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Recognised as the momentous future of the internet, Web3 will take over every aspect of the economy, and the fashion industry is no exception!
But, before diving deep into the role of Web3 in the fashion sector and what makes alignment of physical world and Web3 utility a true game changer. Let’s understand exactly what it is and why investors must keep their eye on it.
Since its inception in the 1960s, the World Wide Web (WWW) has witnessed many transformative evolutions. The first is Web 1.0, i.e. introduction of static web pages to the internet hosted by either free or ISP-driven hosting sever. Later, with the development of social media sites or social networking platforms came Web 2.0, which emphasised participatory culture, user-generated content (UGC), and interoperability. Now, it’s time for Web3- which will be based on the grounding of blockchain technology and decentralisation.
This means the Web3 industry holds the ability to improve the internet by making it:
- Robust and Distributed
- Self-Governing
- Trustless
- Stateful
- Verifiable
Put simply, in Web3, the sites or applications will operate on decentralised (several peer-to-peer) nodes to establish a crypto-economic protocol.
Introduction to Faith Tribe
Developed with a vision to empower the creativity of designers, Faith Tribe is a revolutionary open-source platform for the creation, designing and customisation of digital and physical fashion apparel. The company firmly believes that despite the promising global talent pool, many designers have to suffer the shortcomings of the fashion industry that not only impacts their career but drastically affects the worldwide growth of the global fashion industry, which is valued to be over $3 trillion.
The solution lies in Faith Tribe’s decentralised blockchain technology-based ecosystem, on-demand manufacturing and result-driven productions designed to eradicate the challenges of the fashion industry.
With this, Faith Tribe aims to bring fashion into the metaverse, helping creators gain access to untapped markets that would increase the industry’s economic potential. Furthermore, with the luxury brands and fashion sector expanding rapidly, this new realm does stand to be at the risk of being dominated by legacy brands of the industry. However, the company wants to be the positive change by providing equal opportunities to independent designers, helping them in creating or co-creating digital fashion designs and distributing them to entirely new demographics such as NFT, virtual metaverses, digital marketplaces, storefronts in-game and more, while still keeping their designs aligned to eCommerce stores. Faith Connexion, the company’s native brand, will help designers move beyond individual expressions through physical and virtual clothing. This native brand offers a rich archive of customisable designs, popularity among influencers and celebrities and leadership to the designers- a talent-driven platform that independent designers never had access to.
Carrying a vast experience of over 21 years, the brand aims to bridge the gap between the physical world and Web3 industry, by giving designers the scope to manufacture their marvellous pieces and sell them in physical form at eCommerce store. Making it a major breakthrough in the fashion industry, as buyers get to enjoy an immersive and hybrid shopping experience at the digital and physical stores.
The core of Faith tribe is its community coin (FTRB) that can bring curators, virtual artists, designers, influencers, brands, buyers and fashion enthusiasts together with a special incentive. Fundamentally, the open-source platform is meant for fashion, community participation, collaboration, discovery, and a medium, where creators can directly transact with the buyers using native tokens.
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How does Faith Tribe support the development of Web3 native fashion?
Today, the young population is the highest consumer of the fashion industry. In fact, Brain & Company predicts that millennials and Gen Z will contribute to over 130% of market growth by 2025. And according to predictions made by Morgan Stanley, both NFTs and metaverse will constitute a market revenue of 50 billion dollars by 2030.
Another surprising trend is that consumers have become less loyal towards brands and are up for more active ways that will let them express their individuality.
Faith Tribe tends to fix the bottlenecks of the fashion sector by coordinating rights and ownership of physical and digital fashion and encouraging the stakeholders to contribute to its own ecosystem. This allows designers to be a part of a decentralised community of like-minded individuals while harnessing the wealth opportunities that its signature eCommerce platform and metaverse has in store.
Thanks to this, entrepreneurs and fashion designers will be able to launch their brand within the physical realm and Web3 industry, backed by the experience and support of the decentralised community. Major participants of this ecosystem who will significantly contribute towards the development of Web3 native fashion are:
- Creative Tribe: The essence of the Faith Tribe’s community network that includes visual artists, studios, designers or almost any individual who wants to contribute to the fashion industry.
- Patrons: The active participants of the crowdfunding drive for an entire collection or an individual piece.
- Buyers: Those willing to buy physical or digital fashion products from the metaverse realm.
- Tribe of Developers: The core network of the company that will manage ongoing development, partner integrations, facilitation of community and network governance.
What role does Faith Tribe play in facilitating new talents?
Established or premier brands shadow the global fashion talent industry leaving no room for emerging talents. Faith Tribe aspires to change the scenario by bringing a democratic and unified experience to designers focused on the physical world, metaverse and Web3 industry. This will help new talent tremendously.
The following characteristics of the Faith Tribe ecosystem allow emerging talents to acquire a competitive edge:
- Contributors get the opportunity to engage with the buyers directly, as a result of which their virtual clothing designs can be aligned with what their users value the most.
- The power of governance can only be achieved by adding value to the community or contributing to its network’s development and growth.
- Community-operated and owned keeps the incentives between the participants and partners aligned.
- Contributors choose with the help of democratic access (anyone who is willing to contribute to the fashion industry can be a part of the network) which of their creations would be part of physical production.
- Creators hold either full or fractional ownership over the digital assets and hence stand eligible for participating in future sales.
- It offers much-needed support and components essential for both entrepreneurs and independent designers to launch their metaverse label in the world of Web3 native fashion.
- For maximising community access, the company gives optimal platform support at multi-layers of blockchain.
All in all, the brand enables different stakeholders and crypto traders for accomplishing their own unique goals and objectives with the power of metaverse utility, accessibility and well-valued incentives.
A value-added element of the Faith Tribe network is its community coin (FTRB) built on Ethereum. The coins get funnelled to contributors via on-chain metrics which effectively coordinate incentives and governance to the most dedicated and active network participants.
Faith Tribe considers its coin to be the ultimate economic glue that unifies every element of its constituent systems- the Design Studio, Design Protocol and NFT marketplace. The early participants of the ecosystem like NFT artists, designers or fashion curators will get the coins airdropped, giving them the right to use the components of the network or purchase digital assets at discounted rates.
Apart from this, Faith Tribe is still devoted heavily to its physical store, so any coin used for buying physical clothing items gets burned automatically. This increases the value of tokens, which would ultimately benefit the community of designers.
Faith Tribe Designer Studio- An Overview
New talents often face several challenges while creating their design. To eliminate them, Faith Tribe features a design studio that supports end-to-end experiences for the members of the community.
Using the studio, the contributors of Creative Tribe or fashion businesses can:
- Create endless collections of digital designs or fashion goods and take advantage of on-demand manufacturing.
- Make whole garments, accessories, outfits and more, backed by the trust of NFTs technology.
- The NFT artists or independent designers can work collaboratively or independently on the designs and even choose from the brand’s existing customisable native fashion work.
- The option to get contributions from the public through crowdfunding or own a design collectively.
- Physical, mint digital or both along with distribution rights, setting price and more according to the NFT standards.
- Track and measure the sales of physical and digital fashion products effectively.
Every component of the design studio coordinates with one another, making it easier for designers to create their work of art.
For example, if an NFT artist wants their own signature collection of virtual clothing, they can utilise the design studio to create authentic designs and launch them in their own fashion labels. While designing an individual piece or collection, they can mint NFTs & NFCs to ensure metadata gets applied to each of their asset collection. The NFTs must be applied as per the standards accepted by the community for optimal interoperability between the system and products. In case a standard is non-existent, the company coordinates to seed and create better standards.
In addition to this, the active network users can pair their assets with liquidity that makes them eligible for crowdfunding. The liquidity pools are nothing but smart contracts of the blockchain that manage the use, withdrawal and deposit of NFT assets owned by the members of the community.
For exchanging the fashion assets, the NFT artist can make use of the NFT marketplace that facilitates trade, sale, redemption and purchase of NFTs. In the marketplace, the community can benefit from a developed mechanism that coordinates the drop assets and determines which assets are going to be featured on a particular day. Also, the marketplace integrates the distribution of traditional eCommerce channels for monitoring the performance of assets and offer a wider integration within the ecosystem. Hence, every part of the system operates together systematically:
- A member of the community uses the design studio for remixing or creating a brand new design, minting the design with NFTs, and getting access to functionalities of the studio is granted only when the member owns a specific amount of coins.
- The member deposits NFT design into liquidity pool for raising money. At this point, Faith Tribe charges its fees for crowdfunding the digital asset.
- Now, the NFT designs are sent for asset exchange so that they can be distributed directly to the buyers through Web3 native fashion, metaverse channels, eCommerce stores and more.
- The fees that Faith Tribe collects through its coins get distributed to stakeholders along with deposits made to the treasury that can be used by the members of the community in future.
What can people gain through the Faith Tribe Project?
Faith Tribe combines the never-ending potential of the fashion sector with physical clothing, metaverse & NFT, allowing people to own, trade and collect digital fashion asset NFTs. This would greatly help independent creators worldwide who don’t have access to the best industry tools or suffer due to the domination of legacy brands.
Being a platform dedicated to the global community of creators; the solutions will enable creators to develop assets for the physical realm and the metaverse. The project follows incentive-aligned principles, giving participants a chance to earn tokens based on their contributions to the ecosystem.
The company has a token allocation of 5 billion FTRB, where a 50% stake is for the community, 17% for the team & treasury, 11% for tech infrastructure, 14% for marketing & fashion events, and only 8% for crypto traders. It aims to have an active circulation of 1.2 million, equivalent to 120 million tokens that would significantly increase the value of each token.
Conclusion
The democratised access, a wealth of opportunities and the potential of combining the physical world and metaverse economy makes Faith Tribe the need of the hour for fashion designers and entrepreneurs. With this, they can not only create designs but get access to the highest quality raw materials, utilize on-demand manufacturing, and sell their work directly to the consumers.
The fashion sector has always been a crucial part of the web industry, and now with the Web3 industry, it has only become better and bigger. Though there are tons of opportunities, still a global pool of talented designers, independent artists, fashion curators and enthusiasts are at the risk of losing their true potential due to the dominance of large established brands. Faith Tribe will remove the unwanted restrictions, allowing new talents to gain equal footing with the brands of international repute in the eCommerce and Web3 utility. This will be achieved by the essential components and tools of the company’s ecosystem. The ecosystem will act as a completely open platform, where the country of origin, income disparities, demographics, gender, education level or race doesn’t act as a barrier for individuals who are capable of making quality contributions. It invites designers who want to explore a new market and become active participants of a decentralised community, where they can create physical and digital clothing designs, learn from the industry experts and play their part in shaping an ever-expanding marketplace.
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