Web3 Watch: trendy jewelry, phygitals may be here to stay

  • Polygon leads $25 million fund for venture capital studio Web3 SuperLayer
  • Art Block’s collection, Portal – Art Blocks Playground, saw the biggest rise in floor price in the last 24 hours, rising from 39 ETH to 300 ETH on OpenSea

This week, Blue Chip NFT projects CryptoPunks and Meebits changed their terms of service to give holders more commercial use rights, weeks after Moonbirds upgraded to a Creative Commons Zero (CC0) license.

In funding news, crypto investment firm CoinFund has raised $300 million for a venture capital fund that plans to invest in post-seed stage companies.

Blockworks recaps other notable stories that caught the attention of Web3 Watch.

Layer money

Ethereum layer 2 scaling platform Polygon has announced a strategic partner role in venture capital studio Web3 SuperLayer after a $25 million investment.

The venture capital firm backs late-stage projects and is led by gaming entrepreneurs Kevin Chou and Mahesh Vellanki, founders of various Web3 companies including Rally.io, a creator economy protocol on the RLY network as well as blockchain game publisher Forte.

The funding will be used to support and scale SuperLayer’s ecosystem of projects, according to the company, which intends to invest and build new Web3 products for rapid mass adoption.

SuperLayer launched in October and is backed by several high-profile investors such as Animoca Brand founder Yat Siu, celebrity Paris Hilton and Andreessen Horowitz (a16z) partner Chris Dixon.

Unstoppable Domains goes mobile

iPhone users can now download the Unstoppable Domains mobile app to manage all owned NFT domains.

This means users can easily purchase and create domains directly from the mobile app, rather than on a desktop browser. Users can connect the following crypto wallets to the app: MetaMask, Rainbow, Trust Wallet, Ledger Live, AlphaWallet and MathWallet for now.

Domain names can be backed up manually or stored as an encrypted copy in iCloud in case the phone is lost or stolen.

Since decentralized domain names are created as NFTs (non-fungible tokens), the Unstoppable Domains app allows users to choose a Web3 ID card with a profile picture that can be shared via social media.

Users can also log in to hundreds of WalletConnect-enabled apps, as well as more than 180 apps, metaverses, and games that have integrated login with the Unstoppable single sign-on service. The advantage is that there are no more passwords to remember.

NFT Art as Jewelry

On the heels of the NFTiff collection of CryptoPunks jewelry from Tiffany & Co., the market for NFT jewelry is undeniably growing. Auction house Sotheby’s is the next to jump on this trend of allowing collectors to wear their art.

A physical 18-karat gold and emerald ring and corresponding NFT called Ethereum Expedition will be part of Sotheby’s first auction dedicated to jewelry made by artists, titled “Art as Jewelry as Art”. Its shape is inspired by geodesic domes and intercontinental rocket launches.

Metagolden, a digital gallery selling NFT art symbolized by 18k gold jewelry, has crafted this piece for this upcoming September sale.

The buyer will be able to wear the ring in real life – in the metaverse avatars can wear the digital wearable, the value of which is independent of the physical item.

The auction will also include jewelry such as pendants by Picasso, earrings designed by Dalí and a piece by Man Ray.

Speaking of phygitals

Cult & Rain is a phygital. (physical/digital) Web3 fashion brand co-founded by fashion creative director George Yang. He creates both physical and digital projects such as luxury sneakers and, more recently, varsity jackets paired with NFTs.

The brand recently launched its own metaverse called CULTR WORLD which plans to transform fashion and phygital commerce.

Blockworks spoke to Yang, a luxury fashion veteran who started Cult & Rain because he thought “the fashion system was broken”.

Blockages: You are known to sell phygital products via NFTs. Tell me more about the phygital market.

Yang: Version 1.0 actually puts a chip in a shoe and attaches that physical shoe to the blockchain for authentication and transfer of ownership. But as the NFT market started to heat up, we saw a huge opportunity, which was to create phygital products and sell these 3D animated NFTs that have the physical counterpart and the physical twin attached to it.

We are all into luxury. We are all about rarity and we produce all of our physiques in Italy. Our sneakers are produced in the same factory that produces for LVMH and Kering.

I knew digital fashion was the future, and I knew that metaverse digital wearables, phygitals, and this brand new Web3 transformation would become the foundation for how different luxury brands would enter the next phase.

Blockages: Why create your own metaverse?

Yang: We know the metaverse and avatars are where [the industry] Is ruled. So we know we want to create an environment where you can connect your avatar to our metaverse and be able to access other metaverses cross-platform in the future. That’s how people are going to get around in their alter egos, and they’re going to need digital wearables to adapt. They will also need space to hang out, their own home to invite their friends over. So we try to get ahead.

We also wanted to create a whole new experience based on photorealism, as opposed to the gamification of The Sandbox and Decentraland. A photorealistic view is hard to tell if it’s a game or real life.

Blockages: Can you tell me a bit about the weak points of the traditional fashion industry?

Yang: There is a lot of use and waste — consumption of time, energy, water. Take denim, for example. Denim is one of the most toxic clothing dyeing processes and very harmful to the environment. So there is a huge environmental impact and that’s why a lot of professional brands have been talking about sustainability for a long time, because no one really realizes the impact.

So with this model, we eliminate waste. We go directly to the consumer. It’s almost like the ultimate direct-to-consumer model. We allow the consumer to make purchases on a website or make purchases in the metaverse.

Your digital asset that we sold to you as an NFT becomes the ultimate Soho House membership card. And there will be a bunch of utilities attached. The main utility is the corresponding physical luxury item, so it’s like two for the price of one.


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  • Ornella Hernández

    blockages

    Journalist

    Ornella is a Miami-based multimedia journalist who covers NFTs, the Metaverse, and DeFi. Prior to joining Blockworks, she worked for Cointelegraph and also worked for TV channels such as CNBC and Telemundo. She started investing in Ethereum after hearing about it from her father and hasn’t looked back. She speaks English, Spanish, French and Italian. Contact Ornella at [email protected]

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