Original source: AscendEX Research Institute

An open-source fashion design platform that truly understands the concepts of Web3.0 and Metaverse, Faith Tribe (FTRB) will debut on AscendEX on February 24.

In 2019, Amsterdam-based digital fashion company The Fabricant launched the world's first virtual garment, the Iridescence rainbow dress, and has since led the fashion industry into new territories in the metaverse. The rainbow dress was jointly created by The Fabricant, German filter artist Johanna Jaskowska, and Dapper Labs, and was sold at the Ethereal Summit blockchain auction in New York as the 2019 art auction item, and finally sold at a high price of $9,500.

Beginning in 2020, with the gradual development of Web3.0 and the popularity of the metaverse concept, all walks of life at home and abroad have also begun to deploy the metaverse on different tracks. The fashion industry with a keen sense of smell has obviously also discovered the huge new market demand contained in it, and many old-fashioned luxury goods companies have also begun to enter this field. For example, in December 2020, Balenciaga released the 2021 autumn collection through a VR game "Afterworld: The Age of Tomorrow". Within 48 hours of the game’s release, searches for the Balenciaga brand on the Lyst platform increased by 41%, monthly searches soared 76%, and social media topics exceeded 130,000 that month.

In March 2021, Gucci released the virtual sneaker "Gucci Virtual 25". Recently, Gucci also announced the purchase of virtual land in The Sandbox, the opening of an online concept store "Gucci Vault", or the launch of Gucci-themed NFTs and retro bags. In addition to the fashion-focused virtual space, Gucci will also release virtual wearable items for The Sandbox players to purchase and wear in-game.

According to The State of Fashion 2022, published by McKinsey and The Business of Fashion (BoF), online business models have been remarkably successful during the pandemic. In 2022, companies are expected to continue investing in digital innovation and experimenting with new ideas and business forms. Digital assets such as NFTs, game skins, and virtual fashion will move closer to the mainstream, and some brands will expand into the metaverse.

Although the definition of the metaverse in the industry is still controversial, according to the latest research, the metaverse is more like a new space that fully integrates the digital world and the real world. Online, people can complete work and enjoy life through online communities. And offline, we can still have a real, physical sense of belonging. The metaverse allows everyone to get rid of the constraints of various conditions in the real world and achieve a better self in the new digital space.

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Faith Tribe and the Metaverse

Faith Tribe is the first fully decentralized and community-owned fashion project collaboration ecosystem for the creation, design, casting, customization and distribution of digital and physical fashion products. Compared with other Web3.0 design studios, Faith Tribe relies on its own physical industry chain, which can truly combine the real world and the digital world, thus laying the foundation for the development of the fashion industry in the Metaverse.

Faith Tribe was launched by the French luxury brand Faith Connexion. The brand was founded by designer Ilan Delouis in 2004. The designer took benevolence, harmony, and rock as the starting point, brought the concept of life into the design, and combined the strong Punk Rock taste with fashionable and luxurious design. Blended together (Faith Connexion's designer team is mostly from Balmain).

Over the years, Faith Connexion has cooperated with many creative units to create a unique co-construction concept, and it has become a luxury design alliance. At the same time, Faith Connexion is not like other brand cooperation models that only highlight the halo of a certain designer. Instead, focus on harnessing the power of group cooperation.

And Faith Tribe, it is they continue to implement this concept, explore global cooperation, and pave the way for the future development of the fashion industry in the Metaverse Web3.0 new way. In addition to the brand partner Faith Connexion, Faith Tribe's partner funds include Tyregate Capital, NFT Tech, TLF Ventures and The Luxury Fund, and technology partners include Define Labs, DressX, Platform and Legitmate.

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How the Faith Tribe works

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designer studio

The designer studio is the core of the ecology, and will gather countless high-level fashion designers without borders. They will collaborate or work independently on the Faith Tribe platform to produce unique design concepts and products, which will be certified by the blockchain and protect the intellectual property rights of creators in the form of NFT. At the same time, designers can also set prices, distribution rights and royalties according to their preferences.

In particular, the products created by designers on the Faith Tribe platform are not just for the digital world. Relying on the industry line and sales line of the Faith Connexion brand, high-quality products on the platform have the opportunity to be produced into real-world fashion. That is to say, designers on the Faith Tribe platform can be well-known designers, or they can come from humble beginnings; Radiate into the real world.

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Faith Tribe Governance Token FTRB

As a Web3.0 project, it is a natural step to use tokens to stimulate community development. In the Faith Tribe community, whether it is a designer, artist, curator, blogger, studio, or even a brand, as long as they contribute to the community, they can receive FTRB token incentives. FTRB holders participate in the governance of the platform and oversee the platform's allocation of funds from the community treasury, as well as vote on proposed modifications and improvements to the platform (such as product strategy, leadership decisions, and allocation of treasury funds).

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Community Autonomous Platform

As mentioned before, the products of designers have the opportunity to be produced into fashion in the real world. The community self-government platform is the channel to decide which products will become the "lucky ones". Community contributors can vote together through a transparent and democratic process. Relying on the integration of blockchain technology and NFT, creators can guarantee full or partial ownership of their digital assets and can participate in all future sales. These NFTs can then be sold on the Faith Tribe's NFT marketplace.

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NFT Marketplace (NFT Marketplace)

The NFT market is the last step in the entire process, and it is also a place to make the designer's work come true, display and sell digital and physical NFT. Physical NFT means that once someone buys, the buyer will receive physical fashion-these are excellent design products selected by voting in the early stage.

Through Designer Studio, creators can track the distribution and sales of their digital or physical products on the NFT marketplace. The Faith Tribe platform empowers creators by providing them with global visibility to ensure their designs are produced in the quantities and styles they want, and to ensure they have full control over their compensation.

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FTRB's Token Economy

According to the official white paper, the total number of FTRB tokens issued is 5 billion, the initial circulation is 64 million, and the issue price is $0.01. Among them, 50% is used for community building, which is jointly allocated by creative personnel, designers, KOL, other early sponsors, partners, etc.; 17% is allocated to the core team and platform treasury; 8% belongs to investors; 11% is used for Construction of technical facilities; the last 14% is used for offline or online fashion events, exhibitions and other marketing activities.

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The Metaverse Is The Fashion Industry's Next Gold Mine

Our understanding of the metaverse may be different from that of most people in the industry. In our opinion, the miracle brought by the mobile Internet is to enable various services on the Internet to be applied to social life, allowing online and offline closely interact. Web3.0 and the metaverse should not become an immersive digital utopia, where people are kidnapped into the boundless digital world. The digital world is wonderful and interesting, and Generation Z is increasingly accepting digital life, but what a good life requires is the deep integration of the digital world and the real world, so that everyone can have a better real life through digital means.

Metaverse is the next gold mine in the fashion industry. It does not refer specifically to the rise of NFTs, purely digital fashion brands and clothing, but it can open up another new world for the fashion industry. In the future, in the metaverse, designers can collaborate, create, and formulate sales rules through open source platforms, and different ecological contributors can also obtain the value distribution of ecological development. At the same time, everyone can make joint decisions for the development of the industry, and even radiate to the real world.

Summit AscendEX has senior traditional financial experience and insists on the focus and professionalism of value selection. In our research, Faith Tribe is one of the few projects that has its own understanding of Web3.0 and the metaverse and is capable of realizing it. Across income, gender, age, race, ethnicity, geographic location and even national conditions, the Faith Tribe has truly achieved the same opportunities for everyone and has the ability to make a difference in the real world. Faith Tribe uses the technology and concept of Web3.0 to dismantle the walled garden of the existing Internet and even the fashion industry, making fashion design move towards interconnection. It can be said that Faith Tribe is at the forefront of the fashion industry, showing the future of the fashion industry in the Web 3.0 era, and laying a solid foundation for the fashion industry to enter the Metaverse.

On February 18th, Faith Tribe (FTRB) exclusively launched the AscendEX New Coin Mining (Launchpool) activity in the world. Users can deposit USDT to obtain FTRB. The total amount of this activity is 10 million FTRB, and the output in the first three days is as high as 5 million pieces, accounting for 50% of the total. As of February 23, the event has gathered 10.94 million USDT, with an annualized rate of return of 63.85%, which is enough to show the strength of AscendEX in supporting the ecological construction of cooperative projects and users' recognition of Faith Tribe.

The FTRB new coin mining activity will end on February 24th. After the end, FTRB will also launch the peak AscendEX transaction on the same day.

The core members of Summit AscendEX are all from the top financial companies on Wall Street in the United States, including Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg and first-level high-frequency hedge funds, etc., and have experience in financial engineering research and large-scale quantitative trading infrastructure research and development. Very deep foundation. In the past development process, AscendEX has always followed the development trend of the industry, and paid close attention to DeFi, NFT and other fields with landing scene value. Therefore, its first projects have repeatedly set new highs in the secondary market, becoming a DeFi, NFT and The go-to place for crypto infrastructure innovation projects.