The future of retail connects fashion, Web3, NFT, and immersive commerce

The future of retail connects fashion, Web3, NFT, and immersive commerce

Much has been written about the ‘mixing’ of the physical and the digital under the auspices of ‘unified commerce’. At the same time, we are inundated with all things metaverse, also known as Web3. Are they conflicting? A recent article by The Fast Company looking into the future of fashion in Web3 is starting to fill in some blanks.

If Web1 is about โ€œreadingโ€ and Web2 is about โ€œreading and writing,โ€ Web3 is about โ€œreading, writing and owning,โ€ says Farfetch founder and CEO Josรฉ Neves. Neves says that fashion is a deeply human endeavor and an essential part of ourselves as individuals. Fashion allows us to apply different โ€œmasksโ€ based on how we feel, who we want to be, or what we want to portray on any given day. “We always think of technology as enhancing human interaction between curators, creators and fashion levels, rather than replacing this human connection.”

Neves continues, โ€œFor me, the definition of Web3 fashion is the application of the principles of user control, user ownership, and decentralized architecture to fashion use cases.โ€ Technology enables innovation, even if it translates to your avatar becoming a “digital twin” by wearing the exact same outfit, increasing brand loyalty across the metaverse. I hope it’s a good deal more.

A Betta MetaMall

This article brought me back to an interview I had in April with two metaverse change agents, Michael Zakour and Alan Smithson, who are collaborating on an even more powerful mission, simply known as TheMall. Described as a 100 story, 100 million square foot “metamall” in cyberspace. The team shared their belief that “retail may drive much of what we refer to as the metaverse.”

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Alan and Michael further believe that their first adapters will not be wearing headphones, carrying crypto wallets โ€œbro types,โ€ but will be a mainstream market of 20-45 years, carrying iPhone women. They work with fashion houses to sell products inside the mall, as well as in-house creative agencies for different brands or facilitate “buildings” with studio MetaVRse, which Smithson founded with his wife Julie. Their secret bottom line lies in the fact that unlike other similar tools, their engine can be deployed across multiple operating systems, browsers, and devices with little or no code. In fact anyone can be creative.

โ€œTheMall is a combination of e-commerce and a pure experience. Brands view this as marketing, branding, and experiential play.โ€ Michael Zakour says: “Brands can do anything, whether it’s pure experience, NFT, or a combination of trade and expertise, and it becomes a space for them to do it no matter what.” Michael is one of RETHINK Retail’s Top 100 Retail Influencers and believes (as I do) that the future of retail is ‘immersive commerce’, the seamless blend of internet and in-store, which is the core of unified commerce. One doesn’t use the term “omnichannel” in Michael’s presence, it just makes him cringe.

Enter “Tokenomics”

If you visit TheMall and want to make a transaction, you will naturally need to do so with cryptocurrency. Although crypto assets have captivated the entire world with numerous promises of economic opportunity, they lack tangibility. The US dollar can be seen and touched, but this is not the case with cryptocurrencies. However, cryptocurrencies are recognized as exchangeable assets, and are the basis of โ€œtokensโ€, the combination of โ€œtokensโ€ and โ€œeconomyโ€.

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Non-fungible tokens (NFTs) do not share the same value and are therefore unique. NFTs have been in vogue lately, and have generated a lot of interest in tokenomics, especially with high profile NFT auctions. Tokenizing assets such as real estate, artwork, photos and collectibles with NFT has sparked a new wave of digital ownership, while also showing the potential of the token.

Is it art?

Art has been at the forefront of cultural change over thousands of years. So, it’s no surprise that the artists and NFT developed a symbiotic, and profitable relationship at the time. Many relatively unknown talents have burst into the art of NFT, and now some of the most respected artists and illustrators are expanding beyond traditional media into digital art and NFT symbols.

I recently interviewed Sean Neff, co-founder of GODA, who Forbes dubbed the “Brand Whisperer.” GODA describes itself as “a trusted curated resource for leading contemporary artists looking to explore digital as a new medium.” Neff is a serial entrepreneur who has been the founder, investor, and advisor to some of the world’s top brands. These include Neff, Sunbum, Moon, Beachhouse Group, Robinhood, and Target
TGT
and Sony, Sandbox, Outlier Ventures, and more.

GODA also leads some of the biggest names in consumer, art, music, NFT and fashion. Names like Pharrell Williams, Nina Chanel Abney, and Todd James are among them. Many GODA artists built a following and a solid reputation in the world of “analog” art before entering the world of digital art and NFT. As trusted partners, GODA ensures their artists smooth and impactful projections that respect the value of their art.

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Take a brand position

As Sean mentioned at the beginning of my interview, the NFT art world is a crazy new space. He built a strong following because the barriers to entry were very low, and unlike Analog Art, there are no middlemen or gatekeepers. As a result, many artists, illustrators, and graphic designers have jumped into the pool, particularly in the last year.

Besides the low barrier to entry, the โ€œtokensโ€ behind the transactions are very attractive. Artists who mint the originals actually retain ownership of the original artwork, even when it is minted in a limited number of NFTs that “live” in the Web3 metaverse.

On the selling side of the equation, it takes a lot more than technical creativity and “coining” the NFT, not to mention creating lasting value for the business. According to Shaun Neff, ninety-nine percent of those who put their work there, don’t hit anyone’s radar, let alone the “whales” or the big art collectors who dominate the digital art collecting world.

In the true spirit of a seasoned brand man, Sean notes that in addition to creative talent, artists must engage in a strategic and highly calculated mission designed to create buzz. This is where GODA’s work comes in.

Party on Todd

Todd James is a world-renowned artist who began his artistic career as a teenager in New York City adding his unique drawings to the subway system in the early 1980s. on August 30The tenth From this year, Todd minted a new set of 1,533 NFT images with the help of GODA. Mint Pass holders paid 0.333 ETH ($527) on September 1Street And he had 24 hours. A window to enter the pre-purchase draw for a chance at his new collection. Over 20,000 have signed up for the limited number of NFTs that have become available. “ART PARTY” Todd James was revealed on September 6thThe tenth 9 a.m. PT / 12 p.m. Central time.

By 3:00 PM CST that day, 804 owners had purchased 546 lots. The โ€œlowest priceโ€ was ETH .46 (~$724.00) for items #545 and #280 at ETH 666 (~$1,047,904). The vast majority at that moment were running in the middle of the single digit ($7,000 – $10,000).

As a humble collector of contemporary art, I appreciate Todd James’s ironic, often political, and pop/street art aesthetic. And I can’t help but think of mid-century artists like Robert Indiana, Andy Warhol, or Claes Oldenburg by comparison. In their day, it was a huge event when these pop art icons released a new print edition of dozens of photos. Each image was probably provided by a few hundred signed prints, which were essentially identical. By comparison, each of the more than 1,500 photos of Todd James is unique, and has its own digital “fingerprint.” Warhol would be really impressed.

Artist’s pension

The other big advantage of the artist is that when the NFT is traded on the secondary market, they get a share of that and any subsequent sale. And because all transactions happen in the metaverse, there should never be any doubt about the authenticity or provenance of the image. Talk about the pension.

Another GODA artist who recently made the transition to the NFT world is contemporary African American artist Nina Chanel Abney. Her first ever “Super Cool World” NFT collection on the GODA NFT platform consists of 5080 NFTs made up of hundreds of themes designed by Nina that reflect her “unruly style in visual media”. The minting of coins began on July 14The tenth For those who won the allowed list draw, 60,000 entries were public. Mint Pass holders are guaranteed the opportunity to purchase.

Nina cares more about keeping her fans in the family. So, to reward loyalty and reduce transactions in the secondary market, she hinted at owners getting “exclusive Nina merchandise, collaborative product releases, airdrops, events, stimulating participation in fairs, and surprise raffle drawings.”

The sea changed, or wait, and see?

What does all this mean for the “established art community,” and say nothing about filling in the spaces above our chimneys? Well, according to Shaun Neff, we can expect future NFT collectors to purchase digital magnifying screens to decorate the walls of our homes with ever-changing NFT. No doubt it will be controlled by our phones or smart homes. And of course, Todd James and Nina Abney NFT will be proudly displayed on the walls of our metaverse mansions for our avatars to enjoy.

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