Decentralized Arts #22: Boson Protocol, Metaverse Apparel & Artist Showcase
BanklessDAO Weekly NFT and Cryptoart Newsletter
Dear Bankless Nation,
If we asked a thousand people today for the definition of a metaverse, we would probably get a thousand different answers. There are those who would indicate a platform, others a video game, still more may debate the very concept of “metaverse”. Can the metaverse be physical as well or only virtual? How do you enter the metaverse? Is there a dress code? (Tie and collared shirts only!)
The GMI hoodie we are talking about in this issue, born out of the partnership between BanklessDAO and IndexCoop, may be the proper piece of required apparel for the metaverse, encompassing both a fiscal element and virtual elements.
What cannot be missing in the multiverse is a dedicated and functional marketplace for the purposes of those who will populate it: Boson Protocol is here to explain to us how they see the development of this space.
And the exploration continues.
Welcome to Decentralized Arts.
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By Justin Banon, Co-Founder of Boson Protocol
bDAO: What is Boson Protocol?
JB: Boson Protocol is decentralized commerce infrastructure that enables the sale of physical products such as NFTs, without relying on centralized intermediaries. With Boson Protocol you can build commerce applications that anyone can use and everyone can trust.
bDAO: What is your goal?
JB: We are creating a commerce bridge between the metaverse and the real world. Customers can browse products in the metaverse, and then receive the physical items on their doorstep together with the digital piece of clothing in the virtual world. Our long-term vision at Boson is to provide the decentralized network upon which future commerce will run.
bDAO: How does Boson Protocol Work?
JB: Through NFT vouchers, Boson Protocol allows for future trade commitments to be tokenized, essentially tokenizing real world products as NFTs. This enables enterprises, organisations, and customers to bridge the divide between digital decentralized technologies and the transfer and trade of physical goods.
bDAO: What has the drop of Dolce & Gabbana's "Collezione Genesi" alongside the massive interest from mainstream fashion brands meant for the world of NFTs?
JB: Collezione Genesi is a foundational moment in both fashion and NFT history, and it has proven the seriousness with which massive brands are taking the future of the NFT industry. NFTs seized the imagination of mainstream users in a way that cryptocurrency had not done before.
In addition to Dolce & Gabbana, we’ve also seen the likes of ASICS and Gucci getting involved in the space, but we’ve also seen the world’s biggest galleries, including Sotheby’s, conduct multi-million-dollar NFT sales. Looking at the numbers, in the early half of the year sales of the most popular NFTs were coming in at about $64 million per month. We are now seeing $41 million worth of NFT sales per day. The sky's the limit.
JB: This unique item from Dolce & Gabbana will be the cornerstone of our digital-physical collection, will drive excitement and awareness of metaverse commerce, and demonstrate how Boson Protocol enables brands to sell physical products in the metaverse as NFTs. We have very exciting plans for this suit, and we are looking forward to revealing more in the coming months.
bDAO: What is Boson Portal?
JB: Boson Portal is a unique brand experience located in Decentraland, which is a blockchain-powered metaverse. This pioneering virtual lifestyle, commerce, and cultural playground, built on top of Boson Protocol v1, enables brands, artists, and creators to buy and sell physical goods as NFTs in the metaverse. There are a range of digital and physical retailers operating within Portal, and users can complete quests to unlock rare and unique digital and physical items.There are a range of very exciting partnerships that we are going to be announcing over the coming months, so stay tuned.
📰 Curated NFT News
China to Launch State-run NFT Blockchain
It is well known that the Chinese authorities are averse to cryptocurrencies and banned the trading and minting of crypto last year. Now, the Blockchain Services Network, a Chinese state-backed company, plans to launch an infrastructure that will allow users to make, sell and buy NFTs.
This network will not be connected to cryptocurrencies, instead people will use the Chinese yuan to trade and pay for gas fees.
Although this new technology, called the BSN-Distributed Digital Certificate (BSN-DDC), is not decentralized, it opens the doors to NFT functionality in the Asian country. This points to the fact that decentralized or not, blockchain technology is being adopted which means NFTs are finding more than one way to grow.
Sega files trademarks for Sega NFT
Back in November, the video game company announced in their Q2 results that they had plans to invest in new fields such as NFTs. However, later on, Sega’s CEO Haruki Satomi advised that the company would listen to the community before going ahead with the NFT plans.
This is in line with other video game companies that are considering NFTs but cautious about implementing it for now such as Electronic Arts. EA CEO Andrew Wilson stated at the end of 2021 that it is really early for the play to earn and the NFT conversation style in gaming.
On top of this, Sega filed two trademarks with the Japanese Patent Office in December 2021. One for “Sega NFT” and another for “Sega Classics NFT Collection. Bullish anyone?
The specifics of these NFT projects have not been made public but Satomi said: “We need to carefully assess many things such as how we can mitigate the negative elements, how much we can introduce this within the Japanese regulation, what will be accepted and what will not be by the users. Then, we will consider this further if this leads to our mission ‘Constantly Creating, Forever Captivating’, but if it is perceived as simple money-making, I would like to make a decision not to proceed.”
Proof of Proximity and Wear to Earn
New startup IYK introduces a novel approach to NFTs by linking them to clothing.
Last Thursday, in partnership with BanklessDAO and Index Coop, IYK launched a limited merch drop for The Bankless DeFi Innovation Index, $GMI. This streetwear inspired hoodie comes loaded with 1 $GMI token and a permanently linked NFT.
Anyone in possession of the hoodie can, at any time, scan the merchandise to call the NFT to their own wallet. IYK calls this “Proof of Proximity.”
Using Proof of Proximity tech, one can with reasonable confidence ensure that the current holder of the NFT actually has the physical item in their possession - establishing a much more definite bridge between the physical and digital than we’ve seen in digi-physical drops to date.
These $GMI hoodies could act as entry tickets to events, be used to claim benefits like free drinks, and even be used as a method of dispersing POAPs to individuals in physical attendance of events. The IYK team has also discussed plans down the road to stand up ‘Wear to Earn’ campaigns where users can be paid by brands for wearing their goods.
Index and IYK have committed to offering benefits to all GMI hoodie holders in attendance of Index Coop events during Permisionless May 2022.
This limited drop runs through the end of this week.
Each hoodie costs 0.1 ETH and includes one NFT- claimable by whoever is in possession of the hoodie - and one $GMI token. The buyer can claim both the NFT and $GMI by scanning the tag of the hoodie
BanklessDAO Artist Showcase - Nittra
As a formal Forensic scientist from Thailand, I've thrown 9 years of science education out the window for a life of doodles! Can you imagine? I joined BanklessDAO last August and my only regret is that I didn’t join earlier.
bDAO: What does it mean to be an artist in BanklessDAO?
Nit: It means:
A space for fun
Many supportive frens
Zero hours of sleep
Independent and decentralized
GM all the time
Now put together the first letter of each sentence above and it says AMAZING. That is what it means to be an artist in BanklessDAO!
bDAO: What are your thoughts on the NFT world?
Nit: To be honest with you, it isn’t a road paved with roses. You have to work hard to get what you want. A major benefit for artists in the NFT world is you own and earn with your piece forever. Your name as a creator will stay with your art in perpetuity. Plus, communities and frens in DAOs are amazing.
🙏Thanks to our sponsor Perpetual Protocol
Perpetual Protocol empowers developers, liquidity providers and traders to participate in a financial marketplace that is open and accessible to all.
👉 Visit Perpetual Protocol’s website to learn more
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