SohoMuse, a new invite-only networking platform for creative professionals, is turning to blockchain technology as both a form of token and the basis for transparent transactions this New York Fashion Week.
The site, which is currently in beta mode, has partnered with designer Malan Breton and blockchain solutions company Tokenly to launch the innovative shopping experience.
It will not only play host to the live stream of the designer’s show on September 7, but enable members to purchase pieces from Breton’s collection in real-time. All transactions made will be recorded via the blockchain, which is essentially a distributed digital ledger; making all purchases made both transparent and more secure.
All viewers of the live stream will also receive a blockchain token called ‘MALANBRETON’, as a form of digital memorabilia, however. These will offer exclusive future perks such as early access to features, sales and events. The token introduces a form of Bitcoin-like digital asset, which though doesn’t currently act as a currency per se, is said to be the predecessor of a future fashion-based cryptocurrency.
SohoMuse co-founder, Consuelo Vanderbilt Costin, says: “By adding blockchain technology to our comprehensive suite of tools, we are staying true to our mission of offering the best possible tools to fuel our members’ careers. This fashion show collaboration is the first of many exciting and innovative projects we will unveil as SohoMuse continues to grow.”
By introducing tokens for fashion, SohoMuse is giving designers and brands the ability to further fan engagement through fully traceable and transparent interactions. The tokens are entirely customisable in their use by the creator, thus enabling brands and designers to offer unique privileges case by case.
The blockchain integration also sets the foundation for the platform in the future by presenting a new form of digital value, ownership and a monetisation opportunity for SohoMuse’s creative community. Fashion creatives will not only be able to showcase their work, as is the basis of the network, but have an additional source of revenue by selling it.
“The tokenisation of creative work presents a tremendous opportunity for creatives operating in consumer and commercial segments – not only in terms of addressing existing issues but also in creating new opportunities for collaboration, monetisation and engagement,” says Martin Rerak, chief strategy officer of Tokenly.
Blockchain technology is already disrupting many industries from banking to music, retail and even government. For the consumer industries, it presents a big opportunity to enable new forms of value exchange between brand and customer.