It’s 2022 and NFTs aren’t just for digital images anymore.
Alter is a new clothing brand joining the ICON blockchain. That’s right — clothes on the blockchain, and they’re doing it through limited edition NFTs.
Alter has a proposal on ICON’s Contribution Proposal System (CPS) to fund their launch, and development will begin in earnest after February 10th if the CPS vote goes through.
Their idea is deceptively simple, with a strong potential to scale. They will sell limited edition NFT images of an Alter trademarked figure (working model shown below) in “Alter Drops” on Craft Network. In addition to the NFTs, purchasers will also be sent an actual item of clothing the figure is wearing. A QR code linking back to the corresponding NFT will feature on each clothing label. The clothing will also be sold globally on their website and through other channels.
The company’s business plan is quite clever. “The way we’re introducing the brand to the public is by introducing a new line with each Alter Drop,” Alter founder Frankie Arnell told us in an interview. “For the first one, we’ll be introducing caps. On the second Alter Drop, we’ll be introducing hoodies and jumpers. We plan on having a drop every quarter, so four drops a year.”
Bringing fashion to the Metaverse
Alter will also be creating physical collectible figurines that match the NFTs they mint. They will be storing these designer toys inhouse until redeemed — NFT holders who opt to redeem their NFTs will be sent their figurine in the mail, and will also be issued a new NFT marking the figurine as claimed. (Alter does it this way to make it easier to distinguish the value of an Alter NFT sold on the market.)
“Once we’ve got the initial phase set up and running, we want to take this down the line and enter the Metaverse side of the blockchain. We want to have it so the figure we’re selling is an avatar you can customize,” Arnell said. “Going further, if you buy a cap from us, you can have that cap as an NFT you wear in the Metaverse.”
The idea calls to mind Nintendo’s popular Amiibo figurines which use NFC to grant in-game items when tapped on a controller. Scan a QR code and enter the Metaverse? It’s a cool concept and we can’t wait.
Get in early to reap the rewards
There will be additional benefits given to early supporters. Those who buy in on the first Alter Drop will receive monthly airdrops — every month, five percent of profits will be distributed evenly to all those who own the original NFTs from the first Alter Drop. An additional five percent of first-drop profits will also be raffled off to one lucky winner. Alter will also set aside another 10 percent of each sale as royalties and, once per month, first drop NFT owners will have a chance to win 2.5% of the royalty pool. Ten winners will be selected every month, and the rest of the pool will be allocated to various promotions and other costs.
First drop NFT owners will also enjoy an ongoing 30 percent discount on all products.
“We believe in giving back to the early supporters who help build us up,” Arnell said.
Dedicated to both fashion and value for the consumer
Alter’s founder has been on the sidelines of the crypto space since 2015 as an investor. He is now bringing on developers and other supporting team members to make this dream a reality. They chose ICON as the optimum blockchain to launch on due to the scalability offered by ICON’s BTP (Blockchain Transmission Protocol) integration with Ethereum.
He isn’t a stranger to the world of clothing retail either, having already launched a small clothing line a couple of years ago. But Alter will be a much larger-scale project with a big dream and vision.
“After seeing all these fast fashion brands popping up with high-end prices but delivering a low-end product, I wanted to deliver a high-end quality product at a reasonable price. Around March last year, we started seeing NFTs with a utility aspect beyond just visuals, and I was inspired to start looking into how we can make this brand work,” Arnell said.
“I like the idea of creating something that can benefit the consumer. You can purchase a product from us and then have the option of selling the NFT to recoup the cost of the physical product, or save it until it appreciates in value.”
