Introducing MIRL | The First Decentralised Fashion Brand Pioneering the FashionFi Movement

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Background introduction

First launched in March 2022, the MIRL NFT project is the first decentralised fashion brand born in the Metaverse.

It has an ambitious but worthy vision:

“To develop a thriving Metaverse community for creatives from all walks of life to gather, explore, and embark on exciting creative ventures.”

The team first observed many issues plaguing creatives and the traditional design industry. They aim to use the MIRL ecosystem, Metanoia, to solve them.

Their Genesis NFT collection was launched In March 2022, with 4,548 of their Genesis NFTs sold. At the same time, Bybit exchange also acquired 1,111 NFTs for their own users at launch.

As I’ve been passionate about fashion and the creative spaces in Web2, this is an exciting opportunity that caught my attention. Now, I can say that I’m part of FashionFi on the metaverse!

Another aspect I love is how unique this project is. This is not simply a copy paste project with the same old roadmap and utilities, but is well thought out with its overall vision, mission and goals.

Let’s take a deeper look into what this project entails, and what they have been building since their launch earlier this year.

Native $MIRL Token

The newly launched $MIRL token will also serve as the project’s governance token, and is the preferred mode of payment within the MIRL ecosystem. Other use cases for the token include rewards for liquidity providers, Wear2Earn and to share revenue within the ecosystem.

Payment within the ecosystem

$MIRL will be accepted as the primary mode of payment for MIRL related products (Wear-to-earn store, Purchase of Physical Wearables, events), aside from the major cryptocurrencies.

Governance

As the governance token for MIRL DAO, all votes and proposals will be determined by $MIRL staked for votes.

Scholarship grants

For creators that have been granted scholarships by the MIRL DAO, they will be distributed with $MIRL tokens.

Reward for liquidity providers

To incentivise liquidity providers on AMMs across the adopted networks, $MIRL will act as the yield token for LPs.

MIRL Launchpad

During new MIRL Collaboration launches, users that stake $MIRL in different tiers will be automatically whitelisted into the sale.

Wear-to-Earn (W2E)

MIRL W2E allows users to wear and post with MIRL related fashion content on social media. In return, users receive incentives in the form of $MIRL tokens.

MIRL NFT utility

Holders of the genesis MIRL NFT can stand to benefit from various utilities within the MIRL ecosystem.

For example, they will be able to acquire exclusive holders-only apparel on the MIRL Labs e-store, receive discounts and other entitlements.

This not only includes the current MIRL label, but also future labels in collaboration with artists and creators in the MIRL DAO.

Members of the DAO will also benefit from proceeds from the MIRL e-store, future partnerships and business initiatives.

What’s more, the NFT also offers access to unique events in future, such as a Metaverse Fashion Week.

Finally, a tangible benefit for owning the genesis NFT is also the airdrop of their native token $MIRL. More to come in a later section.

What MIRL has been buidling

In these few months post-launch, it is encouraging to see the team hard at work, building and getting their name out with events and collaborations.

Some highlights include launching their MIRL Labs e-store, partnerships with Web3 projects such as Ethlas and Karufuru, as well as onboarding over 30 creators into the MIRL ecosystem.

The team has also made numerous appearances across the globe, including the debut at Art Dubai, showcases at Paris NFT 2022, speaking at NFT NYC and events with the Singapore Design Centre.

It is truly impressive to see their developments across both the Web2 and Web3 spaces in a short span of time, a testament to their commitment to the project.

What’s next? Looking ahead

In the months to come, we can expect more exciting developments from the team.

This would include execution of more programs such as MIRL Wear2Earn, MIRL Couture and MIRL DAO 2.0.

For holders that cannot wait to get their hands on more physical apparel (like myself), there will also be the launch of physical apparel in collaboration with Karafuru, as well as the shipping of the Genesis Jacket exclusive to holders.

MIRL Wear2Earn

This is an innovative campaign by the MIRL team, also cleverly named Proof of Style.

Proof of Style essentially allows fans to earn rewards simply by wearing their favourite merchandise from participating brands and MIRL themselves, and showcasing them on social media channels.

Here, mechanics similar to Play-2-Earn are combined with Phygital Fashion in the MetaVerse to create an accessible and rewarding system for all users.

This incentives everyday fans of MIRL to publicly showcase the MIRL brand, in turn improving MIRL’s brand awareness and exposure to more fashion enthusiasts worldwide.

If you are passionate about the creative spaces, fashion and Web3, MIRL is a project that should be on your radar.

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