DressCode (DRESS) ICO Review
DressCode is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
|Ico Time||Unknown – Unknown|
|Price||1 DRESS = 0.1 USD|
|Soft Cap||1,500,000 USD|
|Hard Cap||15,000,000 USD|
More about DressCode (DRESS) ICO:
The Dresscode platform is aimed at connecting its users network and is the core product where functionalities can be implemented on the go. The applications are limitless while the main threads concentrate on: Using the application will make buying or selling a blockchain edition of your favourite designer with bespoke ownership and verified product authenticity safely stored on one non-fungible token bearing the imprint of a physical fashion item easy to understand, use and embrace. Both limited edition fashion and cryptocurrency offer alternatives to established systems that have adapted poorly to cultural shifts. The fact that the old guards of finance and fashion are beginning to take note speaks to the need for and great potential of this very new way of bringing fashion to the people safely, quickly and in a way that brings big benefits to all. And the blockchain is just such an alternative. It’s highly flexible and has huge potential in terms of reach and application, well beyond simplifying reservations, automating deliveries and setting new values for the most exclusive items. Faced with a generation of consumers who are both the most well informed and fiscally precarious in modern history, luxury labels are searching for ways to remain relevant – and therefore profitable. Limited edition streetwear fills that void. The multimillion dollar aftermarket for rare sneakers and apparel represents a big shift in consumer desire, where a hoodie that costs $148 at retail can be worth 10 times as much on an online resale platform like The Real Real, Vestiare, Grailed or StockX. Naturally, the entire industry wants a piece of this action. To date, several distinguished fashion brands have already expressed big interest in Projectdresscode’s new protocol. They’ve seen the potential in the direct correlation between limited edition fashion and the limited number of tokens all running on blockchain, which has moved the fashion crowd to christen the blockchain “the new internet”.
Like a limited-edition sneaker, the fixed number of Bitcoins – an estimated 21 million – only serves to further boost their soaring value. Bitcoins are “mined” by solving increasingly complex mathematical problems, which means that they are becoming more troublesome and expensive to produce as the supply dwindles. On this premise we have built a project that connects the two industries, namely fashion and the blockchain industry, which will achieve the project’s goals through development of the platform.
This venture we call Projectdresscode, which represents the most basic consolidation of a dress and a code and the fundamental function of fashion, which has always been used to demonstrate that cultural codes are there to be used and abused. Fashion has always gone against the grain of mainstream culture, whose principal defining characteristic, according to Barthes, is a tendency to translate the reality of the world into an image of the world which in turn presents itself as if composed according to “the evident laws of the natural order” (Barthes, 1972).
We are creating a platform the builds on the reality of a limited edition fashion frenzy on the blockchain, which with a help of the latest technology, authenticates, certifies and traces; and in so doing enables the community to buy/sell, bid/ask for the most sought after objects of desire. The main goals of the venture are:
● to make products traceable
● detect counterfeits and build users’ trust when purchasing pre-owned items
● reduce the loss in value of pre-owned items
● increase sales of certified blockchain wear
● automatic transfer of ownership rights
● expedite payments and add a user-friendly payment option
● and create the ultimate, shopping tool ready for implementation in existing online and offline stores
Introduction and Vision
“People sit up and take notice of you if you will sit up and take notice of what makes them sit up and take notice.”
Harry Selfridge (the founder of the Selfridges department store, which has set new standards in a retail business that hasn’t changed terribly much it beginnings at the turn of the century.
Welcome to the post-trend universe. Kanye x Nike. Versace for H&M. Kim Kardashian teaming up with Paper to #breaktheinternet. These days, on a near weekly basis, the web froths itself into a frenzy over the latest announced collaboration. As much collision as collaboration, the more unlikely the pairing the bigger the hype.
From Saks Fifth Avenue’s SNL collection to Keith Haring motifs on baby strollers, and from David Lynch’s yogawear to Yoko Ono’s in-your-crotch designs for Opening Ceremony, we’ve entered an era of cultural mashup, which has made all our familiar categories – genre, gender, race, age, high art/low art – almost irrelevant.
Today, we live in a world where Balmain is worn by everyone from Rihanna to Jane Fonda. It’s a world where it’s no longer incongruous for Hedi Slimane, creative director of Saint Laurent, to shoot his high-end thrift-teen garments on a 71-year-old Joni Mitchell. And it’s also a world where luxury labels happily partner with mass-market retailers, and where the next big idea is as likely to come from a Silicon Valley wunderkind or a bedroom-based YouTuber as it is from a big-name designer.
In June 2017, a strange billboard appeared across from Supreme’s Lafayette Street location. Paid for by a millennial-focused investment platform called Wealthsimple, it was there to promote a report the company had produced, explaining how one could turn limited edition fashion into a long-term investment scheme – “The Supreme Retirement Plan:
How to Become a Millionaire by Flipping Limited Edition Fashion.” A few months later, Supreme would itself welcome a $500 million investment from venture capital firm The Carlyle Group, boosting the company’s valuation to $1 billion.
These were just two of many indications that 2017 was the year that limited edition fashion took over high fashion. Under Demna Gvasalia and Alessandro Michele, Balenciaga and Gucci continued to dominate the conversation with artist collaborations, coveted sneakers, t-shirts, hoodies and accessories branded with logo flips – items and techniques that have typified limited edition fashion from its earliest incarnations. Virgil Abloh’s Off-White continued its meteoric rise on the back of limited-edition drops and exclusive collaborations. Burberry worked with Gosha Rubchinskiy. And, of course, there was Supreme’s Fall/Winter 2017 collaboration with Louis Vuitton.
Faced with a generation of consumers who are both the most well-informed and fiscally precarious in modern history, luxury labels are searching for ways to remain relevant – and therefore profitable. Limited edition fashion fills that void. The multimillion dollar aftermarket for rare sneakers and apparel represents a shift in consumer desire, where a hoodie that costs $148 retail can be worth 10 times as much on an online resale platform like Grailed or StockX. Naturally, the entire industry wants a piece of this action. This dynamic chimes with the rise of cryptocurrencies like Bitcoin and Ethereum – virtual money that relies on decentralized network technology to handle transactions. As investment in cryptocurrencies surged throughout 2017, their value skyrocketed, turning some early investors into millionaires literally overnight and fuelling a rapacious growth cycle that may or may not be a bubble waiting to burst. It became impossible to avoid discussion of cryptocurrency in the latter half of 2017, and in December Bitcoin futures began trading on the Chicago Mercantile Exchange, the world’s largest futures exchange, which served to draw investment from the biggest financial institutions.
Both limited edition fashion and cryptocurrency seem to offer alternatives to established systems that have adapted poorly to cultural shifts. The fact that the old guards of finance and fashion are beginning to take note speaks to looming anxieties about an uncertain future.
Edward Bernays’s theory of marketing reached its peak with social media and the severing of personal connections. Consumers are looking for ways to find their own style and appearance in a mass of advertising and generic products. Few people these days follow a single brand with unswerving loyalty. It’s still important, however, in a universe of endless choices, to provide a point of view. But the challenge for retailers today is no longer about forecasting the next big trend. To really make an impact in the post-trend universe, retailers must get accustomed to generating audacious new ideas, taking dramatic risks – and doing so on a bold new scale.
Blockchain, best known as the technology behind digital currencies, is now set to disrupt the fashion industry with the potential to eliminate the haze of the two dimensions that are vital for fashion today. Firsty, a tool to reposition and re-contextualise commodities, by subverting their conventional uses and inventing new ones; or, as Althusser already back in the 1970s described the transfers between subcultures and their impact on trending styles, as creating the “false obviousness of everyday practice”. And secondly, to provide transparency in the supply chain journey, which is at the moment not something that is easily accessible for either consumers or businesses. This is becoming of interest to the majority of new-age fashion and tech-savvy consumers that have already become successful in their 20s and 30s. We are interested in connecting, especially to those that have created their wealth through Blockchain.
There’s no denying that the technology world is obsessed with fashion. Amazon, Apple and Google, three of the biggest names in tech, are all trying to carve their own niche in the fashion space. The line between these two industries is become increasingly blurred. Now more than ever, it feels like high-tech fashion is on the verge of being more than just a gimmick.
Technology’s impact on the retail sector has been difficult to ignore. The shift from brick-and-mortar retail shopping to the world of e-commerce has forced traditional retailers to rethink business strategies and adapt to rapid changes in technology and consumer preferences. Yet, while great focus has been placed on the disruptive impact e-commerce and other technologies have had on traditional retailing, less focus has been placed on the complementary role technology has played in streamlining processes, developing more efficient systems, and modernising operations within the fashion and retailing industry.
Blockchain can help retailers garner greater trust and brand loyalty throughout the product lifecycle, as it can tell consumers not only who made the object, but also identify the previous owners, how much it cost at the time of any particular transaction, and other details that ease and facilitate the decision-making process.
The majority of ICO projects in recent years have all stumbled at the same issue/question: Is our product even the right thing to be tokenized, and does blockchain bring any true value or benefit to the project?
In our case, no other path could possibly enable us to better achieve our goals. Our tokens will have not one but more actual functionalities that will serve to contribute to and improve the current situation in limited edition and pre-owned fashion shopping. Firstly, the token will serve as actual proof that the product the client buys is an original item. Once a Projectdresscode certificate is issued, one dress token will be vested for every single item that gets certified. Secondly, the token transaction will push information on previous owners, origin, and current ownership status on to the Ethereum Blockchain. Thirdly, the token itself will have a value, and serve as a standard method of payment even outside our platform.
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DressCode (DRESS) ICO Scam or Not?
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