The fashion industry is one of the most centralized industries: the trend is always leading by the few luxury brands and influencers. What to wear for the next season? The designers led us by the nose. We as consumers only choose from whatever they provide.
What happens when Crypto meets fashion? What if the fashion industry gets decentralized, and we can have our sayings in product designing?
MetaFactory is a crowdfunding platform for the creation of community-owned brands. It creates new brand economies where designers and their communities share aligned incentives by representing products as tokens.
What’s the relationship between designers and consumers here?
(The signature brand jackets)
When the platform’s signature brand, the MetaFactory Genesis Auction, went alive, participants placed bids in DAI stablecoin, operating on the Ethereum network. The top 42 bidders of the auction became members of this MetaFactory brand, having the voting right for the brand design. The designer and the platform are also members. So this brand is owned by a community; all profits are shared between MetaFactory and the community-owned brand, which means ultimately with the community members. In this way, the consumers have built meaningful relationships with brands to reflect their style and culture.
And what role does MetaFactory play?
It’s like a brand manager. Besides brand auctions, it also manages the raising fund, arranges for the production, and provides sales strategies so that artists can focus on their creative designs. The new products will be listed in the platform’s marketplace. According to MetaFactory, most brand products sold at auction are also represented by their own unique, digital token. Each product token is listed on the MetaFactory marketplace and sold on a bonding curve. The tokens can be freely traded in each exchange, and the price will start close to the product cost while increasing with every purchase.
If you go to the MetaFactory shop now, you’ll find the YFI.01 - HOODIE. Described as a “premium agricultural workwear for the hardest working farmers”, this hoodie is limited to 100 units. The community decides that all profits will be used to purchase $YFI.
Besides, the latest collaboration Wicked Sunday Club by designer Twisted Vacancy is in the auction now. Its style guide preview delivers such a fresh, tropical and lively feeling. The same, only the top 42 bidders will become part of this brand membership. The base price for membership started at 1.85 ETH, with each purchase increasing the cost by 0.05ETH.
A collaborative fashion brand, are you in?