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BoF Careers distills business intelligence from the full breadth of our content – editorial briefings, newsletters, case studies, podcasts, and events – to deliver key takeaways and learnings tailored to your job role, listed alongside a selection of the hottest live jobs. exciting announcements by BoF. career partners.
Key articles and information needed for today’s e-commerce and technology professionals:
1. The secrets to a successful NFT crash
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The best NFT projects have a few things in common, like creativity, attracting a clear audience, and value beyond price. While brands could have gotten away with selling just about any NFT during last year’s frenzy, today their quality and utility matter more as NFT prices and trading volumes plummet and their novelty has long since faded. He disappeared.
“The best projects are those that take an existing brand to a new but recognizable place,” said Ian McMilan, chief growth officer at Mojito, a technology platform that specializes in helping brands like Sotheby’s launch web3 projects. “Show me something new about yourself that still feels like you. […] You need to be constantly injecting energy into this community creating new value, so you need a constant trickle of content, of new NFT drops, of new utility.”
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Content Production Assistant, Deckers Brands — London, UK
E-Commerce Assistant, Prada Group — Milan, Italy
Senior Customer Interaction Analyst, Tapestry — North Bergen, USA
two. Richemont, Farfetch and YNAP: Understanding a Transformative E-Commerce Agreement
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The agreement is divided into two phases. In the first phase, Farfetch will acquire a 47.5% stake in YNAP from Richemont, while Emirati business tycoon Mohamed Alabbar will acquire a 3.2% stake, helping to bring Richemont’s stake below 50%. so you can deconsolidate the unit in your financial reports. Richemont will [then] receive shares in Farfetch, valued at about $440 million at the time of the deal, which he agreed to hold as an investment; in five years, he will receive another $250 million in Farfetch shares.
The transaction, which is expected to be completed before the end of 2023, leaves YNAP without a majority shareholder. But the merger opens a path for Farfetch to acquire the rest of YNAP, with options for Richemont to sell the remaining shares to Farfetch if YNAP achieves profitability (measured by adjusted EBITDA) within three to five years.
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3. Nike has big ambitions for its latest innovation
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Forward is a more sustainable material with even better performance qualities than [Nike’s] usual materials, according to the company. It has a higher warmth-to-weight ratio and a carbon footprint that is 75% smaller than the brand’s comparable wool fabric.
Nike sees it as a manufacturing innovation that will spread throughout its offering and, according to [Carmen Zolman, vice president of innovation apparel design], could even eventually find its way into footwear. The process to make it removes some of the most carbon-intensive steps of traditional clothing production, specifically spinning raw fibers into yarn and then weaving or weaving that yarn into fabric. If Nike is able to replicate the success of Dri-Fit or Flyknit, it would provide a considerable boost to its apparel business.
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Four. How Fashion’s Relationship to Buy Now, Pay Later Is Changing
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[Buy now pay later firms such as] The valuations of Klarna, Affirm and Afterpay have plunged amid new regulations and rising borrowing costs. These concerns have been amplified as fintech firms have sought to become consumer brands. The largest does a lot of advertising (Afterpay is the title sponsor of New York Fashion Week, as well as London Fashion Week under its UK subsidiary, Clearpay).
In fashion, companies are nervous about allowing another middleman access to data about their customers and transactions; Similar concerns have kept many brands off Amazon and other e-commerce sites.
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5. What is ‘The Merge’ and what does it mean for fashion NFTs?
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Scheduled to begin around September 15, “the merger” will see the Ethereum blockchain transition from its existing proof-of-work mechanism to a more efficient proof-of-stake system. Currently, every time there is a transaction in Ethereum, computers compete to validate it by racing each other to solve complex equations, which requires enormous processing power but gives a reward to the winner.
The new system will dispense with this competition and instead involve investors who “stake” on ether, the native currency of the Ethereum blockchain, in a pool, entering them into a lottery that will select one to validate the transaction and claim. the reward. Fusion is supposed to reduce [its] energy use by more than 99 percent. For the many fashion companies with Ethereum-based NFTs, such as Adidas, Nike and Gucci, the stakes are high for their sustainability credentials.
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6. Is now the time to hire a virtual influencer?
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It’s easier to imagine virtual influencers becoming more prominent if the metaverse that the likes of Mark Zuckerberg envision comes into existence and the average Internet user spends much of their time embodied in a digital avatar. There would be no obvious difference between the look of a computer generated character and the avatar of a real person. It could even open the door to virtual influencers who aren’t trying to be human. Instead of looking like Miquela, he might look like a bored monkey.
Many brands are in the process of experimenting with immersive worlds, NFTs, and other technologies as they try to develop best practices that they can use in the future. They won’t always get it right, which carries risks for image-focused fashion companies, but also reminds of the costs of being late in adopting new tools like e-commerce and social media.
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7. Why Hermès’ MetaBirkins Lawsuit Holds So Much at Stake for Brands and Creators
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the [MetaBirkins] The case is already shaping how the industry thinks about NFTs from a legal perspective. In his order, the judge made it clear that NFTs, despite being a code that points to an image, can qualify as artistic expression, which means, more importantly, they could be protected as freedom of expression by the first amendment to the US constitution, according to Felicia Boyd. , US director of IP trademarks at the law firm Norton Rose Fulbright. Commodities like mass-produced reprints of artwork do not receive such protection.
Court [also] recognized that there is a distinction between MetaBirkins and a digital handheld device. It’s not yet clear if any eventual decision would address whether the law should treat them differently, but the point isn’t moot as digital creators make and sell items for use in online spaces from Roblox to The Sandbox, a new blockchain-powered world. .
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8. The Next Big Eco Fashion Idea: Turning Pollution Into Products
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Efforts to develop materials from captured emissions are incipient, in many cases still under development in the laboratory. Products currently on the market typically contain only a small amount of recycled carbon and face significant financial and structural barriers to scaling.
A landmark climate bill enacted in the US this month could help change that. […] The Reduce Inflation Act is a sweeping package of legislation that represents the most aggressive climate action ever taken by the US government. It is designed to pump hundreds of billions of dollars into technologies that will help the country meet global climate goals, including carbon sequestration.
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Development and Production Manager, Margaret Howell — London, UK
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Product Development Analyst, Tiffany & Co. — New York, United States
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Source: www.businessoffashion.com