London-based Xtended Identity is preparing to launch its first digital fashion non-fungible token (NFT) collection that allows buyers to rent and generate profit from their ownership.
Set to drop November 11, each NFT in the ‘Love Warrior’ line will offer an ‘own’ and ‘rent’ function designed to help onboard internet users into the Web3 world.
The collection includes designs inspired by mythical creatures, with wearable collectibles in four categories – clothing, jewellery, wings and accessories – to be sent to the owner of the NFT every two weeks.
The collective said that the focus of the line was to create digital pieces that are made for all genders, encouraging users to show their true selves.
This is also evident in one of the key features of Love Warrior entitled NFT2.0, a system designed by Xtended Identity where users don’t need to own a digital wallet in order to purchase the products, a feature the group hopes will make entry into Web3 easier for LGBTQ+ and women.
Additionally, the collection comes as part of a collaboration with ERC2981, which aims to bring owners of the NFTs long-term income through royalties that are generated via renting the digital assets.
In a release, the group said that the revenue from this process will be split among three stakeholders; 45 percent will go to the collective to cover its costs, five percent will be donated to LGBTQ+ advocacy organisation The Center on a monthly basis and 50 percent will go to the holder of the NFT.
Users who rent the digital fashion can sport the looks via social media, as well as earn membership points that can be used to unlock a free mint from the brand’s next drop and gain access to online and offline events.
Xtended Identity also said it is preparing to launch phygital outfits, allowing shoppers to purchase a physical item that comes with a matching augmented reality (AR) filter.
Speaking on the initiative, the group’s co-founder, Yunjia Xing, said: “Digital fashion should be accessible to everyone, as it’s not bound to any physical limitation.
“Currently we see that the web3 landscape is male dominated as the majority of users identify as men. This means that new technologies that connect digital fashion and web3, like ours, are being presented to a mostly male audience.”
Xing noted that 70 percent of the brand’s consumers were women or part of the LGBTQ+ community, each of which had expressed a strong desire to be included in the crypto space.