Fendi did a Thing! Super Agents, Luxury brands and the taking of Web 3.0

One of the big news items in NFT country is Guy Oseary (Madonna’s former manager and current manager of Yuga Labs of famed BAYC) signing of Yam Karkari, the creator of World of Women, which I’ve previously covered. The real story to me, however, is not Oseary’s signing but rather the CC0 (Relinquishing all copyright to a piece of work and dedicating rights to the public domain) status attached to the project which just like with BAYC, confers IP rights to the individual owner of that particular NFT.

I’m already starting to see the WOW hustle coming to life with many projects starting to take shape, the most recent being a tea line obviously branded with one of the WOW personalities. What’s fascinating about this exercise is the disruptive impact of this new business model, so prevalent in Web 3.0, that will be felt in legacy business. Imagine a legacy brand coming out with a new collection and telling their customers to run with it and do as they please. It’s just unimaginable. But this is what’s coming our way and the potential for disruption on how we go to market, how we launch new products, how we monetize projects, is transformational to say the least. While there is an inherent risk with the surrender of copyrights, the upside is the army of evangelists and entrepreneurs leveraging on a creator’s behalf strengthening the inherent value of the master franchise. It’s an exercise that require some mind-bending getting used to as it forces us to re-imagine the entire approach. By the way, World of Women’s floor, as I type this, is sitting at 9 ETH ($30,116.34) Coming from the fashion industry, it’s a daily occurrence, the branding, mostly through licensing, of wallets and other accessories by big brands as a brand extension exercise; but luxury brands collaborating on crypto wallets designs? That’s news to me. Yesterday, Ledger, in my opinion one of the better crypto hard wallets (maker of the Nano X), just announced its collaboration with Fendi for a specially designed hard wallet to mark the occasion.

Pictured above is Ian Rogers, CXO o Paris-based crypto security firm Ledger. What’s interesting is that the designs were revealed not at a crypto event but rather, counterintuitevily, at Fendi’s Spring Summer Men’s show. Clearly, the legacy brand on-boarding opportunities in crypto are endless as the entry points are varied. As we’ve seen with Adidas and their partnership with BAYC and PUNKS Comics or Nike acquisition of RTFKT Studios, we now have a luxury brand providing design sophistication to utilitarian crypt hardware. Here’s a statement from the fashion house announcing the collaboration: “Through this pioneering union, Fendi and Ledger acknowledge the limitless possibilities of Web 3.0 and the metaverse, ushering in a new generation of luxury and craftsmanship that bridges the physical and virtual worlds. Recognizing the creative and collaborative spirit of the crypto community, these first pieces offer a glimpse at a near future, where digital memories and collectibles live hand-in-hand with tangible objets d’art.” So, there you have it. Legacy has noticed and is paying close attention, while the flood gates open. One recent project I’m particularly excited about is the LIT Project, the world’s first cultural currency. In line with the Web 3.0 ethos, LIT launched with what was labeled as Lit Project 1 which was the formation of a DAO (Decentralized Autonomous Organization) that transferred the rights of a book the reader and NFT owner of that book, rather than conferring those rights to a corporation or major publisher. So, what you have now is a 10 times NYTimes best selling author getting to work and writing a book for his new patron, a NFT owner. Pretty wild right? Project 1 was soon followed by Project 2, which is a mint of a mutable NFT of Robert De Niro facial expression which mutates according to the change in Ethereum price.

LIT is basically inverting the formula and putting the power in the hands of the users rather than the big publishers and like World of Women, referenced earlier in this post, thereby building the new way forward. One interesting news bit is that half of the LIT token stash, was bequeathed to Cozomo de’ Medici, Snoop Dog’s Crypto Twitter persona. So far Cozomo de’ Medici has been one of the most aggressive NFT investors, yet respectful of the community and a true champion of the cause, and with the same gusto and commitment he’s approached the spreading of the LIT gospel. LIT token is listed at $0.00283738 as we speak with a market cap of $141,868,793 and a circulating supply of 50b. The LIT token is a governance token in that it gives you access to the DAO and its decision making process. The more LIT one holds, the more weight one carries in the governance of the project. The project is currently at work on a third iteration and launch and for me it’s a window into what could be. How the creation, ownership and commercialization of culture unfolds in Web 3.0. definitely a project worth paying attention to and follow. Random Stuff:

Watch these two. Something is cooking in Milan. Gmoney.eth was behind the Adidas entrance into the Metaverse with BAYC and PUNKS Comic. Anyway, that’s all for today folks. Alla prossima, Michele

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