Clothing and metaverse culture company Metafactory is launching a governance token which gives the community ownership over its brand. The organization wants to reinvent the connection between physical and digital products through non-fungible tokens. Their governance token will be distributed to buyers, designers and contributors.
“We are doing a 100% fair token launch. No token sale.”, the team tweeted. ROBOT token is the name of this new governance token. They distribute it to buyers, creators and contributors. People will for example need to buy clothes, design something or contribute in another way to the brand. Obviously people can also freely trade token on peer-to-peer exchanges like Uniswap.
Buyers and other people who hold the ROBOT token will be able to control strategic decisions of the organization. Think about for example curating products, marketing design, partnerships and strategies, and use of the DAO treasury. “We are building Metafactory for the next ten years. We’re focused on longevity, and the time to start is now”, the team said.
ROBOT can also be used to obtain ‘drops’, which is often something like a digital collectible. However, in the case of MetaFactory these drops can also be physical products. When someone has 1000 ROBOT tokens, they are eligible to initiate governance proposals.
What is Metafactory?
Metafactory describes itself as a platform where creators can launch ideas and transform these into community-owned brands. They for example make limited edition physical shirts based on crypto art, and the artists gets a share of the revenue. In addition they combine physical clothes with virtual ones through secure chips embedded into the clothing. The concept of digiphysical goods is something that pops up a lot in their conversations.
Ultimately Metafactory wants to be a bridge that connects online experiences with the real world. They establish this by designing unique apparel and brand experiences curated by the community.
The organization has three main parts. First is the MetaFactory DAO is a decentralized organization in which ROBOT token holders can make decisions. Second comes MetaFactory LLC, which is the legal entity behind this organization. It allows them to for example pay taxes and gives them legal ground. Finally there’s the MetaFactory Botyard. This is a bot that takes care of the undistributed ROBOT, and it’s guarded by the DAO.
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a communication consultant for blockchain start-ups and writes not only for Play to Earn, but also other dapp websites and tech magazines.