Proof of Proximity: Changing the Landscape of Fashion
Index Coop is excited to announce we’ve partnered with IYK, a digi-physical fashion startup and BanklessDAO to launch a limited edition hoodie that promotes the spirit of innovation that our Bankless DeFi Innovation Index (GMI) represents.
January 20, 2022
Proof of Proximity: Changing the Landscape of Fashion
This high-quality, streetwear inspired hoodie comes loaded with 1 GMI token and a permanently linked NFT. Anyone in possession of the hoodie can, at any time, scan the merchandise to call the NFT to their own wallet. IYK calls this “proof of proximity”
Where digi-physical drops in the past have had at best a tenuous relationship between physical and digital beyond the initial purchase, proof of proximity tech ensures (with reasonable confidence) that the current holder of the NFT actually has physical possession of the item.
This connection between worlds opens up a massive design space.
These GMI hoodies could act as entry tickets to events where the bouncers verify NFTs at the door. They could be used to claim associated benefits like free drinks and even be used to disperse POAPs to individuals in physical attendance based on proximity. The IYK team has even discussed the idea of down the road standing up ‘Wear to Earn’ campaigns where users can be paid by brands for wearing their merchandise.
They also introduce a dimension of real-world composability that we haven’t seen before. One can imagine a world where we might begin to see IRL vampire attacks as marketing campaigns target the NFTs of rival brands. (bring it on, Enso Finance!)
All in all, we believe that IYK’s approach to NFTs is one of the most unique we’ve seen yet and are proud to partner with them and BanklessDAO on this drop. We’re all GMI.
Index and IYK have committed to offering benefits to all GMI hoodie holders in attendance of Index Coop events during Permissionless May 2022. Each hoodie costs .1 ETH and comes with both 1 NFT claimable by whoever is in possession of the hoodie and 1 $GMI token redeemable by the first owner.
Disclaimer: This content is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.
