PussyDAO is a new Web3 startup that plans to sell Solana-based NFTs that can be exchanged for physical panties and other goods.
It was started by Izzy Howell, former Head of Growth at Cypher.
Most people today probably first associate NFTs with digital-only items like profile photos, artwork, and collectibles. But blockchain tokens can also be tied to physical art, property, and other tangible assets.
In a provocative example of how NFTs could disrupt retail and apparel, PussyDAO aims to use Solana NFTs as cashback coupons to buy things like underwear and streetwear.
Founder and CEO Izzy Howell, former head of growth at Cypher, Solana’s derivatives protocol, Told Decrypt at this week’s Chainlink SmartCon, the idea came to him while chatting with his former Challenge colleagues.
“I got up really late with my team, and all the guys on my team kept saying liquidity was all that mattered. ‘That’s the most important thing: liquidity, liquidity, liquid,” she recalls. “And the next thought in my head was that I wanted to make a pair of panties that said ‘very liquid’ in the crotch.
Howell – formerly named a rising star in crypto by Decrypt– shared her idea with others and said she was “getting a lot of support from the crypto industry” (including funding), so she left Cypher to focus on the new venture. PussyDAO will start off by offering NFTs that can be redeemed at any time for physical underwear, but it has bigger ambitions for the brand as time goes on.
“We are using Web3 technology to evolve the next generation of apparel, CPG [consumer packaged goods] products, software deliveries, and experiences,” Howell said. Decrypt in a follow-up chat via Telegram. “Our brand is punk rock meets hyper-femininity: we’re gritty, feminine and powerful – and a much-needed breath of fresh air in this bro-centric space.”
Howell’s plan is to expand the PussyDAO brand to “all things super hype-y”, including the aforementioned products and experiences.
The idea of exchanging a blockchain token for physical clothing is not new and has been explored in various ways. Unisocks, for example, is a project that sells tokens redeemable for Uniswap themed socksand the price of each token increases with each sale on a bond curve – it started at $12, but now buying one token costs $22,807.
Adidas explored the model of NFTs redeemable for exclusive apparel with his fall Into the Metaverse last December in partnership with Bored Ape Yacht Club, NFT influencer gmoney and Punks Comics project. And the WAX the blockchain vIRL NFT concept is built around tokens that can be exchanged for physical goods.
Howell said buyout NFTs make sense for streetwear and other products because it’s easier to resell digital tokens than having to physically ship things to buyers. Token exchange could be cheaper, easier and have less impact on the environment than parcel shipping.
“People are buying [streetwear] in an instant, and then it’s the buyer’s responsibility to take that hat and post it themselves on eBay, and they have to take care of the shipping and stuff,” she explained. . “But if I only own the NFT that entitles me to that physical item, it’s a lot smoother for me as someone selling it in a secondary market.”
Howell is getting into Solana because it was “bred by the Solana ecosystem,” but she envisions a multi-chain future and plans to launch products on other blockchain platforms.
As PussyDAO paves the way for its first product launch, Howell outlines a brand that is uniquely Web3. “This is the first investor-backed social commentary,” she said. Decrypt. “Not only are we a business, but we are also a living, breathing art movement. We launch products designed to spark meaningful conversations about gender, identity and the financial landscape.
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