For the first time, Berlin streetwear retailer Defshop has combined the physical with the digital in the form of a Non-Fungible Token (NFT).
“Old Money” is the name of the online retailer’s project, which is taking its first step into the world of NFTs and cryptocurrencies, Defshop announced on Tuesday. For this, Defshop chooses a physical product in the form of a black hoodie with a transparent zippered chest pocket. Inside is a one-dollar bill, which can be interpreted as a symbol of the “old money”. When purchasing the hoodie, customers receive simultaneous access to a digital replica of the product in the form of an NFT.
Defshop introduces its customer base to the world of NFTs
According to Defshop, future digital topics are of interest to the fashion retailer’s customer base. However, he also acknowledges the challenges and technical hurdles associated with NFTs.
To counteract this, the online retailer decided to send a link and a password to a website when purchasing the hoodie, where buyers are introduced step by step to the world of NFTs and how to use them. It shows how to create a wallet, a digital wallet for cryptocurrencies that supports the blockchain protocol on which NFTs are built. The so-called ‘Minten’, i.e. uploading a non-fungible token to the respective blockchain in order to record information unchanged, is also explained on the website.
After purchasing the hoodie and following the steps outlined on the website, one will receive the physical sweater and also a digital NFT certificate of authenticity.
The “Old Money” hoodie will be released on October 5th in the Defshop online shop.