Newly formed crypto group Red DAO aims to bring together members who are interested in supporting the growing digital fashion ecosystem. Red DAO will support, purchase, archive, collect, invest in items, and digital garments in the emerging world of digital wearables and fashion.
Red Dao won Dolce & Gabbana’s “The Doge Crown” NFT in October as well as two digital “Impossible” jackets, spending nearly $1.9 million in Ethereum. The crown auction including the digital 3D image and the physical item sold for $1.27 million.
Red DAO will have up to 45 initial members, who will pool their capital to make investments. Each member can purchase 100,000 Red DAO units for 50 Ethereum, or up to 300,000 units for 150 Ethereum.
On the group's website reddao.xyz new members can connect their preferred Ethereum address and the amount of Ethereum they would like to contribute to Red DAO. Once the form is filled out, potential members will be onboarded and sent information on the RedDAO weekly call and Discord community.
Megan Kaspar, Red DAO member and managing director of digital asset management firm Magnetic, states that the D&G sale was a key milestone for the group. Kaspar explained that Red Dao is looking at investing in the future of fashion technology, which for them, is NFT digital fashion. She explained to Yahoo Finance that the opportunity in digital fashion poses groundbreaking potential. The digital industry is $2.7 trillion and we foresee this will at least double over the next two decades due to digital fashion.
DAOs are increasingly popular. A decentralized autonomous organization (DAO), is an organization represented by rules encoded as a program that is transparent, controlled by the organization members and not influenced by a central government. A DAO's transaction records and program rules are maintained on a blockchain. The exact legal status of this type of business organization is yet unclear.