📝 Field Notes #51: NFTs in Your Closet
📝 Field Notes #51: NFTs in Your Closet
NFTs enter 1,149 ZARA stores. Louis Vuitton drops phygital. Brazil's biggest Web3 loyalty program. Bored Apes hits Roblox. Crypto funding on six-month high. Amazon launches ChatGPT competitor & more.
Hey, it’s Marc. Welcome to my weekly, obsessively curated field notes on crypto & Web3 to help you filter out the noise. ✌️ Follow me on LinkedIn.
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With hundreds of Web3 wallets available, how does a brand select the right one?
Brands can choose from hundreds of Web3 wallet solutions. How do they pick the right one? Magic stands out as a market leader with over 25 million wallets created for brands like Macy’s, Mattel or 7-Eleven. They have prepared a free, in-depth buyer’s guide with a complete evaluation checklist. Highly recommended for anyone building in Web3.
Be inspired✨
“I want to build a legacy brand, the likes of a Hello Kitty, a Star Wars and a Pokemon.” — Luca Netz, CEO Pudgy Penguins
📚 Top 4 Reads
How I evaluate "crypto" consumer businesses. By Gaby Goldberg. Link
Go-to-Market in Web3: New Mindsets, Tactics, Metrics. By a16z. Link
Turn Your Customers into Your Community. By HBR. Link
My techno-optimism. By Vitalik Buterin. Link
🚨 Top Stories That Caught My Eye
✨ Web3 + NFTs
NFTs go mainstream👚
ZARA teamed up with Okay Bears, a top NFT collections on the Solana blockchain, to create four shirts with two different NFT motives (bears).
The shirts will be available in 1,149 stores across 74 countries.
NFT holders will receive 50% of the licensing fee and 50% of the royalties from the pieces sold.
Mainstream culture.
“Blue chip” NFT collections aim to become stand-alone mainstream brands by licensing their IP. This year, we’ve seen similar moves with Doodles x Crocs, Pudgy Penguins x Walmart x Retail Monster this year.
Earlier this year, Nike launched a sneaker-design challenge and transformed the winners' ideas into virtual products, for which the winners received royalties.
Community-led brands. NFTs empower consumers to “own” a part of a brand digitally. They become IP holders and evangelists. NFTs become digital, cultural artefacts. These brands will be built by and owned by the community. Branding shifts from linear, top-down to circular, bottom-up.
Zooming out: This launch is a big deal. It’s showing us what's possible with Web3 and IP licensing. In the future, clothing pieces will be linked to NFTs and royalty fees will be paid on-chain.
MINTangible is my partner for protecting IP rights for NFTs. Grab their free NFT IP cheat sheet here.
Louis V goes Web3 👜
Louis Vuitton has dropped another “phygital”, called “VIA Tile Trunk”.
Extremely limited (200 pieces) and priced at 6,000 EUR, it's available exclusively to LV’s group of Treasure Trunk NFT holders.
The physical trunk will be available in February 2024.
LV’s Web3 journey. Louis Vuitton began its Web3 journey with the $39,000 limited sale of the VIA Treasure Trunks in June this year. Holders of these "soulbound" NFTs, which are non-resellable (similar to Nike’s .SWOOSH IDs), gain access to exclusive digital creations, such as the VIA Tile Trunk.
Phygitals. Phygitals are booming. They enable brands to create blockchain-secured limited editions, authenticate products, engage in post-purchase marketing (like owning a physical item to access a digital experience), and gather more data. Learn more here.
Zooming out: As phygitals become more popular, protocols like Boson facilitate on-chain trading without intermediaries.1 This is Web3 commerce.2 Once on-chain, the possibilities are endless.
More from Web3:
Moonbeam, a Polkadot parachain, partners with Grupo RÃO to launch Brazil’s largest Web3 loyalty program. Link
Bored Apes hits Roblox. Link
🌎 Crypto & Macro
Funding’s Comeback💸
Crypto venture funding surged 96% month-over-month and hits a six-month high.
The biggest raises came from Blockchain.com (110$m series E) and Wormhole ($225m), a Web3 messaging platform.
Punchline: While this could indicate a trend reversal, November likely benefited from the two positive outliers mentioned above.
More from crypto:
Bitcoin is one of this year’s best-performing assets. Link
MicroStrategy has bought $600m of BTC in November, increasing holdings by 10% to $6bn. Link
🧠AI
Amazon launches a workplace-focused AI assistant. Link
The US, the UK, and more than a dozen other countries release joint guidelines for AI. Link
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💰 Money Moves
Wormhole: The Web3 messaging protocol raised $225m.
Matr1x: The NFT gaming company based in Singapore, has raised $10m in an extended series A.
Gomdori: The Asian Web3-enabled e-commerce player raised $12.5m in a series B.
That’s all for now, folks. Thank you for being part of the journey.
Talk soon,
– Marc
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Boson Protocol is a partner of Dematerialzd.xyz.
This vision is also called “computable economy”.