Retail’s Future brings fashion, Web3 and NFTs into immersive commerce
TheMall is billed as a 100-story, 100-million-square-foot “metamall” in cyberspace. It is a … [+]
Much is being written about the “mixing” of physical and digital under the auspices of “unified commerce.” At the same time, we are being flooded with everything that is metaverse, also known as Web3. Are they mutually exclusive? A recent Fast Company article looking at the future of fashion in the Web3 begins to fill in some blanks.
If Web1 was about “reading” and Web2 was about “reading and writing,” then Web3 is about “reading, writing and owning,” says Farfetch founder and CEO José Neves. Fashion, says Neves, is a deeply human endeavor and a core part of who we are as individuals. Fashion allows us to wear different “masks” 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 the human interaction between curators, creators and levels of fashion, as opposed to replacing that human connection.”
Neves continues, “For me, the definition of Web3’s application to fashion is the application of these principles of user control, user ownership, and decentralized architecture to the fashion use cases.” The technology enables innovation, even if it means you and your avatar become “digital twins” by wearing the exact same outfit, extending brand loyalty across the metaverse. Hopefully there are quite a few more.
A Betta MetaMall
That article took me back to an April interview I did with two metaverse change agents, Michael Zakkour and Alan Smithson, who are collaborating on an even more robust venture known as TheMall. It is billed as a 100-story, 100-million-square-foot “metamall” in cyberspace. The team shared their belief that “retail may well drive much of what we refer to as the metaverse.”
Alan and Michael further believe that their early adapters will not be headset-wearing, crypto-wallet-wearing “bridge types,” but rather a mainstream market of 20- to 45-year-old iPhone-carrying women. They work with fashion houses to sell products in the mall, as well as various brands’ in-house creative agencies or facilitate “build-outs” with MetaVRse’s studio, which Smithson founded with his wife Julie. Their secret sauce is 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 a creator.
“TheMall is a combination of e-commerce and pure experience. Brands see this as a marketing and branding and experiential play.” says Michael Zakcour. “Brands can do anything, whether pure experiential, NFT, a mix of commerce and experiential, it’s going to be their place to do it anyway.” Michael is one of RETHINK Retail’s Top 100 Retail Influencers and is convinced about (as I do) that the future of retail is “immersive commerce,” a seamless blend of online and in-store, the essence of unified commerce. You don’t use the term “omnichannel” in Michael’s presence, it makes him cringe.
Type “Tokenomics”
If you visit TheMall and wish to shop, you must of course do so with cryptocurrency. Although crypto-assets have captivated the entire world with multiple promises of financial opportunity, they lack tangibility. A US dollar can be seen and touched, but this is not the case with cryptocurrencies. However, cryptocurrencies are recognized as fungible assets, and are the basis of “tokenomics,” the blend of “token” and “economy.”
Non-fungible tokens (NFTs) do not share the same value and are therefore unique. NFTs have been trending in recent times, and they have sparked a lot of interest in tokenomics, especially with high-profile NFT auctions. The tokenization of assets such as real estate, art, images, and collectibles with NFTs has sparked a new wave of digital ownership, while demonstrating the potential of tokens.
Is it art?
Art has been at the forefront of cultural change for millennia. So it’s not surprising that artists and NFTs develop a symbiotic relationship, and a lucrative one at that. Many relatively unknown talents have broken into NFT art, and now some of the most respected artists and illustrators are expanding beyond traditional media into digital art and NFT tokens.
I recently interviewed Shaun Neff, co-founder of GODA, whom Forbes called a “Brand Whisperer.” GODA describes itself as a “trusted curated source for leading contemporary artists looking to explore digital as a new medium.” Neff is a serial entrepreneur, and has been a founder, investor and advisor for some of the world’s best brands. These include Neff, Sunbum, Moon, Beachhouse Group, Robinhood, Target
GODA is also led by some of the biggest names in consumer, art, music, NFT and fashion. Names like Pharrell Williams, Nina Chanel Abney and Todd Kramer among them. Many of GODA’s artists built significant followings and reputations in the “analog” art world before entering the world of digital art and NFTs. As trusted partners, GODA ensures its artists seamless, impactful drops that respect the value of their art.
Takes a brand stand
As Shaun said at the beginning of my interview, the NFT art world is a crazy new space. It has built a strong following because the barriers to entry have been very low, and unlike analog art, there are no middlemen or gatekeepers. And as a result, many artists, illustrators and graphic designers have jumped into the pool, especially in the last year.
Besides the low barrier to entry, the “tokenomics” behind the transactions are very appealing. The artists who imprint the originals effectively maintain ownership of the original artwork, even as they are imprinted into a limited number of NFTs that “live” in the Web3 metaverse.
On the sales side of the equation, it takes significantly more than the artistic creation and “exposure” of NFT to be noticed, let alone for the work to achieve lasting value. According to Shaun Neff, ninety-nine percent of those who put their work out there don’t hit anyone’s radar, let alone the “whales” or big collectors who dominate the digital art collecting world.
In the true spirit of a seasoned brand guy, Shaun notes that beyond the creative talent, the artists must engage in the highly strategic and calculated business designed to build buzz. This is where the work of GODA comes in.
Party on Todd
Todd James, an internationally known artist who began his art career as a graffiti artist in … [+]
Todd James is an internationally known artist who began his art career as a teenager in New York City and added his unique graffiti to the subway system in the early 1980s. On 30 Augustth this year Todd made a new collection of 1533 NFT images using GODA. Mint Pass holders paid .333 ETH (worth $527) on September 1stSt and had a 24-hour. window to enter a pre-mint raffle for a chance at his new collection. Over 20,000 registered for a limited number of NFTs that became available. The Todd James “ART PARTY” reveal was September 6thth 09:00 PT/12:00 central.
By 3:00 PM CST that day, 804 owners bought 546 pieces. The “base price” was ETH .46 (approximately $724.00) for items #545 and #280 had a price of ETH 666 (approximately $1,047,904). The vast majority at that moment were running in the mid-single digits ($7,000-$10,000).
As a modest collector of contemporary art, I appreciated the satirical, often political and very pop/street art aesthetic of Todd James. And I can’t help but think of mid-century artists like Robert Indiana, Andy Warhol or Claes Oldenburg for comparison. Back in the day, it was a big event when these pop art icons released a reprint of, say, a dozen images. Each image may have been made available via a couple of hundred signed prints, which were essentially identical. In comparison, each and every one of Todd James’ over 1,500 images is unique, with its own digital “fingerprint”. Warhol would be impressed, indeed.
Artists’ annuity
African American contemporary artist Nina Chanel Abney minted her first ever NFT collection at 5080 … [+]
The other big advantage for the artist is that when NFT trades on the secondary market, they get a cut of it and any subsequent sale. And because all the transactions happen in the metaverse, there should never be any doubt about the image’s authenticity or provenance. Talk about annuity.
Another GODA artist who recently moved into the NFT world is the celebrated African-American contemporary artist Nina Chanel Abney. Her first NFT collection “Super Cool World” on the GODA NFT platform consisted of 5,080 NFTs consisting of hundreds of properties designed by Nina that reflect her “frenetic collage-like approach to visual media.” The embossing started on 14 Julyth for those who won the lottery, 60,000 lottery tickets were public. Mint Pass holders were guaranteed the ability to purchase.
Nina is most interested in keeping her collector fans in the family. So to reward loyalty and limit transactions on the secondary market, she’s suggested that owners get access to “exclusive Nina merchandise, collaborative product releases, airdrops, events, incentivized participation in exhibitions and surprise drawings.”
Sea Change, or wait and see?
What does all this mean for the “established art community”, say nothing of filling the spaces above our fireplaces? Well, according to Shaun Neff, we can expect future NFT collectors to purchase enlarged digital displays that adorn the walls of our homes with the ever-changing NFTs. No doubt it will be controlled by our phones or smart homes. And, of course, the Todd James and Nina Abney NFTs will be proudly displayed on the walls of our metaverse manors for our avatars to enjoy.
