In summary
- This week, the Cryptocurrency cultural elite celebrated in Manhattan the launch of a new line of sweaters personalized with Ethereum NFTs and NFC chips.
- The collection of 322 unique pieces was created by mmERCH, inspired by CryptoPunks, and designed algorithmically by a network of collaborators.
- Five of the sweaters, with Swarovski crystal cord ends, will be sold by Christie’s, and the collection highlights CryptoPunks’ integration into the world of luxury.
This week the cultural elite of cryptocurrencies celebrated in Manhattan the conquest of another corner of the luxury market, toasting with sparkling wine and bites at the dazzling Swarovski flagship store on Fifth Avenue.
They were there to kick off the launch of a new line of personalized sweaters, paired with Ethereum NFTs and algorithmically designed NFC chips, created by a dizzying network of collaborators.
The 322 one-of-a-kind pieces of clothing constituted the second collection from mmERCH, a technology-focused luxury fashion brand, inspired by CryptoPunk belonging to Punk-themed DJ Danny Maegaard, aka Seedphrase. All came with NFTs created by prominent AI digital artist Claire Silver, and in a few select cases, featured Swarovski crystal cord ends. Five of those embellished sweaters were going to be sold by the famous Christie’s auction house.
Although there were almost too many chefs to count involved in the project, one key ingredient kept coming up again and again during a panel conversation between its creators: CryptoPunks, the collection of “blue chip” NFTs that served as the main theme of the sweatshirt line , and the connection between Maegaard and Silver, both holders of CryptoPunks.
“CryptoPunks are the low-key luxury brand of the Web3 space,” Colby Mugrabi, the founder of mmERCH, said during the panel, to many nodding heads.
At this point, CryptoPunks might not just be the quiet luxury mainstay of cryptocurrencies; One could argue that the collection is the only cryptocurrency-native brand of any kind that has managed to significantly infiltrate the upper echelons of the luxury industry.
Nicole Sales Giles, head of Christie’s digital art team, told Decrypt that the CryptoPunks brand has managed to integrate into the world of luxury in a way that other cryptocurrency brands have not.
“She’s respected,” he said. “Even some of the most historic (cryptocurrency) projects haven’t really had the brand continuity or longevity that the Punks have.”
Colby Mugrabi and Daniel Maegaard, aka Seedphrase, speak during a panel at Swarovski Fifth Avenue. Photo: Kevin Czopek/BFA
CryptoPunks have graced the walls of some of the world’s most prominent art museums, and have even appeared in a collaboration with luxury goods giant Tiffany & Co. While other once-popular NFT brands like Bored Ape Yacht Club have lost around 93% of their value since 2022, CryptoPunks have continued to reach multi-million dollar sums.
For Seedphrase, whose famous Punk inspired the sweatshirt collection—and whose DJ career is also tied to the NFT project—CryptoPunk’s difference lies in the project’s organic origins. The 10,000-piece collection was initially minted for free in 2017, and has managed to maintain its cultural relevance since then without the intervention of a creative team.
“The CryptoPunks never promised anything,” Seedphrase told Decrypt. “Whereas, with Bored Apes, to maintain that minimum price, Yuga Labs was constantly releasing tokens or coins, or trying to incentivize the community to buy more Apes.”
Seedphrase believes that now, years later, artists, collectors, and luxury brands have flocked to CryptoPunks because the collection is one of the few remaining emblems of the organic community that once defined cryptocurrencies in their infancy.
“People choose Punks for the right reasons,” he continued. “That’s a more genuine and organic message than what other collections have tried to imitate.”
(Notably, the CryptoPunks intellectual property was acquired by Bored Ape creator Yuga Labs in 2022.)
The first five sweaters in the collection, the “ultra-luxe” pieces with Swarovski cord ends encrusted in sterling silver or 14-karat gold, went up for auction at Christie’s on Wednesday. Each of them also comes with a unique NFT artwork by Claire Silver, rather than an edition piece. The rarest of those sweatshirts, one with laces also encrusted with Swarovski diamonds, has already reached a bid of $8,500. The auction closes on October 1.
On that same day, the allowlist for minting the remaining 317 hoodies will open for exactly 24 hours, exclusively for mmERCH genesis hoodie holders and CryptoPunk holders. Pieces will cost 0.269 ETH (approximately $693 at the time of writing) for members of the allowlist; The sale will then open to the public on October 2, for 0.317 ETH (currently valued at $817) per sweatshirt.
The sweaters will be randomly distributed among the creators, each with different attributes. Only 17 of these pieces will feature Swarovski crystal ends, and one will also feature Swarovski diamond-encrusted cords.
Swarovski’s Elliot Greenfield hugging Colby Mugrabi, founder of mmERCH. Photo: Kevin Czopek/BFA
mmERCH’s Colby Mugrabi, who comes from a traditional fashion background, says he hopes the collection will appeal to both native cryptocurrency collectors and traditional fashion consumers.
Giles from Christie’s Sales agrees. In the last year, digital art and fashion collections that were trying to take advantage of loyal cryptocurrency audiences have disappeared, leaving behind what she sees as a mature field of works more likely to be embraced by traditional luxury, Giles noted.
“There are more big projects on the way,” Sales Giles said. “There’s no rush to reach all your Twitter followers. That’s been a really welcome change.”
Edited by Andrew Hayward
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