Topics Metaverse
Bybit Learn
Bybit Learn
Intermediate
Mar 1, 2022

What Is FashionFi? How MIRL Will Change the Fashion World

From virtual land to non-fungible tokens (NFTs), the metaverse has changed the crypto landscape as developers become increasingly ambitious. This is evident in buzzwords like GameFi and Web 3.0 and the expanding scope of their projects. 

As the idea of a shared digital space evolves and more big-name companies and celebrities buy into the metaverse idea, it begs the question: Can the metaverse stretch beyond its virtual boundaries? Contrary to popular belief, the metaverse isn’t just confined to the virtual realm, as enthusiasts bridge the gap between the physical and virtual worlds. 

One such example is Made in Real Life (MIRL), which takes realizing your NFTs and crypto assets to the next level as the world’s first decentralized fashion brand. By bringing the fashion industry into the metaverse, and introducing designer NFTs, real-world wearables and talented new artists, MIRL supports and empowers aspiring designers in the metaverse. Interested in finding out how MIRL intends to make FashionFi the next big narrative in the cryptoverse? Scroll on, as this article covers everything you need to know about MIRL.

What Is FashionFi?

FashionFi — a play on the words “fashion” and “finance” — is an up-and-coming narrative in the crypto space. By combining the world of fashion with decentralized finance (DeFi), a whole new avenue of opportunities open up for the fashion industry, with NFT wearables and virtual reality marketing topping the list.

Before diving into what makes MIRL so special, it’s important to first know what FashionFi is. As metaverse games continue to challenge the way users interact with the real world, big brands are beginning to enter the NFT arena and setting a fashion precedent. From Louis Vuitton’s NFT game to the Supergucci NFT collaboration, these luxury brands are championing the FashionFi movement by letting users buy into clothing that has both a physical and virtual presence. 

Even celebrities are getting a piece of FashionFi action, as basketball icon Steph Curry sells NFT sneakers after collaborating with athleisure brand Under Armour. The sneaker marks the first cross-platform NFT wearable, available across major metaverse platforms like DecentralandGala Games and The Sandbox.

As famous people and brands take big leaps to announce innovative NFT ideas and partnerships, we’re seeing more innovative FashionFi projects begin to shape this niche space. One such project is MIRL, which seeks to merge digital and physical metaverse art while resolving existing fashion industry problems.

What Is MIRL?

MIRL is the industry’s first decentralized fashion brand in the metaverse. It plans to usher in a new age of fashion by marrying it with DeFi. With their goals of sustainable fashion and designer empowerment, MIRL aims to be Web 3.0’s first fashion brand, in the process pioneering the FashionFi movement.

Behind the lofty, crypto-based ideals of MIRL lies a simple goal: MIRL seeks to combat traditional fashion industry problems like fast fashion wastage and exploitation of emerging designers. Through rewarding enterprising metaverse creators and giving community-driven projects the limelight, the MIRL ecosystem flips the script on conventional fashion industry issues. These include wastage from overproduction, barriers to entry for aspiring newcomers and lack of industry transparency. 

To combat these issues, the MIRL team has introduced four aspects that round out their ecosystem, namely MIRL NFTs, an MIRL Labs e-store, a decentralized autonomous organization (DAO) and an incubator program.

MIRL NFTs

To kick off the MIRL NFT collection, the team is planning to launch its Genesis MIRL NFTs in March 2022. Beyond signifying the beginning of an ambitious new NFT project, the Genesis Collection will act as a privilege key for holders, letting users gain extra access to future perks, merchandise giveaways and digital and real-world experiences. In addition, these NFTs will be redeemable for a physical wearable that can be further customized upon request with other cc-permissible NFTs owned by users in the MIRL Labs e-store. 

Labs E-store

Speaking of MIRL Labs, it’s a platform where NFT collectors are able to customize basic apparel with NFTs that they personally own. In doing so, MIRL combats fast-fashion wastage and gives NFT holders greater ownership by having a personalized physical wearable featuring their favorite NFT art. On top of supporting a good cause, each purchase on the Labs e-store will qualify for a PoP (proof of purchase) NFT, which will subsequently also provide access to second-tier privileges and be redeemable for future airdrops.

DAO

To give the community even more control over the future of MIRL, the project is governed by a DAO. The DAO acts as MIRL’s governing body and determines future business directions, ranging from operations within the MIRL ecosystem to deciding member benefits. Overall, the DAO system allows for full transparency, as members partake in decision-making. It also grants every individual both the opportunity to raise proposals, and a unique voice in dictating MIRL’s future. 

All royalty proceeds from the NFT Genesis Collection — plus 50% of the profits generated by the MIRL Labs e-store — will be put into the DAO. This will enable the launch of subsequent new collections by other fashion designers, as well as provide scholarship grants for aspiring new designers.

Incubator

Without the right platform, it can be tough for new designers to burst onto the fashion scene. With the MIRL incubator program, an emerging designer can easily manifest their new ideas into reality upon receiving proposal approval from DAO voters. If the vote passes, these designs will be sold via MIRL with exclusive quantities for Genesis and POP NFT holders. 

Thanks to the established industry connections and widely available audience, creators can solely focus on their art — instead of worrying about making the connections necessary to succeed in the fashion industry. Additionally, designers can file for scholarship grant applications. Upon approval, designers will help design new collections under the MIRL line while receiving assistance in building their brand via networking and connections.

What Are MIRL Tokens?

MIRL, native to the MIRL ecosystem, is an ERC20/SPL token which serves as the utility token of MIRL. From granting voting rights to staking bonuses, MIRL tokens create utility for holders and will play a crucial role in cultivating the MIRL ecosystem as FashionFi ramps up its popularity. One such utility involves embracing the MIRL Wear-to-Earn concept. As MIRL brands desire to expand their presence in the metaverse, they can take advantage of Wear-to-Earn mechanics. For example, brands can compensate customers for promoting certain pieces by giving them access to exclusive items or airdropping fashion pieces to their virtual wallets.

Other uses of MIRL tokens include:

  • Participation in upcoming MIRL collaborations
  • Yield rewards for liquidity providers
  • Voting on giving scholarship grants to creators
  • Governance and voting as part of the DAO
  • Payment for MIRL products
  • Token usage when personalizing NFT avatars

MIRL Tokenomics

There’s a maximum supply of one billion MIRL tokens, with fewer than 35 million in circulation during the token generation event. The large supply isn’t any cause for concern, as MIRL has a prolonged vesting schedule which locks in the tokens for the foreseeable future. This effectively allows the MIRL ecosystem to organically gain traction and grow, while reducing overall selling pressure for traders looking to make a quick buck and dump their MIRL tokens. 

Of the total supply, more than half of the MIRL tokens are dedicated to the MIRL ecosystem via staking, W2E, liquidity mining and overall development. These allocations ultimately showcase the team’s focus on accelerating MIRL’s growth, and giving investors incentives to hold for the long run.

Are MIRL Tokens a Good Investment for FashionFi?

When weighed against the competition, MIRL stands peerless, as there’s yet to be any other project of this scale. MIRL seeks to revolutionize the way crypto investors look at fashion and DeFi. Although NFT projects like Bored Ape Yacht Club and Azuki incorporate some elements of fashion, they aren’t solely focused on promoting FashionFi. Thus, the MIRL ecosystem differentiates itself from traditional fashion brands and upcoming NFT projects by focusing on physical NFT merchandise and ethical, sustainable fashion.

Curious about MIRL’s future plans? MIRL’s road map has a couple of milestones set up for the year. Beyond the Genesis NFT drop, the MIRL team is also looking at launching a creative metaverse festival and pop-up showcases across the world, in locations like London and Hong Kong. These will help bolster the communal aspect of MIRL, while boosting its overall exposure so more can learn about the FashionFi movement.

In conclusion, the MIRL project’s take on metaverse fashion makes it a sublime investment in the long haul if you’re confident in the future of FashionFi. By resolving systemic fashion industry problems and rehauling the way we look at NFT fashion, the MIRL ecosystem certainly has room to grow into a metaverse juggernaut. Ultimately, users looking for a fashion-based metaverse investment should give MIRL a good look and reward the project for its dedication to improving the fashion industry on its own terms.