MetaFactory - Decentralizing the ownership of brand economies

Transcript

French okay I see I just gotta push this one all right testing testing everyone has already heard about this for thanks for

coming yeah we were good to go yeah all right cool hey everyone my name is drew Harding I'm one of the founders of Metta factory super excited to talk to you guys about what we're doing we recently earlier this week released an article talking about the vision approach everything that we've been working on the goals behind this so if he you know at the end of this you want some more some more meat go you can go check that out from our homepage but since you're here today I'm actually gonna go into the detail and talk a little bit about it so what inspired Mehta factory a combination of Street where gaming digital art and ft art and

crypto economics in a nutshell meta Factory is a crowdfunding platform for the creation of limited run custom goods with an initial focus on fashion and apparel more specifically we're focused on creating the world's first digi physical brands that means apparel that exists both as physical unit as well as a digital wearable in virtual worlds Metaverse we manage all the production and fulfillment creation of these products on behalf of our artists partners we also obviously manage the auction platform and community

engagement marketing of all this so all they need to do is focus on their art as a result of this we're actually democratizing the brand creation experience and giving them an opportunity to create products that are normally come from an elusive hard to you know penetrate industry we're also rewarding buyers and participants in this auction as well through profit sharing and we believe that creators and communities together as a result of having these aligned incentives are going to be able to create culture economies that highly resonate are highly resonate and like fuel growth as a result so so yeah this quote behind me by dr. Charles

Sager are talks about belongingness being kind of a core fundamental need and you know taking a look back at our inspiration and specifically Street where you can argue that a lot of that the success of brands like easy and supreme are driven by the scarcity driven by the secondary market its sales potential but I actually believe it's a reflection of the power of community the desire to be a part of something bigger to be a part of something that resonates with your lifestyle to be a part of something exclusive or cool and fashion as a form of art is actually extremely powerful in that it's an expressive choice it's a reflection of who we are

or at least how we want to be seen and I think that's even more relevant when you start talking about our digital selves right we have the ability to be anyone we want in a digital space we as a result we're typically more bold more expressive in in those choices the need to personalize digital avatars and whatnot comes from also a desire for actualization and in that case you have the opportunity to portray the me that is the real me and sometimes you may not be a comfortable confident or even have the ability to do that in the real world also looking at looking at you know defy as kind of the the core theme of

adoption as one of the huge drivers it's gonna really push this industry forward you know taking a look at how many people that has actually resonated with in the sense of look you can earn eight percent passively by lending your assets and coming over you know to this Web 3 world this decentralized defy money world and well you know in a culture in many places where two to three percent on a savings you know account is a lot you'd think that would be a big enough carat but we've actually seen that to not necessarily be the case so I actually believe that communities and culture are a much powerful driver in terms of adoption and more specifically I believe

that physical goods as a gateway and as an entry point into a a specific culture or community can serve as a really powerful thing from there we can then introduce them to digital collectables to the Metaverse to things like defy which we have wrapped into our offering as well which we'll get into so again what's our inspiration obviously streetwear things that the the easy the supreme the hypebeast culture the scarcity that that drives that sale and those that interest but also you know where are we seeing that in our own space obviously with NFT art even the

sale of lands in these virtual worlds decentraland crypto voxels sandbox somnium all of them have seen tremendous growth NFT art and sales on platforms like super rare and known origin again huge growth and attention in the last five to six months specifically you've seen the price points for these things start to really really really accelerate gaming if you're not familiar with this guy that is the runescape blue party hat that's the original in-game swag if you had that you were you were among the cool kids in runescape but yeah thinking about gaming even further gaming as an industry revenue has it actually has overcome or it's the revenue achieved is

more than both music and movie industries combined as I believe as of around 2017 you're looking at properties like for tonight League of Legends driven by riot and these economies these the revenue of these companies are driven primarily by aesthetics emoticon dances ways of personalizing that have no effect on gameplay and you're talking about multi-million dollar companies throw in some crypto economics and physical goods obviously very inspired by the you know socks experiment pegging socks to a token bonding curb obviously st. Fame did something similar just recently with the release of their shirt

been watching all this closely but mix it all together what do you get in a PowerPoint very slow version this is awesome meta Factory so and while we're at it why don't why not throw in a little bit of foam Oh 3d so to really boost the game theory and to make this a fun experience right to really build a community and culture around these things you know thanks to web 3 smart contract blockchain tech we've been able to really explore what these means and again like these opportunities mean and the possibilities around brand economy

creation last but not least we now have the opportunity to also create provably rare digital swag specifically for these virtual worlds so what is this you see behind me this is the meta factory vaporwave pagoda it exists in crypto voxels it was built in collaboration with a french artist a lot of money if you're not familiar amazing crypto artists in the space and I'll give you a little walk through here the the bottom floor is actually where we'll be hosting auctions directly users can walk in see what auction what's available click on

the link go right out to our auction platform and buy second floor will be where a lot of the wearables that are available will be hosted scene will also be hosting secondary sales from other other individuals third floor is essentially a meeting place and gallery of all the kind of works that are shared amongst the meta factory team and whatnot but you're seeing with the explosion of an ft art with the sale of virtual lands also the sale of wearables and collectible wearables I believe for a minute obviously this is changing very quickly the wearables in decentraland we're hitting around at number four for

most sold and traded and of tees so what how does this work artists come to creators come to Mehta Factory bring their designs we can work with everything from sketches Photoshop files illustrator rather crude we collaborate with our production partners to create technical drawings we're very very focused on the ground up creation cutting so custom works not so much the on-demand printing that you can get from many different services and companies that are available today we can produce anything from hats t-shirts to hoodies jeans sweats exploring shoes shoes is a

tricky one because fit and sizing obviously has many challenges but something we definitely want to get to as I mentioned earlier Mehta factory handles all the production fulfillment packaging the promotion of the auction marketing you know we're the tech platform but we have the relationships with our production arms and again this enables creators to just focus on their work and and to really democratize this process lastly the profits from the sale are split between Mehta factory the artist and the community supporters themselves the buyers this is again incentive alignment and something we think is a really powerful thing and again in building new brand economies so here is an example of an auction we've actually

created multiple auction and sales strategies that we'll be offering this is a one that we think is particularly powerful and will kind of tick the box for most all those involved including supporters artists and platform it's essentially a blind bid auction with a limited timer a limited duration most of these auctions we're anticipating will last about a week and the way this works is users or people who are interested in and buying this jacket would submit the max price they're willing to pay for this unit knowing that they'll actually pay less so how does that work the highest bidder will actually win the first item but they will pay the second highest bidders

price the second highest bidder will pay the third third fourth so on it's a take on a Vickrey auction if you're familiar with that any refund between what you've bid and what you actually pay will be immediately refunded to you at the end of the auction and there's also a hidden reserve price that's driven by the production cost that sets a bottom it's hidden because to expose would mess with the game theory a bit but in order to give buyers some inclination of where this should be priced or what they can expect we'll be exposing an MSRP retail price that will give them some kind of a guide or an anchor if you will we're also limiting the supply so that only the top bids will win we'll be able to

tell people when they're knocked out etc each winning bid receives or each winning item receives a pro rata share of the profit based on the order so the highest bidder with the first item would receive the largest amount of that supporters profit pool etc this is the first unit that we'll be releasing it's a Mehta factory brand product main reason for that is simply we're interested in dogfooding the experiment and when if you know as we work through any kinks that may pop up we don't want to expose those to any of our artists auctions for instance as you can see this is a reversible jacket it was designed by meta dreamer in

collaboration with Peter Pan for the reverse back but front and back and then reverse front and back we really wanted to push the limits of what we could do with production and also show our artists what could be done in terms of completely ground-up custom cutting so design so you know talking I talked a little bit before about how communities and they are more or could be more powerful than defy but why not both you know we actually can use this as an opportunity that's physical you know we believe this physical unit acting is a gateway or an anchor point to bring people into the space and captivate or capture new audiences we can actually

lead them down this path and the way we're doing that we're pretty excited about is we're actually infusing that proportionate share of the profit that you have earned based on your order number into the digital collectible itself meaning it will hold that value as a base level and we're using chai meaning it's also automatically interest-bearing so it will start app reach appreciating naturally the other cool piece about this is if you want to extract the actual base value that we've infused into that unit you have to burn it making all the other items more scarce and theoretically more valuable as well so we're this is a pretty new concept for NF T's we're super excited

to introduce it as something in our in the offering of meta Factory and you know we believe that the digital side will actually start to propel the platform forward and actually carry these brands more so than the physical unit but it really depends on the user themselves what they see is more important more valuable and likely there they're gonna bid accordingly as I showed we're starting with first our own branded jacket but we're doing collaborations officially announced with these four twisted vacancy a lot of money van and skini along with many others in queue we're gonna be starting with twisted vacancy

I've already seen a glimpse of what he's produced and it's pretty amazing I'm really excited about it and yeah if you want to learn more about us twitter at the meta Factory email hello at meta factory ai you can also go to Mehta Factory ji there's a link to our telegram genesis community and the article that i mentioned earlier if you want kind of a deeper dive into the why and the what of what we're doing and that's us with time for one question questions hi you talk about NF tees in how do you link the

shirt goods with the physical unit with the digital unit yet so we're not trying to solve the provenance or like the tracking of the two units together that's a very hard challenging thing in fact doing so also kind of limits the possibilities of that digital unit and the owner of the digital wearable to be able to trade it on the open market one thing we're doing which we're also pretty excited about is where we're talking with the con cache team about using their silicon chips putting them in our care labels of our jackets and garments but that's more to a metadata Association to say this was the first unit sold and its associated to this

thing it could trade separately independently technically there's a lot of options the two could trade together they could trade independently it could be the the way the the profit sharing piece works to you can take the interest off but the base value is infused so maybe the interest has been taken off the digital so there's all sorts of game theory pieces involved in that but yeah that's not really a problem we're trying to solve yell it out I'll talk to you outside thank you