Recently, launchpad and marketplace, N. Fungible launched. It will allow for brands to mint NFT collections on the Ethereum Blockchain that relate to their physical products which they offer in-store. It also allows for holders to earn royalties each time a brand sells a specific product if they own the related NFT. N. Fungible is backed by an advisory team with collective senior knowledge from leading global companies like Macy’s, Marks & Spencer’s, Zalora, and Global Fashion Group.
Details on the Macy’s and Marks & Spencer’s Backed Project
N. Fungible is a launchpad and marketplace which allows for fashion brands to step into the metaverse. It has been backed by executives from many of the world’s biggest fashion brands like Macy’s and Marks and Spencer’s.
The project was launched in order to simplify entry into the metaverse for brands, designers, and vendors unknown to the ecosystem of crypto and NFTs. N. Fungible clients can generally expect a holistic, end-to-end suite of services. Starting with 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.
The service isn’t limited to only digital products, but online products that can be turned into physical products which they may choose to offer in-store.
What’s interesting to note is the concept of shared royalties between NFT holders and the companies offering products. If someone purchases an NFT version of a jacket, for example, they may earn a small percentage of the money that Marks and Spencer’s earns from said jacket. This concept of passive income has been highly popular in the space as of recent. Specifically, profile pic projects like Cyberkongz and Kaiju Kingz have proven this.
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. We recognised 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.”
The Start of N. Fungible
To mark its launch, N. Fungible will soon be debuting an exclusive NFT collection in partnership with Carlo Rino, modern 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 firstly releasing a group of 10,000 of its bags to be minted as NFTs.
William Chiang, CEO of Carlo Rino, said: “Working with N. Fungible has let us enter the crypto ecosystem in a simple, straightforward way. Therefore helping us to focus more so on our design and our craft. We’re thrilled to be launching our first NFT collection with them. This will introduce the Carlo Rino brand to a whole new global audience. Whilst enabling us to engage with our existing base of dedicated buyers in a new, creative way.”
Carlo Rino will physically produce 100 designs from the 10,000 minted NFTs. This will be based on the trading volume of the NFTs. Therefore letting users decide which bags will be produced. What differentiates N. Fungible’s role in the collab is that it will above all ensure that every NFT holder benefits from royalties upon the sale of the physical bags.
50% of the royalties tied to these NFTs will go to a Collection Pool. All NFT holders have a right to this pool. Also, the other 50% will go directly to the NFT holders, minus gas fees on the transaction. The collab is a first of its kind. It will allow NFTs to benefit from true utility and allow their holders to further benefit from them.