When crypto influencer Gmoney launched 9dcc in 2022, there was no roadmap for what he called the first crypto-native luxury brand.
The brand is built on blockchain, and all products are linked to a digital twin, which not only authenticates the product but also provides features that have yet to be explored.
When 9dcc was launched, the crypto market had already cooled down and countless blockchain startups had gone bankrupt. But two years later, 9dcc has expanded from a single T-shirt to an extensive collection that includes denim, ball caps, hoodies, tailoring, and outerwear. Meanwhile, Gmoney and his team have been experimenting with what those other features might entail.
“The real fun is getting creative around engagement and connecting better with customers at the point of sale,” he said.
The brand has done everything from hosting weekly games for customers to hosting in-person meetups to help people interact with each other and 9dcc products. For example, if someone taps the NFC chip on another person’s 9dcc item, they can collect a digital token that represents that person’s “9”, which basically represents them. The brand also hosts larger events such as treasure hunts with prizes.
Gmoney believes that with the right incentives, brands can encourage new and old consumers to interact with them, and on-chain products are the way to do that. 9dcc has also introduced a white label platform, Powered by 9dcc, to allow other brands to piggyback on its infrastructure.
There are increasing signs that such products and services may soon be in demand again. During his campaign, Donald Trump vowed to make the United States the “crypto capital of the planet.” Bitcoin’s value has already soared to record highs. Neil Mullins, chief executive of Web3 platform and advisory firm Mojito, says if the momentum continues, there is likely to be a resurgence in brand activity.
“We’re starting to see some of that over the last week or so,” Mullins said. “There is a huge renewed interest in this area.”
Gmoney agreed.
“We expect interest to start to pick up, probably in the coming weeks, especially into the first quarter of next year, because obviously price will drive the story,” he said. He spoke while referring to.
A resurgent cryptocurrency industry has the potential to generate significant wealth that has traditionally been directed toward luxury goods, and brands will have ample incentive to curry favor with these shoppers, especially as the industry grapples with an economic slowdown. will give. That motivation will join another force pushing brands toward blockchain: regulation.
The EU has said that within the next 10 years many items will be required to have a digital product passport, a unique digital identity aimed at promoting traceability and transparency. Tens of millions of luxury products now feature their own blockchain-based DPPs, and brands are looking elsewhere to get the most value from their DPP investments, according to the technology companies driving the initiative. They are currently considering what features can be added.
But both Gmoney and Mullins said new Web3 projects by fashion brands will likely look different than they did during the NFT mania of 2020 and 2021. At the time, companies were in a hurry to beat their competitors to market with projects, leaving some half-finished. In the future, they will be more deliberate in their choices and consider what utility the technology can provide. And once many brands learn that their backend infrastructure is not a selling point for most consumers, the technology is likely to fade into the background. Mullins compared blockchain to Amazon Web Services, the e-commerce giant’s cloud computing platform.
“Instead of going to a brand and shopping, it’s like, ‘No more, AWS.’ We love that,” he said.
Since clothing is the main thing people buy, 9dcc hired experienced creative director Brandon Sun to lead the design. But beyond that, the team’s focus is on making technology seamless and invisible. For example, you no longer need to create or connect a cryptocurrency wallet to claim your products. At the same time, you will learn how to involve your customers in it on a regular basis. Every company talks about how their most engaged shoppers tend to spend more. For 9dcc, Gmoney says highly engaged customers typically spend about 2.5 times that amount.
One way the brand has found to be particularly effective at driving engagement is what it calls “quests.” In April 2023, we will hold treasure hunt events around New York, where participants will have to check in at multiple locations, including the Adidas Originals store in SoHo, over three days to be eligible to win various prizes. Ta. However, it required 9dcc staff on site, so it wasn’t something the brand could scale up. When 9dcc did this again in Singapore, they geofenced the location so no staff was needed. The participants’ mobile phones were able to decipher where they were and do all the work.
“What we were most excited about was that we were able to actually increase in-store traffic,” Gmoney said. “One of those locations was Starbucks. If you walk into a select Starbucks between 1pm and 3pm and tap on a (9dcc) product, you’ll get an instant gift card that you can redeem right away.”
Gmoney believes brands can similarly drive customers to their stores and those of their retail partners. You can also use the data you collect about customer interactions for purposes such as rewarding customers who participate regularly or inviting them to shop.
One question is: Can brands actually persuade people who otherwise wouldn’t attend, or are only the brand’s most loyal fans destined to attend such events? . In Gmoney’s view, it depends on the incentives a brand offers and its creativity. At the Singapore event, participants competed to win NFTs from his collection, which were selling for about $10,000 at the time. While this award was motivation enough for the 9dcc audience, it may not be for the average Hermès customer. Brands will need to understand what motivates their audiences.
In other words, technology doesn’t create engagement. That’s still something brands need to do.
