Faith Connexion, a Paris-based luxury fashion brand, becomes the latest big name to jump on the NFT bandwagon. Its Faith Tribe (FTRB) project is set to reconsider the process of online shopping in the Web3 era.
Faith Tribe (FTRB) bridges NFTs, DAOs and fashion
As announced by representatives of Faith Connexion, its DAO-governed product Faith Tribe (FTRB) goes live in public mainnet.
The new product unlocks marvelous opportunities for designers as it allows them to mint outfit designs as NFTs in parallel with releasing them in "physical" collections.
It makes fashion markets more inclusive and democratic and lowers the barrier to entry for young artists and models. They can easily trade, store and exchange their designs, reaching an existing multi-million audience of Faith Connexion products.
Also, this manner of self-expression guarantees the authenticity of garments as NFTs cannot be replaced, counterfeited or replicated. Therefore, each model is a unique one: competitors will noy be able to create something similar.
Introducing FTRB, a utility token for fashion lovers
Technically, Faith Connexion promotes its platform, Faith Tribe (FTRB), as a product governed by a decentralized autonomous organization (DAO). It also has native cryptocurrency asset FTRB that acts as the backbone element of its economic design.
The FTRB price is pegged to this or that amount of Faith Tribe products: whether it rises or falls, it can always be exchanged for the same amount of actual physical goods as it did.
Thus, the manner of its peg can be compared with that of Gold-pegged stablecoins like Tether Gold (XAUT) and so on.
Also, the entire ecosystem is always ready to welcome new creators. Fashion enthusiasts and entrepreneurs can run their businesses using Faith Tribe as the technical basis. Its blockchain-based technology will be open for high-profile fashion veterans and underdog indie designers across the globe.