The fashion-tech brand 9dcc will close down at the end of May.
The decision comes after ongoing financial pressure and low demand in the high-end retail market, especially in the Web3 industry.
In a May 28 post on X, founder @gmoneyNFT said that while the idea was strong, the timing may not have been right.
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9dcc sold clothing items, such as t-shirts and hats, that included small Near Field Communication (NFC) chips. These chips were connected to non-fungible tokens (NFTs) on Ethereum
@gmoneyNFT said on X:
I firmly believe that we will see a future where ownership and verification will live on-chain… We may just have been a little early to that vision.
The company’s first full collection, launched in February 2024, included over 60 items. The collection drew design inspiration from Yakuza streetwear and was aimed at the crypto community.
Still, the founder admitted that economic conditions in both the crypto and luxury markets had become too hard to ignore. In his letter, he thanked the team and partners for their support and effort over the years.
Starting in June, customers with unclaimed items from past drops will have 90 days to redeem and ship them.
Meanwhile, on May 13, the Infinite Node Foundation (NODE) announced its acquisition of the intellectual property rights to the CryptoPunks NFT collection. What did the company say about the decision? Read the full story.
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