The figital phenomenon is hitting some of the world’s biggest stores, as Jonathan Koon’s 8-Bit launched on Monday under his streetwear label Mostly Heard Rarely Seen. Each item in the collection includes both physical clothing and its NFT version.
The term, a portmanteau of “digital” and “physical,” is a convenient, if clumsy, way to refer to digital products, such as avatar clothing or virtual art and collectibles, that come with a physical counterpart or vice versa . For Koon, this translates into sportswear and streetwear with QR codes that not only come with an NFT version of the item, but also fast-track luxury customers to the virtual world of Highstreet, a retail and gaming-oriented metaverse built on top of the chain. of the block.
The collection will be carried by Saks Fifth Avenue, Neiman Marcus, Selfridges, Harvey Nichols, Beymen and Bloomingdale’s, among others.
Of course, with the premium clientele in mind, the experience was designed to reduce friction. Cut the security tag to reveal the barcode, scan it and the simplified process begins to quickly create an avatar – it can even use a selfie for a mirrored digital version of the real-world user – and adorn the persona with the purchased virtual clothing. Users receive $High tokens, Highstreet’s native currency, so they can instantly explore the environment and buy or sell other items.
If owners want to sell their new NFTs, that process is also simple. It only takes a few steps to clip or resell it as a listing on the OpenSea or LooksRare platforms.
When it comes to NFTs, rarity matters, so products are produced in varying quantities across the spectrum of retail partners. The most limited direction is likely to yield the highest value. In this way, NFTs are similar to real-world tumbling falls—so much so that Koon likens his initiative to popular skate brand Supreme, except adapted for the metaverse.
But the goal isn’t just to promote the product, according to Koon.
“Battle Royale” t-shirt, with safety label visible. All items are labeled and have a QR code that transfers customers to the metaverse.
Courtesy photo
In fact, he might have paid a price, given the painstaking production process. Each graphic was produced through custom die-cast aluminum molds and a 30-day production time, with hand-filled silicone, an industrial heat press, and industrial embossing machines to create physically unique items to reflect the rarity that blockchain offers. 8-bit consoles start at a few hundred dollars, but could justify a much higher price.
Instead, the designer wanted to make the collection accessible, he explained in an interview with WWD. He’s not looking at one-off transactions, but a much more ambitious vision of turning brick-and-mortar stores themselves into the entry point or portal to the metaverse.
“We imagined it [luxury customers] entering Web 3.0 through their world,” he said in an exclusive interview with WWD. “Instead of saying, ‘Guys, come to Web 3.0, come to our space,’ and force you to come in and teach you the platform, we’ve created this QR code system of phygital products. They are truly physical in nature but celebrate what we fell in love with in the fashion industry – which is fashion retail at its highest level in the luxury store.”
Koon’s understanding of the premium shopping experience is informed by a number of factors. Many of the department stores on his partner list already carried his brand, and he also has his brick-and-mortar experience, having opened a luxury store in SoHo in 2013. In fact, he was a very technical client at that. the store that turned his attention to crypto in the first place. Not that Koon is ignoring e-commerce entirely. Farfetch is another retail partner, he explained, and will carry the collection online.
However customers shop, the item will allow access to Highstreet, where they can explore the space, control their digital devices and transact. The latter is key. Transactions are part of the life of the platform.
Backed by investors including Taiwan-based tech giant HTC and maker of the Vive VR headset, Highstreet itself has grand ambitions to establish itself beyond gaming as a retail-oriented metaverse and is in talks to bring brands in the space. Koon’s 8-bit, for example, will set up a virtual store there.
Through PC desktops and laptops, people can enter the world of Highstreet as an MMORPG, or massively multiplayer online role-playing game, to complete quests, do battles, and level up. They can also buy items there. Users interested in making purchases or transactions only, but not for games, can access these actions through their phones and tablets for an easy experience. VR fans can also load up Highstreet and fully immerse themselves through their headsets.
“We’re one of the few that do commerce plus games, and also in VR,” said Jenny Guo, co-founder of Highstreet, “so I think that’s one of our biggest strengths.” Indeed, the ability to access a platform in different ways is a key promise of the metaverse, but few platforms have figured out how to achieve it.
Highstreet recently made the land available for sale in April, with more on the way, and is exploring a number of potential retail relationships. It’s in talks with Shopify, for example, about integrating with its platform.
“We’re actually very close to Shopify because a lot of the people who run Shopify these days basically went to college with us. So, you know, we’re all Canadian,” explained Travis Wu, co-founder and chief executive officer of High Street. “[It] it gives us a slight edge to engage with them. They’re not on board yet because we’re still figuring out how they can build a custom integration port for us.”
Highstreet is expanding at a rapid clip, and Jonathan Koon’s 8-bit could bring an infusion of high-value customers into the mix. If it works, if luxury shoppers respond to this less difficult way to enter the metaverse by stocking up on bundles of these NFTs and physical wearables, this model could become the standard for other tech platforms — and department stores.
