The Blockchain industry is increasingly capturing people’s attention and demand for cryptocurrencies is steadily growing. Similarly, NFT has also entered the market, and both cryptocurrency and NFT are being widely used across many industries.
The fashion industry is one of the largest industries today with a market size of 3 Trillion dollars. The industry is fragmented in a variety of niches and players with a crucial impact on the global economy.
In the fashion industry, the design process is often codified. Its role spans from producing the raw materials for garments to distributing and retailing them, and finally, promoting and selling them. Despite the large economic power of fashion, a lot of talented independent designers struggle to stand out due to fierce competition, lack of resources, geographic constraints or headwinds in the industry.
Faith Tribe aims to develop an ecosystem where designers all over the world are given equal opportunities to create and find their place in a highly competitive industry.
Now, let’s discuss the Faith Tribe platform and the commendable work that it does to revolutionise the fashion NFT marketplace and the fashion NFT project ideas it encompasses.
What is Faith Tribe?
Faith Tribe is a digital platform for the creation, design, minting, customization, production and distribution of digital and physical fashion items. The ambition of Faith Tribe is to leverage the opportunities offered by a digital ecosystem, built on blockchain to create an impact and disrupt the fashion industry through a powerful hub of open-creativity.
Faith Tribe is destined to build an ecosystem where designers, creators, bloggers, artists, influencers, etc. come together on a single platform and design a collection of fashion NFT for both the metaverse and real world. It also provides designers with a decentralised platform to create virtual or real clothes, mint NFTs, request manufacturing and sell.
Faith Tribe focuses on how to implement NFTs and crypto tokens to maximise effectiveness and utility. Moreover, it aims to raise awareness about the role of the metaverse and Web 3.0 in the fashion industry. They are building an open-source community and are inviting like-minded designers to become actors and active contributors of the community, contribute and NFT marketplace.
Introduction to the Faith Tribe NFTs Marketplace
NFT marketplace will connect designers to a population of buyers, for the purchase of clothes with $FTRB, the project’s community coin. Some of them are as follows:
- It aims to establish a bridge between the buyers and the creators through the use of Web 3.0 technology.
- It helps in the sale of both digital and physical NFT products.
- It enables a large voting system where the partners of the platform can vote a particular design to go into production and distribution of the NFT marketplace.
- The designers can conduct sales via their distribution channels, creating an ad hoc system for open-end production.
Faith Tribe also aims to protect the interests of independent designers. For this, Faith Tribe has launched a decentralised platform that is led by the communities and helps the designers and the creators. Designers and creators can use this platform to design virtual clothing and distribute them to a wide range of customers in the metaverse. Distribution will take place through different digital stores, NFTs, digital fashion marketplaces, etc.
Faith Tribe is also focused on educating its designers about the brand-building potential of the metaverse platform. For this, they have also partnered with various design institutions. They will educate the upcoming designers about the metaverse and Web 3.0 and how to develop virtual clothing line, and what wonders this platform can do to their brand.
What are Faith Tribe Fashion NFTs?
Thanks to Blockchain, NFTs are unique, and keep track of their original creator and current holder. An NFT may be issued for physical or digital assets or a collection of assets. Individual physical or digital assets can be selected and combined into a collection so that all the data can be applied to the collection.
Faith Tribe Fashion NFTs include a variety of features, such as metadata, all the information about the contributor, and design types for both the physical and digital assets. Additionally, some other media assets are included, such as photographs, sketches, and pictures, rights to use, and a royalty curve for designers and patrons.
The Faith Tribe Fashion NFTs were built on established standards to ensure maximum information sharing between the systems and products. Fashion NFTs are based on NFT Royalty standards. Faith Tribe Fashion NFTS has some characteristics. Let’s now list some of them:
- The NFTs can be minted to fit different design templates and types.
- The Fashion NFTs are also available for customisation, reuse, and mixing, by the creator community.
- Fashion NFTs allow creators and offer various perks and benefits, such as clearance sales, preview invites, special merchandise, metaverse-based fashion shows, virtual clothing, and community events, etc.
How can creators utilize Faith Tribe’s design protocol?
Design protocol is a technological infrastructure that allows the designer’s studio and the NFT marketplace to work together and integrate with the entire ecosystem of Faith Tribe. Additionally, the design protocol serves as a medium that allows the creator to produce, mint, and distribute both individual and collective fashion design assets. This enables them to grasp the long-term value associated with the assets.
Additionally, the Designers Studio represents the core product experience to the creators. It enables creators to collaborate, create, mint, fund, manufacture, distribute and track the entire designing process.
Now, there are some of the major components that the Faith Tribe design protocol consists of. Design NFT, studio liquidity pools, and asset exchange are three components of design protocol. Now, let’s get insights into the various components of the Faith Tribe’s design protocol.
- Design NFT
Faith Tribe’s Fashion NFTs offer various functions related to metadata, contributor information, and design types for both the physical and digital assets. Moreover, it includes some other media assets like designs, sketches, pictures, rights of use, and the royalty curve for designers and their clients.
Faith Tribe’s Design NFTs are built on standards that ensure maximum information sharing between the systems and the products.
- Studio liquidity pools
It is a concept that provides liquidity to current assets or future assets by supporting the funding of an asset or a collection of assets. The in-studio liquidity pools are designed to support the production process.
The liquidity pools work on blockchain technology through the use of smart contracts. In addition, it facilitates the deposit, use, management, and withdrawal of NFT assets.
- Asset exchange
The asset exchange is a set of smart contracts that operate in the NFT marketplace and enable the purchase, sale, trade, and redemption of NFTs. The asset exchange mechanism assists in the coordination of the new types of assets and allows companies to feature assets on any given day.
Moreover, the asset exchange management system is integrated with the traditional e-commerce distribution channels. This distribution channel further aids in the tracking of sales and assessing the performance of the individual and collection of assets. It also aims to include the distributing ecosystem, ensuring that the terms and conditions of the contractual relationship that is established are maintained.
The different components of the designer’s protocol work together and coordinate to deliver a system that aids in the effective delivery of both the physical and the digital assets.
The members of the Faith Tribe platform need to possess a certain amount of Faith Tribe coins, after which they can have exclusive access to the designer studio. It is the place where they can create original and remixed designs, mint new designs or a collection of NFTs, etc.
What is the governance model of the Faith Tribe?
For any organisation to run smoothly and fulfil its objectives, centrally organised governance is crucial. A governance model can enable the organisation to aid the designers and the creators in the various tasks that they do. It would have been difficult for Faith Tribe to reach its goals and objectives without a proper governance model.
Moreover, the governance model of the Faith Tribe is a decentralised model where decisions do not rely only on a few hands. All individuals and designers have the right to vote and to communicate their choices to top management.
Faith Tribe’s platform is more of a community-owned model in which all designers, creators, developers, and other key members of the organisation can vote on both technical and non-technical proposals. The decisions can be anything between modifying or improving the platform and enhancing its usefulness.
The DeFi Governance provides the opportunity to all the token holders of the Faith Tribe platform to vote and thus help in the growth and development of the Faith Tribe solutions. The Faith Tribe solutions have a variety of roles to fulfil such as royalty rates, token distribution, partner integration, community treasury allocation, pool allocation fee, etc.
Additionally, the Governance model of the Faith Tribe platform has multiple objectives. Some of the goals of the Faith Tribe Decentralized Governance are listed below:
- The Governance model focuses primarily on the mission statement and tries to recruit talented people who can actively contribute to the platform.
- Governance also aims to ensure a fair and just way of ownership and control.
- It also aims to fulfil all the compliance regulations
- The Governance team oversees all operations conducted on the Faith Tribe platform.
What are Faith Tribe’s plans for the future?
Faith Tribe has the vision to bring all talented designers and creators from all over the world on a single platform. It aims to build a system that is unified and provides a democratic experience for the designers and creators. Moreover, the Faith Tribe platform focuses on the implementation of the metaverse and Web 3.0 technologies.
Moreover, Faith Tribe aims to achieve the following:
- An aligned platform that is fully community-owned and driven by the people.
- Creating governance power by contributing to the platform and adding value to it.
- Providing all the necessary tools to the creators and designers over the platform to work effectively and efficiently.
- To launch their own Web 3.0 technology in the metaverse world.
- Build a platform that supports both the blockchain layer 1 and layer 2 to maximise utility.
- Create an environment where everyone on the platform, be it designers or seasonal fashion enthusiasts, will be able to participate and contribute.
- Establishment of an equitable platform that provides an equal way of taking decisions.
Faith Tribe is driven by its mission to empower, reward and unlock new opportunities for independent creators. Faith Tribe is working on a decentralised platform built on Web 3 & NFT Technologies to offer a relevant solution and deliver the best user experience for designers.
Faith Tribe focuses on how to implement NFTs and crypto tokens in the most efficient way possible. It wants to offer content and utility to its users, with the ultimate goal of unleashing creative people from the barriers they face.