bitcoin and Ethereum rising again, and a number of DeFi project tokens seeing double-digit percentage rise. For many of us in crypto, this is not the first time we’ve been in this position. We know that the market is cyclical, and that this time round macroeconomic influences are more influential, especially with a recession looming.

So, if you’re a crypto holder, what should you do? Should you sell or buy the dip? Or take some other action? Here is some advice from market watchers.

1. Take some profit

HODLing is widespread in the crypto community, but Tyler Reynolds, a Web3 investor advises selling a percentage of your gains at this time, rather than just sitting on your investment, or selling it all. An anonymous trader also said, “Set sell targets/take profit levels in advance, at least loosely, and stick to them. Your objective self from the past is a better guide than your euphoric self in the future.”

2. Do not panic sell

Its better to take some profit, or devise a strategy for exiting the market completely, but don’t panic sell says Fedor Linnik, an NFT builder. He added, “being greedy and being afraid to miss the top” was a mistake he made in 2018. Make your selling decisions based on data, not on emotion or on advice from social media.

3. Don’t try to ‘make it back’

Alex Svanevik, CEO of data analytics firm Nansen, said that those who invested in 2020 and benefited from the highs of 2021, need to realise the fun is over for now. He warns against entering highly risky trades to try and make back losses.  A trader tweeted, “Don’t trade or invest with the mindset of ‘making back’ what you lost in the bull; it’s an inherently flawed comparison.”

4. Research projects

Use this bear market time to look at crypto projects, new or old. Tyler Reynolds said that what worked for him during the last bear market was to keep investigating both new and old projects. “You will need to keep re-investigating as projects pivot from their original idea and find a much better product-market fit, like Aave.”

5. Get involved with crypto projects

Many crypto projects, especially those in DeFi, are structured as decentralized autonomous organizations, or DAOs. Anyone can join and participate, and if you are a developer looking for a job in crypto, it can be a good way of finding one.