17 Dec 2021
N. Fungible, a launchpad and marketplace for fashion brands in the metaverse, has launched globally. Backed by senior executives from some of the world’s leading retailers, N. Fungible is designed to simplify and streamline entry into the metaverse for brands, designers, and retailers unfamiliar with the crypto ecosystem. N. Fungible clients can expect a holistic, end-to-end suite of services, from the designing and minting of non-fungible tokens (NFTs), selling and management on NFT marketplaces, to digital brand protection, digital authenticity, and physical manufacturing and distribution.
In recognition of the growing interest among fashion brands in experimenting with digital collectibles and virtual showcases, N. Fungible aims to inject greater value in enabling phygital (physical and digital) experiences. N. Fungible handles the entire end-to-end process for brands, not limiting them to only designing digital products, but also transforming them into real-world items that customers can buy and enjoy. The corresponding NFTs then enable the asset holders to earn royalties on their physical counterparts, bringing real-world value to digital collectibles.
In a statement, Nikolai Prettner, CEO of N. Fungible, said, “It’s undeniable that the future of fashion is digital. In the past year, we’ve seen some of the world’s largest names experimenting with branded in-game skins or virtual pop-ups, exemplifying the new, innovative ways that fashion is evolving in line with consumer preferences. At N. Fungible, we recognized a unique opportunity to play a leading role in powering the next generation of NFT innovation — one that can go beyond digital collectibles to assets that can appreciate in value while equipping brands with the right tools to mitigate risks on the horizon in an increasingly virtual market.”
Through the NFT minting process, N. Fungible ensures that every brand’s NFT is minted on the Ethereum blockchain as a unique, one-of-a-kind digital asset. As enabled by blockchain, each NFT is assured of its authenticity, enabling brands and users alike to identify original items and fakes from specific brands. N. Fungible also handles the storage and logistics process, ensuring that brands don’t need to worry about how their NFTs are being managed and stored in the long-term.
To celebrate its launch, N. Fungible will be debuting an exclusive NFT collection in partnership with Carlo Rino, a contemporary leather goods and footwear brand that sells over 300,000 bags from its collection every year. As the first brand to launch on N. Fungible, Carlo Rino is releasing a collection of 10,000 of its bags to be minted as NFTs.
In a statement, William Chiang, CEO of Carlo Rino, said, “Working with N. Fungible has allowed us to enter the crypto ecosystem in a simple, straightforward way, enabling us to focus more so on our design and our craft. We’re thrilled to be launching our first NFT collection with them, introducing the Carlo Rino brand to a whole new global audience while enabling us to engage with our existing base of dedicated customers in a new, creative way.”
Carlo Rino will physically manufacture 100 designs from the 10,000 minted NFTs — this will be based on the trading volume of the NFTs, allowing users to decide which bags will be produced. What differentiates N. Fungible’s role in the partnership is that it will ensure that every NFT holder benefits from royalties upon the sale of the physical bag. 50 percent of the royalties tied to these NFTs will go to a Collection Pool that all NFT holders have a right towards, and the other 50 percent will go directly to the NFT holders, excluding gas fees on the transaction. The partnership is a first of its kind, enabling NFTs to benefit from true utility and allowing their holders to benefit from them physically and financially.
In a statement, Giulio Xiloyannis, advisor at N. Fungible and group COO of Zalora, said, “It’s an incredibly exciting time to be in fashion as the digital and physical realms continue to converge. With N. Fungible, brands can be assured that they’re entering the metaverse in a meaningful, authentic way that will appeal to their existing customer base while bringing about new value streams to reward their loyalty.”
At launch, N. Fungible will be working directly with brands on the designing, minting, branding, marketing, and sale of their NFTs. Throughout 2022, the team will be rolling out its marketplace function and will be working toward its Digital Authenticity offering. While NFTs currently represent a new innovation in proof of ownership, N. Fungible strives to take this to the next level, designing functional NFTs that can transform proof of ownership into intellectual property with trademark protections.
N. Fungible is led by CEO Nikolai Prettner, a multidisciplinary designer with over 10 years of experience in the fashion and analytics space. Prettner also currently leads the design and web development team at Omnilytics, a leading retail market intelligence platform. The executive team also comprises COO Elaine Low, a fashion industry veteran with over 20 years of experience in the luxury goods arena, having held senior positions at Chanel, Louis Vuitton, and Versace.
17 Dec 2021