MetaFactory – the decentralized brand factory – has just started their genesis auction for a limited edition reversible Bomber Jacket.
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— MetaFactory ?? (@TheMetaFactory) April 15, 2020
Complete with its very own auction platform, the distributed fashion collective is set to make major waves thanks to the advent of Brand Factories – or communities that collectively manage the design and marketing of a given product. MetaFactory handles all production and distribution, allowing these communities to focus entirely on creating the most compelling limited edition goods possible.
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— MetaFactory ?? (@TheMetaFactory) April 12, 2020
“Each Brand Factory is responsible for designing, producing, and marketing its own products. The original artist/designer provides a style guide, specific to the brand, that sets a standard for the use of typography, iconography and illustration when creating new products. The artist is typically responsible for designing products, but Factory members themselves can also suggest brand-relevant product designs that are voted on by other members.”
What’s New?
The launch of the Genesis MF Bomber comes with a suite of exciting benefits. For one, all buyers receive a limited edition jacket which is both reversible and has a physical and digital representation in metaverse worlds like CyrptoVoxels and Sandbox.
On top of the item itself, those who win the auction also receive brand membership rights, entitling them to governance and VIP benefits.
“Factory Memberships are non-transferable rights that entitle the holder to participate in the governance of that Brand Factory (in this case MetaFactory itself). The brand artist(s) generally receives the largest membership. The remainder is split between MetaFactory, acting as the production and fulfillment partner, and the Brand Factory members – proportionate to their membership auction bids.”
Better yet, these rights entitle members to the assets underpinning the sale as follows:
“Any profits from the sale of Factory products, including membership auctions, are added to the DAI under management of the Brand Factory. The brand creator(s) and MetaFactory will have the opportunity to redeem their Memberships for the DAI at any time, but in doing so will have their Membership percentages reduced and increase the Membership percentages and value of the rest of the Factory members.
Other key mechanics of the auction include:
- Pricing in Dai to avoid underlying price volatility throughout the course of the offering.
- A total of 42 memberships being offered, meaning only the top 42 participants will be lucky enough to snag one of these coveted jackets.
- A minimum bid price of $420 to cover production costs.
- Embedded MetaFactory Secure Enclave, a state-of-the-art microchip that serves as a cryptographic proof of authenticity and ownership.
- A 10 day duration period, with users being able to up their bid(s) throughout the course of the offering.
- Pro-rate membership rights – the more you bid, the more rights you’ll receive
Democratizing Fashion
The larger narrative here is that of limited edition tokenized goods. While MetaFactory’s first item comes with a high price point due to its sleek design and underlying benefits, the project has confirmed partnerships with a number of notable designers including Twisted Vacancy, Van, Alotta Money and Skeenee – signaling that this is the start of a growing demand for Brand Factories.
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
As we continue to watch the evolution of tokenized goods best exemplified by Unisocks and the Saint Fame Genesis Shirt, it’s clear that this niche sector of DeFi is slowly heating up.
For those wondering “How is this DeFi?” look no further than the permissionless nature of auction participation, the open invitation into Brand Factories and the ever growing narrative surrounding supercharged DAI underpinning the auctions. For our more advanced users, the social clout to be gained from rocking the bomber jacket in CryptoVoxels in tandem with DAO governance rights is a win in and of itself.
Over the coming months, we’ll be keeping a close eye on MetaFactory.
To participate in the auction, head on over to metafactory.ai. For those looking to join the conversation, we recommend joining the newly launched Discord or by following MetaFactory on Twitter.
Until then, we’ll see you on the digital auction floor!
Cooper is focused on building compelling blockchain products. He currently works as the managing director at Fitzner Blockchain Consulting and is a contributor to DAOs like MetaCartel and Moloch. He is an active member of the Ethereum community and has a strong interest in for-profit businesses such as The Block Crypto and Messari.
