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RENTABLE NFT COLLECTION WILL BE RELEASED BY DIGITAL FASHION COLLABORATIVE XTENDED IDENTITY.

Published: November 11, 2022
Author: Fashion Value Chain

A London-based company called Xtended Identity is getting ready to introduce its first line of digital fashion non-fungible tokens (NFTs) that enable customers to rent items while earning money from their purchases.

Each NFT in the “Love Warrior” series, which is scheduled to launch on November 11, will feature a “own” and “rent” function aimed at easing internet users into the Web3 environment.

Wearable items from the collection, which features designs inspired by mythological animals, will be delivered to the NFT owner every two weeks and fall under the following four categories: apparel, jewellery, wings, and accessories.

The group claimed that the line’s main goal was to design digital items that were appropriate for usage by people of all genders and to inspire them to be authentic.

This is also demonstrated by NFT2.0, one of the key components of Love Warrior, a system created by Xtended Identity that does not require users to have a digital wallet in order to make purchases. The group is hoping that this feature will make it simpler for women and LGBTQ+ people to access Web3.

Additionally, the collection is a result of a partnership with ERC2981, which intends to give NFT owners long-term financial security through royalties from renting out the digital assets.

According to a press statement from the organisation, three parties will each receive a portion of the proceeds from this process: the collective will keep 45 percent to cover costs, The Center will receive 5 percent monthly donations, and the holder of the NFT will receive 50 percent.

Users who rent the digital clothing may share the looks on social media, as well as obtain access to online and offline events and membership points that can be used to unlock a free mint from the brand’s upcoming drop.

In addition, Xtended Identity announced that it was getting ready to introduce “phygital ensembles,” which would let customers buy a tangible item together with an accompanying augmented reality (AR) filter.

Yunjia Xing, a co-founder of the firm, commented on the project, saying: “Digital fashion should be available to everyone because it is not constrained by any physical restrictions.

The majority of users who identify as men currently dominate the web3 environment, as can be seen. This indicates that new technologies, like ours, that link digital fashion and web 3, are being introduced to a predominantly male audience.

According to Xing, 70% of the company’s customers are either women or members of the LGBTQ+ community who have all indicated a strong desire to be included in the cryptocurrency industry.

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