Metaverse, DeFi and GameFi are among the top categories in the blockchain space. New crypto projects are launched every day, either to address a specific problem or to give life to innovative ideas. Among the noise came MIRL, a FashionFi project that connects the metaverse to real life. It also aims to address the issues surrounding the fashion industry. Loaded with numerous features, Can it disrupt the fashion industry and become a sensation in the virtual world? Let’s find out –
What is MIRL Fashion Project?
MIRL stands for “Made in Real Life“. It’s the first fashion brand that harnessed the power of NFT and Metaverse to bring decentralized fashion to the real world. Its unique ecosystem is developing a wear-to-earn economy around the make-to-demand concept, where users are rewarded for their digital wardrobes and at the same time can redeem real-world physical wearables.
From supporting new designers to solving the concerning issues in the fashion industry, MIRL is all set to make waves in the blockchain industry. It also aims to provide NFT owners with a platform to showcase their art digitally and physically.
The first generation of its NFT collection consists of 8,888 new and unique digital art pieces. The NFT holders are then entitled to receive high-quality physical wearables, totally developed by MIRL. More on the process part will be covered later in the post.
MIRL will bridge the gap between digital and physical art
Problems Addressed by MIRL Fashion:
At the core, MIRL’s vision is to address and solve various issues infested in the fashion industry –
- Environmental damage
- Roadblocks for new designers
- Lack of transparency
Environmental Damage:
As per the data published by United Nations Conference on Trade & Development, nearly 93 billion cubic meters of water and 0.5 million tons of microfibre is being used by the fashion industry on yearly basis.
If the wastage isn’t bad enough, in 2019 the industry was alone responsible for the highest carbon emission when compared to all international flights and maritime emissions combined.
The most dominant business model in the fashion industry i.e “fast fashion” is the reason behind mass overproduction and excessive utilization of resources. MIRL plans to address it, with its unique make-to-demand concept which produces clothing based on the demand observed from the NFT sales.
Fast Fashion is considered to be the reason behind industry’s overproduction and wastage
Roadblocks for New Designers:
The fashion industry is brutal to the new and emerging designers. It isn’t easy to survive in an industry that has low barriers to entry but has big players running the show. Emerging designers often face notable challenges like lack of investment capital, poor product distribution and difficulty in marketing.
If you’re an emerging fashion designer, MIRL has good news for you. Harnessing the power of Metaverse, MIRL will provide a platform to emerging designers to showcase and monetize their work in the virtual world which can be later replicated into the real world by the team.
Lack of Transparency:
It’s very difficult to trust the operations of a clothing company when the data presented by them is limited and processes are opaque. From the supply chain to the testing of chemicals applied to make the fabric, nothing is publicised openly.
This is where MIRL is different, It wants to create a decentralized fashion brand that will build a community-driven ecosystem using DAO. More on the ecosystem is discussed next in the post.
MIRL Ecosystem:
MIRL Ecosystem is built on four main pillars –
- MIRL NFT
- MIRL Labs (e-Store)
- MIRL Incubator
- MIRL DAO
MIRL NFT:
Based on blockchain technology NFT or “Non-Fungible token” is an amazing technology that allows creators and artists to sell their digital art by sitting at the comfort of their homes.
MIRL team was quick to realise its potential and created 8888 unique digital art pieces. More details about NFTs can be read in my post on Enjin Coin.
The owners of the NFTs will receive one-of-a-kind wearable which can be further customized with other NFTs owned by the user.
By clubbing the demand and surging value of NFTs with fashion, MIRL will create a sustainable business model that will be at par with the current fast fashion trend.
NFT owners will receive special privileges from MIRL in the form of giveaways & experiences
MIRL Labs (e-store):
The second part of the launch will be MIRL Labs which is an open-for-all e-store. It will work on a make-to-demand model that reduces wastage and make the business sustainable. NFT owners can customize their clothes with the owned NFTs by placing a request on the e-store.
Every purchase on the e-store will qualify for POP (proof of purchase) NFT, which will provide access to secondary privileges and is redeemable for airdrops.
MIRL claims to work on high-quality & eco-friendly fabrics only
MIRL Incubator:
MIRL incubator is a program designed for emerging artists, creators and designers. It will provide them with the platform and tools to showcase their work and monetize it. Backed by MIRL DAO, the system will fund the new design launches and offer scholarships to aspiring candidates.
Designers needs to submit the design proposals consisting of the retail price, looks and production budget. These proposals will then be voted by MIRL token holders and based upon the results, designs will be sold via MIRL. Designers have to fill out the grant application and submit their portfolios if they wish to apply for the scholarship.
Each MIRL scholarship is worth $50K USD
MIRL DAO:
Like Decentraland DAO, MIRL DAO acts as an autonomous governing body of the complete ecosystem. It is created to bring more transparency and build a community-driven ecosystem in which designers, creators, artists and MIRL holders are part-owners of the complete ecosystem.
DAO brings governance into the equation where the participants can vote to decide on key proposals like scholarships grants, design approvals, platform incentives etc.
How does MIRL work – Process Flow?
The goal here is to connect the virtual world with the real world by harnessing the power of blockchain technology i.e NFT. The process starts with the launch of MIRL NFTs. The NFT owners are entitled to receive high-quality apparel from the MIRL Labs which is an online store of the project.
Users who purchased or received physical apparel from the e-store will also receive POP NFT (Proof of Purchase). POP NFT owners are entitled to receive special benefits including $MIRL airdrop. Once the project matures, the complete system will be community-driven and will be taken care of by DAO.
Any user can access the e-store after the verification of NFT ownership.
MIRL Team Members:
MIRL team is experienced and diverse. It consists of fashion designers & illustrators, advertising executives, engineers, security experts and business developers. Each with a strong background and expertise. More about them can be found on their official website.
What is MIRL Coin?
MIRL coin is the native utility token of the MIRL ecosystem. It is equipped with the following features –
- Governance
- Payments
- Scholarships
- LP Rewards
- MIRL Launchpad
- Wear-to-Earn
Governance:
MIRL is the governance token of MIRL DAO. Therefore, participants are required to hold and stake MIRL tokens to vote for key proposals that can help shape the direction of the project.
Payments:
MIRL will be the primary mode of payment within its ecosystem. It will be accepted for NFT and physical products on its e-store.
Scholarships:
Designers, Artists and Creators who receive MIRL scholarships will receive the equal value of MIRL tokens i.e $50K USD.
Liquidity Rewards:
To encourage the decentralization of tokens. MIRL will select liquidity exchanges where token holders can provide liquidity and in return will be awarded MIRL tokens.
MIRL Launchpad:
By Staking tokens in $MIRL tier system during the MIRL collaboration launch period, users staking in the different tiers will be automatically whitelisted into the sale.
Wear-to-Earn:
MIRL W2E concept allows token holders to acquire new apparel and accessories and also change their avatar outfits in the metaverse.
MIRL Tokenomics:
60% of the total supply is allocated to Community Rewards and Project Development and 10% is reserved for genesis NFT airdrop. The remaining distribution is in the chart shared below-
Total supply of $MIRL tokens is capped at 1 billion
The token vesting schedule will complete in August 2025 –
MIRL Token Sale:
MIRL tokens were sold through seed, private and public rounds. 3.5% of the total token supply is allocated to the public and distributed through the launchpads. The sale was closed on 15th March 2022 on Waggle Launchpad.
MIRL Benefits:
Supporting Emerging Talent:
MIRL has created a sound system that supports and grooms emerging talent by giving them the right exposure. With help of its DAO and e-store, it aims to grant scholarships and market the new designs.
Environment Friendly:
MIRL is environment friendly. Using the make-to-demand model, it will surely reduce wastage and limit excessive resource utilization. Moreover, the team claims to use nature-friendly fabrics in its production unit.
No Competition:
At the time of writing, there’s no immediate and direct competition to MIRL. It’s the only project that uses fashion to connect the virtual and physical worlds. Indeed a unique concept.
Metawear is the latest entrant in the crypto space targeting the fashion industry
Apart from Metawear, we have an Indian startup called Trace Network Labs that launched their prototype in 2023, focused on Metaverse Technology for Fashion & Lifestyle Powered by Web3.
Team & Advisors:
MIRL team has the required expertise and plan to make this project bloom. Moreover, it has a strong team of advisors from Nike, Google, Mini Cooper and more that will move mountains to support the project.
MIRL Drawbacks:
Low Barrier to Entry:
The project is unique but the barrier to entry in this space is very low. NFT platforms like OpenSea or LooksRare can anytime replicate this model and challenge the dominance of MIRL. If MIRL wants to grow, it has to grow fast.
Under Development:
At the time of writing, the project hasn’t been developed. There’s no DAO, no e-store. It will take some time to see the complete picture. It’s more of a concept than a working system.
Traditional Competition:
As I said, the fashion industry is brutal and it changes every day. It will take a lot of hard work to outpace the traditional competition. It will be tough to survive if brands like ZARA or H&M jump into the NFT space and provide the same offerings at more attractive pricing and higher rewards.
How to Buy MIRL Token?
MIRL token can be purchased from the ByBit exchange. Users have to create an account and follow the KYC process before buying the token.
Should you invest in MIRL?
If you ask me personally, I would say the project is interesting and has potential. On paper, it sounds like a revolutionary project that connects the best of both worlds i.e real and virtual. However, one place where it will face a stiff challenge is the industry itself.
Consumers accustomed to fast fashion may not be easily attracted by the wear-to-earn economy using make-to-demand model. Everyone wants sustainable fashion but the feeling lasts until they see the next best dress or shirt in the nearby branded store.
The concept of merging fashion with NFT is good but it’s not just about the digital or physical world, it’s about changing the perception of people and their buying behaviour, which may not be an easier task. Overall, the project is genuine and has set the sail in the right direction.
Everyone including me wants to support sustainable fashion which is eco-friendly at the same time. If you’re in NFT and a fashion enthusiast, you must take a look at it. If done right, it can turn the tables.
This complete my review of MIRL NFT Fashion. In the next post, I will talk about Coin98 & Solice Metaverse LAND sale. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.