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The fashion industry is one of the fastest-growing industries in today’s world. So, Faith Tribe bringing revolution to the fashion industry with community token. It is not just a part of the economy; it consists of several smaller niches or segments under it. The fashion industry plays a vital role in the global economy and is comprised of many companies earning billions of dollars every year.
The fashion industry consists of a variety of activities such as production, designing, distribution, retailing, advertising, and other significant aspects. There is an estimated $3 trillion in revenue generated by the fashion industry, and it is one of the most sought-after industries. However, the designers and creators who work within it do not get paid adequately for the quality work they do.
Faith Tribe is a platform that has seen how designers struggle with this and has developed ways to bridge the gap between design companies and the creators. Moreover, Faith Tribe is an interactive ecosystem that works on the principle of revolutionising the fashion industry. It works to provide an open-source platform to independent designers and creators from all over the world and thus establish a balance between the quality work that the designers do and the pay they receive.
Faith Tribe is destined to build an ecosystem where designers, creators, bloggers, artists, influencers, etc. come together on a single platform. They can contribute to the ecosystem and earn tokens as they do so.
Further in this article, we will discuss the Faith Tribe community coin, the token distributing channel, the purpose of buying FTRB, how Faith Tribe is implementing fashion into the metaverse, the team members associated with Faith Tribe and various insights related to this.
What is the Faith Tribe Community Coin?
The Faith Tribe community coin is the mechanism that aims to bring all the constituents of the Faith Tribe ecosystem onto one platform. It is the heart of the Faith Tribe DAO. Moreover, Faith Tribe DAO is an organisation that is autonomous and is aimed at running the Faith Tribe platform. Among its various responsibilities are allocating funds from the community’s treasury, controlling and monitoring the whole platform, and seeing and voting on modifications to improve the platform.
Faith Tribe coin owners enjoy a variety of benefits and rights. The Faith Tribe coin provides its users with governance and economic rights. Faith Tribe coin holders participate in a variety of decisions on the platform, such as decisions about leadership, treasury fund allocation, product strategy management, etc.
The coin holders will also benefit as early adopters because they will receive incentives based on the work they contribute to the Faith Tribe community platform.
Faith Tribe Token Distribution Explained
Faith Tribe has devised a roadmap for its future endeavours. It aims to bridge the gap between the company and the designers, and will issue a token that will concentrate primarily on distributing and managing ownership in the business. The token enables artists, designers, curators, businesses, and start-ups to actively participate and help provide value to the fashion and lifestyle industry.
To increase the value of the token, one of the most critical measures of the Faith Tribe is to choose the right individuals to add value to the platform. The fund that will be generated will be used for the development and growth of Faith Tribe solutions. Moreover, the Faith Tribe coin will be launched on the Ethereum blockchain and Polygon blockchain to take advantage of the reduced fees.
The token distribution model will last for 10 years and about 5 billion tokens will be allocated. In the first year, around 750 million tokens will be issued, and the remaining tokens will be issued in different phases over the tenure of 10 years. After the completion of 10 years, a system has been devised to distribute the tokens. So, now let’s discuss the bifurcation and percentage breakdown of the tokens to be distributed after 10 years.
- About 17% of the tokens will be distributed to the core team of Faith Tribe and the general treasury.
- 8% of the tokens will be offered to private buyers or the public.
- In addition, 50% of the tokens will be provided to designers, creators, influencers, project partners, start-ups, and others for the growth and development of the platform.
- Faith Tribe also provides compensation to its people. About 11% of the token’s value will be paid out as compensation. This token is given to individuals and organisations contributing to the studio, marketplace, and other platforms.
- Around 14% will be allocated to the different fashion events and shows for building awareness about the brand.
Purpose of Buying/Holding FTRB
The Faith Tribe Community Coin, or FTRB, is one of the major components acting as a unifying force for the entire Faith Tribe platform. The Faith Tribe Coin brings everyone on a single platform to govern the Faith Tribe DAO. The Faith Tribe DAO in return will monitor and govern the various tasks on the platform like allocation of funds, treasury, etc.
In addition, $FTRB is a dual-chain coin based on the Ethereum blockchain and polygon blockchain to reduce the fee. Additionally, there are many benefits for holders of the $FTRB coin. Let’s now discuss why investors should buy or hold the $FTRB coin.
- With FTRB tokens, token holders can stake their tokens, earning benefits and rewards that are related to the platform.
- They will be able to participate in the voting process for the garments or productions that will enter into physical production.
- The FTRB holders can get a guaranteed discount on the platform
- They will be able to purchase the physical or digital assets at cost, either from the Faith Connexion brand store or the NFT marketplace.
- They will be able to contribute to the liquidity pool and thus help the creators in generating funds for the designing process.
- With exclusive access to the Designer store, they will be able to experience the end-to-end experience and can create, mint, fund, collaborate, manufacture, distribute, track, and control their designs all through a digital box.
How Faith Tribe Is Revolutionising Fashion in the Metaverse
The metaverse is a virtual environment that is similar to the real environment. It is a technology that allows users to connect and socialise with each other online via a 3D platform. It consists of multiple platforms that can be accessed through a single web browser. The digital environment combines augmented reality, digital reality, and blockchain technologies. In the metaverse, you have a virtual character who can watch movies, play games, and eat in the virtual world. However, in the real world, you are not doing such things.
The metaverse has plenty of benefits for its users and seeing its benefits, Faith Tribe has also adopted it. Faith Tribe aims to revolutionise fashion in the world of the metaverse. Research indicates that fashion and luxury companies will increasingly use metaverses, NFTs, and web 3.0 technologies in the year 2021. The changing needs of the people have caused companies to change their business processes as well. The metaverse and Web 3.0 are the new normal.
As time passes, it is estimated that the NFT and the metaverse would be completely involved in the fashion industry by providing virtual clothing features. The demand for fashion and luxury brands will be similar to the demand for the items they offer physically. The various advanced companies have noticed this shift in people’s behaviour and are trying to secure as much of a stake as possible in the virtual world.
Faith Tribe understands this aspect and tries to protect the interests of independent designers. For this, Faith Tribe has launched a decentralised platform that is led by the communities and helps the designers and the creators. Designers and creators can use this platform to design virtual clothing and distribute them to a wide range of customers in the virtual world. Distribution will take place through different digital stores, NFTs, digital fashion marketplaces, etc.
Faith Tribe aims to raise awareness about the role of the metaverse and Web 3.0 in the fashion industry. They are building an open-source community and are inviting like-minded designers to join their community and contribute to the metaverse and the NFT marketplace.
Faith Tribe is also focused on educating its designers about the brand-building potential of the metaverse platform. For this, they have also partnered with various design institutions. They will educate the upcoming designers about the metaverse and Web 3.0 and how to develop virtual clothing features, and what wonders this platform can do to their brand.
The Brand That Fuels Faith Tribe
Faith Tribe has a brand, the Faith Connexion, which fuels the organization’s processes. Faith Connexion is a native brand, which was founded in 2000 in Paris. It is a global fashion brand consisting of a collection of designers and artists focused on transforming the fashion industry. The Faith Connexion brand entered the mainstream in 2015 and became one of the top and trendiest luxury street-wear brands in the world.
The other strategic partners of the Faith Tribe include TyreGate Capital, NFT Tech, TLF Ventures, and The Luxury Fund. The technology partners associated with Faith Tribe are Dressx, Define Labs. The community partner includes Istituto Marangoni, an international school of fashion, art, and design with Italian DNA.
Faith Tribe: Who Are the Team Members?
The Faith Tribe is a revolutionised platform that integrates expert knowledge and a team of experts to assist designers and creators. There are various departments and responsibilities assigned to the team members. Here is a list of the team members who are committed to the success of the project and are part of Faith Tribe.
- Growth and Operations
Wahid Chammas is associated with the growth and operations on the Faith Tribe platform. He is the founder & CIO of TyreGate Capital and a former managing director and portfolio manager at the Janus Capital Group.
- Product and Technology
Gordon Mattey is associated with product and technology management. He is an entrepreneurial product-led tech executive and has 20+ years of experience in consumer products like ticketing, fashion, media, and entertainment.
- Community Ambassador
Maria Buccellati serves as a community ambassador for Faith Connexion and Faith Tribe. She has 30+ years of experience in fashion, with 5+ as a brand ambassador for Faith Connexion. She is also the founder of MB Couture, an Italian cashmere and resort brand.
- Digital Assets
Simon Abboud is associated with digital assets within the Faith Tribe community.
- Marketing & Community Development
The part of marketing and community development is looked after by Tarek Hourie.
Moreover, the advisors of the Faith Tribe platforms include:
- Brock Pierce
He is a futurist, philanthropist, economist, and creator. He is the Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Block One, Blockchain Capital, Tether, & Master Coin (first ICO).
- Mario Nawfal
He is the CEO & co-founder of NFT Tech, founder of International Blockchain Consulting, partner at International Blockchain Legal, and a leading figure on Bit Clout and crypto in general.
- Conner Chevaillier
Involved in blockchain and crypto for 8+ years, Conner is an independent cryptocurrency analyst and trader, lead futurist at Dogelabs, a strategy consultant at Tulsa Blockchain Lab, and the CEO of Data Syndicate.
Conclusion
Faith Tribe has taken significant measures to ensure that its designers have the best possible experience. Understanding the importance of the metaverse and Web 3.0, Faith Tribe aims to provide designers with a decentralised platform to create virtual clothing.
Faith Tribe focuses on how to implement NFTs and crypto tokens to maximise effectiveness. Faith Tribe aims to develop an ecosystem where designers all over the world are given equal opportunities to showcase their skills and talents in the field of design. This is regardless of geography or demographics, and no matter for how long the designers have been working in the fashion industry. Basically, it aims to remove all barriers to the fashion industry and provide various opportunities to the designers to succeed in any field they choose.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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