Gmoney drops a surprise for its fashion NFT holders – WWD

The closest thing the crypto world has to a crystal ball is an NFT collector, entrepreneur and futurist known as Gmoney. No one knows his real name or face, only the CryptoPunks avatar he knew bought for about $170,000 last year. But investors, gamers, blockchain enthusiasts and a growing segment of fashion technologists know the former finance pro-turned-Adidas collaborator predicted crypto as a cultural revolution.

“G,” as his friends call him, also sees how the role of luxury fashion should play out in a Web 3.0 world—and he’s on a mission to prove the model.

In this WWD exclusive, he revealed new details about the latest phase of this master plan: After the July debut of 9dcc, his crypto-native luxury fashion label, and the August release of NFTs for his Iteration 01 luxury T-shirts — a public minting of more than 1,000 which sold out in 113 seconds — he has a surprise in store for his NFT holders: The brand is releasing a wave of coupons on Thursday at 5:00 PM ET that will be redeemable for the physical versions of the NFT apparel, which will ship this week, and that’s just for the first time.

“The coupon is sent to the owners, the holders of the NFT. They will receive the physical coupon, which can then be redeemed at the vault,” he told WWD, referring to a 4K vault that acts as a storage or holding tank for high-value physically backed NFTs.

“I think the really interesting thing about the Vault — and I think this is a huge, massive unlock for both the sneaker industry and the retail industry, especially on the luxury end — is that you have all this inventory sitting in people’s closets that can go unused for years,” he continued . From sneakers to couture dresses, certain garments can never be worn because of their historical or cultural relevance or resonance.” And so, instead of keeping it in your closet, why not let it sit in a centralized vault…almost like a free port?”

This scenario is similar to dedicated, secure facilities for high art, where new owners often do not literally take hold of a purchased object, but rather arrange to transfer it from one lot to another. The framework matters because it opens up other possibilities.

“This starts to unlock a really immature market, making it more mature. Because now you have the ability, if you want to post that article as collateral, like a pair of Yeezy sneakers that’s worth $1,000,” he continued. “If I know that I’m never going to use it, and instead store it in a centralized vault, I can take that certificate, that receipt, that coupon, and I can use it as collateral to get a loan against it. ‘

This is where G’s former life as a share trader peeks through. But the potential financial ramifications are only one piece of the puzzle for what he calls his “network product.”

Owners who take home and wear the physical garment will notice that each one is embedded with an NFC tag, which is the same technology that allows smartphones to tap to pay in stores. Here, a quick scan with the owner’s smartphone unlocks a multitude of functions.

Think POAPs, short for proof of attendance protocol, which are essentially digital swag that are usually free but sometimes have value, given bragging rights. Here they play a double role. Each 9dcc shirt will be able to issue its own uniquely serialized POAP, allowing owners to create their own network. Essentially, it gives owners a way to connect with each other and build a wider community around the 9dcc brand, or even create their own dedicated sub-community, among other things.

According to a draft seen by WWD of 9dcc’s announcement, “The pillars of Iteration-01 include: POAP issuance, where owners will be able to create their own networks within the 9dcc ecosystem; SMS brand communication directly from 9dcc, and digital wearability, which allows users stunt both IRL and digitally by dressing Webaverse & Ready Player Me [metaverse] avatars in the t-shirt in over 3,000 apps and digital spaces; networked experiences that connect to IRL experiences,” with the shirt itself serving as a ticket to exclusive real-life events.

Ready Player Me’s partnership took a new creative turn when it reinterpreted the 9dcc lookbook. The shoot featured human models, but the technology partner reworked the image with digital avatars to give people a better sense of the digital fashion.

The lookbook ended up being the source material for NFTs as well, with six of the images in various sizes minted as collectibles to “give consumers as much freedom of choice in how they want to interact in the ecosystem,” the crypto expert said. People could see and buy their own personal size, choose one likely to be in demand for a future resale, or, if viewed as a collector’s item, simply forego the concern, given that it was taken by the famous NFT- photographer Justin Aversano.

That might not matter to the average consumer, but that’s not Gmoney’s target customer. He’s going after crypto-natives, he said, and while it’s easy for the fashion industry to see it as a niche audience, those consumers may be more central to fashion than they seem.

“I want this brand, when people see it in a few years, to say, ‘Oh, that 9dcc person is successful. They can afford nice things. They dress well, and they’re also a crypto native.’ But I also understand that collaboration is one of the best ways to introduce brands to my audience, and introduce my brand to their audience,” he explained. “We’ve seen over the last decade where collaboration has worked very, very well , because you’re opening up each brand to the other brands’ audience, right? I think that’s where the magic happens.”

In other words, where retail often views sales as the ultimate destination or end, Gmoney sees it as a means to another end – new communities, with fans empowered to act as a brand’s emissaries and a whole new Web 3.0- network of fashion.

“You’re going to have some people who buy something for long-term appreciation, and also some people who buy it because they want it,” G elaborated. “But I’m going to try to make it very, very early clear that I want to encourage people to use it in the real world. As true ambassadors for the brand, they will then have opportunities that those who may be holding it for long-term appreciation … will not have access to.”

It’s a far cry from the old Web 2.0 way of community building, which bogged down interactions with annoying questions about signing up for newsletters or loyalty clubs. It’s an evolution for Gmoney too. Previously, there was only one way to be a part of his Admit One community, and that was by meeting him in person. Now people have a direct bridge to Admit One through the POAPs and NFC tags, while the brand facilitates their connections to each other.

As for the future, at least in the short term, Gmoney and 9dcc are focusing on Art Basel Miami, with a pop-up to mark a new collaboration. However, he did not reveal details about it. Like the coupons, he apparently leaves it as another surprise.