Beyond the hoodie: Why tech bros have money but nothing to wear - Vogue Business

techsooper.blogspot.com

The aesthetic is centred around the concept of the “crypto mob” and was developed with 9dcc’s creative director, who prefers to remain anonymous but who has worked for brands including Calvin Klein, Oscar de la Renta and Prabal Gurung, in addition to music artists Janet Jackson and Steve Aoki and Web3-focused labels. Gmoney, who used to work in the traditional finance industry (and who for a long time kept his identity hidden behind a Cryptopunk PFP), says he grew up watching movies such as The Godfather, Goodfellas and Boys in the Hood, which romanticise organised crime. While the crypto scene doesn’t glorify rule-breaking, he’s quick to assert it has become known for rethinking the norms around banking, data sharing and transparency. “When I think of crypto, I think of people who think outside the box and are playing close to the edge and are risk-takers. Those things are a few key components and traits that describe someone in crypto at this point.”

He adds that the community, while briefly lauded and chased by luxury due to its high spending power and cultural phenomenon, is now struggling to rise above the din of sceptics who associate blockchain-based technologies with the dark web, evading taxes or other criminal means. Crypto and its evangelists are still largely misunderstood, he says. The arrest and conviction of FTX founder Sam Bankman-Fried — who is now headed to prison due to seven counts of fraud and conspiracy — didn’t help. Neither did the crashing value of ETH. To those new to the space and less resilient to the dramatic fluctuations, cryptocurrencies might have just looked like the new tulip craze. Gmoney points out there’s still money in crypto. “Both Bitcoin and ETH just had 52-week highs. Their spending power is about to grow significantly.”

The complete 9dcc collection is being unveiled later this week in Paris during the third NFT Paris conference. As attendees enter the Grand Palais, they will be greeted with a 9dcc pop-up space showcasing the pieces. Prices have yet to be announced, but the team did lower them at one point, Gmoney says, adding that he hopes people will be happy with the revised price points. (His inaugural tees were about the equivalent of $500 at the time of sale.) In a change to his original business structure — whereby only the 800 or so people who own one of his Admit One NFTs could purchase 9dcc pieces on the primary market (some wallets have more than one) — the new collection will be available to all via e-commerce and the Paris pop-up.

Evolving the business model

9dcc was launched in August 2022 with a black tee that collectors could acquire through an elaborate drop system; Gmoney had just made waves partnering with Adidas on its first NFT drop, and in preparation for 9dcc, he distributed the 1,000 Admit One NFTs seen as entry passes to buying his products. At the time, crypto collectors were still riding on record valuations of ETH, and some people flipped their Admit One NFTs for five-figure profits. The floor price (lowest price for any NFT in a given collection) in February was around $2,000.

Adblock test (Why?)