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Innovators Gateway on the Blockchain

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Many creatives aspire to have a successful and fulfilling career in the fashion world, but sadly, this achievement has eluded many. Newly available technology in the industry, such as 3D fashion design software has made it easier for designers to work from home – but they are not designed to provide artists with work opportunities. What many creators need is a strong network, combined with the attractive quality of innovation surrounding their work. Without these things, fine works from talented individuals pass under the radar unnoticed.

A Collaborative DAO For Fashion Creatives

A new blockchain-based project is being initiated with the goal of offering the everyday, unknown creative or fashion enthusiast a platform where they can simultaneously create a professional network for themselves, while innovatively designing fashion items. Parisian luxury fashion brand Faith Connexion will launch the project as a DAO (Decentralized Autonomous Organisation) under the name “Faith Tribe”. It has been developed to be the first fully decentralized and community-owned ecosystem for the collaborative creation of fashion items. The utilisation of Web3 tools brings an innovative edge to those who use them for the purpose of product development, and Faith Tribe’s creative platform will empower creators all over the world with the ability to design, customize, mint and distribute their own digital NFT and physical fashion assets.

A Fusion Which Nurtures Newcomers

As a community-focused and collaborative brand, Faith Connexion shares similarities with the culture of many existing blockchain-based projects because they are decentralized – not controlled by a sole entity. Faith Tribe will fuse aspects of modern fashion design and NFT communities in order to nurture the growth of newcomers into both the fashion and crypto scene. This ultimately serves the purpose of providing these creatives with opportunities they would not normally be graced with, on an inclusive platform where the income disparities, education level, race, gender, geography, or country of origin of its users is irrelevant. What will matter in Faith Tribe is the quality of its creators’ contributions, as participation in design and collaborations is what will establish users as part of the community.

The Design Platform and Protocol

This combined gift of the ability to create, network and innovate in one place will be bestowed onto the users of Faith Tribe’s creative platform. This is where the virtual design and customisation of entire garments, outfits and accessories will unfold, along with the designs being minted as NFTs onto the platform’s native NFT Marketplace. Royalty fees and prices can be set by the product creator, who will maintain either full or fractional ownership of their digital assets in perpetuity. Therefore, users can continue to profit from all future sales stemming from their designs, and will have the tools to track distribution and sales of their digital or physical products. The design process is not at all rigid – flexibility is very much needed in the creative process. Designers and artists will have the choice of either working independently or collaboratively on their own designs, or choosing from an existing and eligible garment to then customize even further. Users who are simply interested in design and don’t want to create a physical product will be able to create a single piece or collection of digital-only fashion goods. Those who are interested however, can create their digital designs with a physical twin.

Faith Tribe’s Design Protocol is foundational to all of this, as it provides the underlying technology infrastructure on which the studio and marketplace operate and integrate with the rest of the ecosystem. This protocol enables Faith Tribe to potentially integrate with other DeFi protocols such as AAVE and other NFT marketplaces.

Equipping The Next Generation

The world of DeFi, NFTs and crypto can seem closed off to those who are not familiar with its contents. Faith Tribe’s creative platform and DAO hope to act as an access point that will open up its unknown but talented contributors to both Web3 technology and the fashion industry. Faith Connexion plans to launch Faith Tribe in January, and it will be exciting to see it thoroughly equipping the next generation of sartorial innovators with the tools to grow and succeed.

To stay up to date with Faith Tribe announcements, join their Telegram group!

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Crypto

Why Gold Is Beating Bitcoin In 2022

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Bitcoin continues to underperform as a general “risk-off” sentiment has investors driving toward gold as a safe haven asset.

Not Risking It

Concerns about the Russo-Ukrainian war continue. The U.S. inflation struggles at a four-decade high and Fed rate hike fears prevail. The uncertainty extends to the world economy as a recession is expected instead of a recovery. The IMF’s managing director Kristalina Georgieva called it “a crisis on top of a crisis.”

“The war is a supply shock that reduces economic output and raises prices. Indeed, we forecast inflation will accelerate to 5.5 percent in advanced economies and to 9.3 percent in emerging European economies excluding Russia, Turkey, and Ukraine. ” The IMF stated last week.

Reuters recently quoted Commerzbank analyst Daniel Briesemann, who talked in a note about the factors that have “lent buoyancy to gold in recent days,” mentioning the “strong buying interest on the part of ETF (Exchange Traded Fund) investors” and news about the Ukraine war.

“Russia appears to be preparing to launch a major offensive in the east of the country – that is generating considerable demand for gold as a safe haven,” the analyst said.

This summarizes the “risk-off” sentiment at the moment. As expected, equities suffer as investors are selling risky assets and purchasing the ones negatively correlated to the traditional market. Thus, the crypto space is struggling alongside de stocks market and gold is rising.

Bitcoin Outperformed By Gold

Data from Arcane Research’s latest weekly report notes that it has been a gloomy year for the “digital gold.” In the first three weeks of 2022, Bitcoin sank 25% and it is still down by 18% in the year despite its slight recovery.

Similarly, Nasdaq records a 19% decline in the year, having underperformed against bitcoin “by a small margin,” notes the report, adding that “This is surprising given that bitcoin has tended to follow Nasdaq, albeit with higher volatility.”

The general fear over geopolitical and macroeconomic uncertainty has given gold the safe-haven asset spotlight once more. The asset outperformed all the other indexes seen below with a 4% gain.

Physical gold outperforming “digital gold” in 2022 | Source: Arcane Research

Meanwhile, the currency market is performing with “the same risk-off patterns.” The Dollar has been proving its “risk-off” dominance as the US Dollar Index (DXY) is up 7%. The Chinese yuan has taken a hit over concerns about the country’s “zero-covid” policy –which creates issues for the global supply chain– and the slowing down Chinese economy. In contrast, investors have been running to the US Dollar for safety.

Bitcoin supporters usually refer to the coin as “digital gold” alleging it is a safe haven asset, and this narrative had held well while BTC had been “uncorrelated with most other major asset classes,” but the tide is shifting with the 2022 scenario as investors are rather placing the coin “into the risk-on basket”.

A previous Arcane Research report indicated that bitcoin’s 30 -day correlation with the Nasdaq is revisiting July 2020 highs while its correlation with gold has reached all-time lows.

A pseudonym traded noted that “As Bitcoin adoption goes on and more institutional investors enter the market, the correlation of BTC and stocks becomes more and more tight. That is a paradigm that the crypto world struggled to come to terms with in the past but is now more real than ever. A healthy stock market is good for Bitcoin.”

Meanwhile, the general sentiment of traders seems to be bearish, with many saying that the coin could visit the $30k level soon.

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Bitcoin trading at $39k in the daily chart | BTCUSD on TradingView.com

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Attendees talk the future of NFTs

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The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference.

Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market.

To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conference.

That’s why the NFT panel consisted of multiple perspectives from Tristan Yver, head of strategy at FTX U.S., Joseph Doll, attorney at Fenwick law firm, Roham Gharegozlou, the chief executive officer at Dapper Labs, and Sarah Hammer, the managing director of The Stevens Center for Innovation in Finance at The Wharton School. Zack Guzman, writer for the Meta-owned newsletter platform Bulletin, moderated.

Gharegozlou pointed out how new the NFT market truly is when “most people have only been thinking about it for a year and a half,” making valuations “very immature.” As the CEO of Dapper Labs, the company behind NBA Top Shot,  Gharegozlou recognized that “utility, rewards and the how you value and NFT is primarily based on the strength of that of the community.”

He added that a good way for an NFT collection to build a strong community is to have multiple tiers of scarcity. In the case of NBA Top Shot, at the higher price end there is extreme scarcity, but there are also millions of “common” moments so that people can “get their first NFT and see how it feels without breaking the bank.” 

Tristan Yver echoed that the current valuation and pricing model for NFTs is based on a collective perception on value based on the amount of people willing to buy an asset for a certain amount. He anticipated a “movement away from this consensus view to a more unique singular view where people buy things that resonate with them rather than what resonates with a larger community.”

Joseph Doll chimed in to say that “communities need to be thoughtful about democratizing access.” There are some “massive” barriers to entry to certain projects, he said, including not being early enough or not having enough capital at the time. He questioned, “That’s not what crypto is about, right? It’s kind of about the exact opposite of that.” Democratization, he suggested, can come in the form of derivative projects at better price points.

Another important point brought up by Yver was the reality of scams, especially on Discord and Twitter. He said that “we need to move past security aspects to be able to really bring in the next large mass of users.” He recommended talking among family and friends or asking a Discord moderator to make sure “you click the right link when minting that NFT” because “wallet security sucks right now.”

Gharegozlou even said that Elon Musk, the new owner of Twitter, should use Web3 to fix Twitter’s fraud problem, just as Discord should use Web3 authentication and verification as well. “Once NFT’s are the sort of identity bridge across all these different social networks, identity and assets, authenticity, provenance,” then the system can be more resilient he added.

When asked what “main alpha” the audience should bear in mind, Doll said to engage with and be part of these NFT communities even if it’s “scary,” because getting scammed is a “part of the journey.”

Sarah Hammer, who leads the Cypher Accelerator at Wharton business school, said that the school is launching an incubator specifically for NFT projects in partnership with Dapper Labs because the “NFT model is a business model for the future.” She emphasized that the greatest way to grow and innovate in the space is to increase education efforts in order to get more people learning and working together.

Related: Goldman Sachs reportedly eyes FTX alliance with regulatory and public listing assistance

Recently the Bahamian government allowed residents to use digital assets, including the world’s first central bank digital currency, or CBDC, to pay for taxes in 2022.