For those on the cutting edge of web3, you may have heard of a new world called the Metaverse – a digital environment in which users can interact in new and unique ways.
“In-game items, digital art and virtual land are experiencing strong demand and with their tokenization — we are able to trustlessly transfer value, the key for a virtual world to go from a game or an experiment…to a reality.”
This past week, a new project called MetaFactory unveiled its gameplan to create limited-edition apparel which lives in both the digital and physical world.
🌎 We want to rearchitect culture for the digital Metaverse.
👟 Digiphysical Apparel by the People, for the People.
🔮 Introducing our thesis and vision:https://t.co/VWKqcDo0Nd
— MetaFactory 🤖 (@TheMetaFactory) March 2, 2020
With projects like Decentraland, Cryptovoxels and Sandbox all beginning to garner increased usage, it’s only a matter of time before we see more and more time being spent within the Metaverse – all of which places a strong emphasis on customization and style.
🔥Thanks for hosting such an event yesterday @TheMetaFactory in CV.
🛸The zoom presentation was great. The project seems fair and logical.
— 🔮 ExHuman.eth (@3xhuman) March 3, 2020
Just as we’ve seen with popular games like Fortnite, digital worlds provide a unique opportunity for users to take on a new form, with cosmetics playing a huge role in the capacity for innovative new designs.
What is MetaFactory?
As described in their most recent post, MetaFactory democratizes brand creation to empower anyone to create and grow their own culture economy.
The project leverages a unique crowdfunding platform for the creation of limited run, custom goods. This includes:
- A token-based product marketplace to distribute and promote goods
- Built-in product fulfilment, allowing creators to focus entirely on their art
To kickstart the initiative, MetaFactory will be selling a limited run reversible bomber jacket using a blind-auction.
This sale mechanism is one of the many possibilities MetaFactory plans to offer, all of which are intentionally designed to benefit the creator relative to their distribution goals.
How is this DeFi?
“Each physical item will be embedded with a unique silicon chip that tracks the specific order number of that product and its associated metadata, linking it to its digital counterpart.”
To point out the DeFi use-case, each item will include Charged Particles, effectively providing a suite of unique web3 benefits.
“All buyers will be rewarded with a proportional share of sales for their support. This value, determined by the product order number, will be directly infused into the buyer’s digital token and will automatically begin earning interest. “
This means the capital used to purchase each item can earn interest from the Dai Savings Rate – effectively creating a passive income stream on top of having a dig physical wearable.
Remember those cool DAOs we’ve been talking a bunch about recently? Well, it’s worth noting that all things MetaFactory are handled through a DAO, thus further tying into the principles of decentralization and governance that DeFi thrives on.
What to Expect
The bomber jacket is merely the first of many limited edition goods to drop in the coming months.
This one of the awesome project on the scene! Can’t wait for the launch daaaay. Coming really soon! https://t.co/Se4ycxUS6C
— TwistedVacancy (@twistedvacancy) March 8, 2020
Drew Harding, a cofounder of MetaFactory notes:
“Gaming revenue is now more than double the global movie and music industries combined. Some of the most popular game economies (League of Legends, Fortnite, etc.) are driven entirely by aesthetic sales – in game skins, dance moves, emoticons, and avatars – with no relevance or affect on actual game play. And now we have the emergence of various web3 metaverses.
Physical apparel is the anchor and likely to be the initial attraction for most, but I believe it will be the digital side and its future applications that will propel MetaFactory forward. We decided to combine these two trends and leverage them to cultivate culture and build community through the introduction of digi-physical apparel.”
If you’re keen to get involved with MetaFactory, we recommend following their official Twitter!
In the meantime, be sure to keep up on all information surrounding the drop of the jacket via the official mailing list.
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.