品牌方和创作者如何捕获二级市场的溢价？了解一下 Uniswap 自动做市机制对限量潮牌的重要意义。
How branders and creators capture the premium in the secondary market xff1f; understand the importance of Uniswap's self-marketing mechanism to limit tides.
试验性项目起家的 Uniswap 如今 已成为以太坊 DeFi 明星项目 。得益于 Uniswap，我们认识到了自动做市商的意义，这种开放、简洁的设计，成为更多平台 （例如 Synthetix 等） 不可或缺的基础设施。除了 Synthetix 这类靠交易量维持运转的合成代币项目之外，Uniswap 的自动做市机制还可以扩展到更多方向，尤其是难以实现巨大大规模用户参与的稀缺品类产品的买卖方撮合。
Uniswap, which started the pilot project, is now a DeFi star project in Ether. Thanks to Uniswap， recognizing the value of self-marketing & #xff0c; this open, simple design & #xff0c; becoming more platforms & #xff08; for example, Synthetix and others & #xff09; indispensable infrastructure. Apart from Synthetix, which is a transaction-based synthetic currency project, xff0c; Uniswap's automatic market-making mechanism can also be extended to more directions xff0c; especially the buying and selling of scarce products that are difficult to achieve large-scale user participation.
来，挑战一下你的脑洞：一个有意思的用例就是在限量版潮牌市场。在这个小众市场中，Uniswap 的自动做市机制具有重要的意义，可以帮助品牌方捕获二手市场中被爆炒到天价的产品的溢价。
Come #xff0c; challenge your brain hole #xff1a; an interesting example is in the limited market. In this small market & #xff0c; Uniswap's self-marketing mechanism is important & #xff0c; it can help branders capture the price premium for blow-up products in the second-hand market.
第一个引起我们兴趣的真实用例，是去年 12 月由 Coinbase 前产品经理 Jacob Horne 推出的潮流品牌 Saint Fame 。和市场上其他潮牌不同，Saint Fame 是一个利用了 Uniswap 的自动做市机制的潮流品牌，它基于 Uniswap 协议构建，发行了基于联合曲线定价的代币「FAME」。每一枚 FAM E 代币代表的是一件 Genesis 上衣。因为利用了 Uniswap 的自动做市机制，意味着每次出售代币卖出一件 Genesis 上衣时，价格都会上涨。
The first real case of interest to us is xff0c; it was introduced last December by Coinbase's former product manager Jacob Horne, the tidal brand Saint Fame. Unlike other tidal plates in the market xff0c; Saint Fame is a tidal brand that uses Uniswap's automatic market-making mechanism xff0c; it builds xff0c based on the Uniswap protocol; it publishes the coin xff0c based on a combined curve price xff0c
来，感受一下 Saint Fame 的「骚气」
Come on #xff0c; feel Saint Fame's "happiness"
从数据来看，FAME 代币从发行时的 8 美元涨至目前 200 多美元，中间还曾一度高达 700 美元。截止信比特发稿时，共售出 79 件 （总共发行为 100 件） ，可以说，取得了一定程度的成功。
According to the data, xff0c; FAME has increased from US$ 8 at the time of issuance to more than US$ 200 xff0c; at one point in time it was as high as US$ 700. A total of 79 & #xff08 were sold; a total of 100 xff09; xff0c; it can be said that xff0c; some degree of success was achieved.
就在最近，Jacob Horne 又有了升级版的想法。他乘胜追击，推出了限量版代币化产品在线市场 Zora，用户可以在这个市场中买卖和交易限量版代币化商品，所有商品都以代币发行，允许动态定价，也可以实现部分所有权和生产前交易。简单来说，Zora 想要做的就是通过重塑限量商品的买卖模式，帮助品牌方捕捉二级市场中产生的高额溢价。这是一个挺酷的想法！
Just recently xff0c; Jacob Horne has an upgraded version of the idea. By winning xff0c; by introducing the online market for limited-volume monetized products, Zora， by which users can buy, sell and trade limited-volume monetized commodities xff0c; by which all commodities are issued in currencies xff0c; by allowing dynamic pricing xff0c; and by which some ownership and pre-production transactions can be achieved.
从潮鞋被热炒开始，你一定注意到了限量潮牌转卖市场的火爆，这成为一种社会文化现象，更成为一些嗅觉灵敏的先行者的淘金试验场。传统街头服饰品牌正在利用稀缺性和社交媒体传播，来颠覆传统的供需模式，并催生出利润丰厚的二手转售市场。
Starting with the heat of the tidal shoes, xff0c; you must have noticed the fire of the limited tidal market xff0c; it became a socio-cultural phenomenon xff0c; it became a gold-digging test site for some of the snooping pioneers. Traditional street dress brands are using scarce and social media to spread xff0c; to destabilize traditional supply and demand patterns xff0c; and to generate a lucrative second-hand resale market.
看看流行音乐巨星 Kanye West 联合阿迪达斯推出的 Yeezy Boost 系列产品吧。这是一个典型案例。每次推出的 Yeezy Boost 限量球鞋系列都一鞋难求，不仅上线即售罄，而且在旺盛需求的推动下，导致转卖产品获利丰厚，转手将该产品卖出，可以赚两、三倍、甚至十倍的利润。于是，催生了利润丰厚的黄牛党市场。
Look at the "Yeezy Boost" series of popular music stars, Kanye West, launched by Adidas. This is a typical case. The "Yeezy Boost" series of limited shoe sets each time is launched is hard to get xff0c; not only is it sold offline xff0c; it is also driven by high demand xff0c; it leads to a lucrative resale product xfff0c; it is sold xff0c; it makes two, three, or even ten times the profit.
Yeezy Boost 350 发布时的排队盛况，这是在波兰
The queue of Yeezy Boost 350 was released #xff0c; this is in Poland
Supreme 也是一个让黄牛党开心的潮牌 。有统计数据显示，Supreme 产品二次出售的均价超过原始售价 12 倍。对潮流服饰稍有关注的人，一定听说过 Supreme ，几乎所有大牌明星都穿过它。Supreme 成立于 1994 年，最初只是一家位于纽约市中心的小型滑板店，发展到今天，估值已经突破十亿美元，商品线也从滑板扩展到了衣服、鞋、帽子、包、饰品和配件等，门店从纽约开到了洛杉矶，更扩张到日本、英国和法国，影响力也迅速提高。2017 年，私募股权公司凯雷投资集团以约 5 亿美元的价格收购了 Supreme 的 50％股份。
Supreme is also a plaque that makes the Yellow Cow party happy. Statistics show that the average price for secondary sales of Supreme products is 12 times higher than the original price. People with a slight interest in tidal clothing & #xff0c; must have heard of Supreme & #xff0c; almost all major players pass through it. Supreme was founded in 1994 & #xff0c; originally a small skateboard shop in the heart of New York City & #xff0c; developed to today xff0c; evaluated over a billion dollars xff0c; commodity lines have also expanded from skateboards to clothing, shoes, hats, bags, accessories and accessories #xff0c; the store has been opened from New York to Los Angeles #xff0c; expanded to Japan, Britain and France #xff0c; the impact has also increased rapidly.
Supreme 和各个品牌、设计师以及当今潮流界的领军人物跨界合作并发行限量版商品，创造了一个又一个饥饿营销神话。对于 Supreme 的粉丝来说，红底白字的 Box Logo 标志不仅仅是一个标签，更是一个魔性的召唤，让旗下发布的任何产品都具有极高的吸引力。2016 年，Supreme 甚至发布了一块 Supreme 品牌的砖头，几分钟之内销售一空。著名的潮流媒体 Highsnobiety 这样评价这一现象：连砖头都被抢购一空，说明 Supreme 和粉丝之间是施虐受虐的关系。
Supreme and various brands, designers, and today's tide leaders work together across borders and issue a limited version of the product & #xff0c; create another myth of hunger marketing. For Supreme fans & #xff0c; Box Logo with red bottom white sign is not just a label & #xff0c; it's a magic call #xff0c; makes any product published under the flag extremely attractive. 2016 & #xff0c; Supreme even released a brick of the Supreme brand #xff0c; sells an empty space within minutes. The famous tide media Highsnobiety evaluates this phenomenon #xff1a; even tileheads are stolen #xff0c; explains the abusive relationship between Supreme and pink.
每个发售季的周四上午 11 点，Supreme 每家旗舰店的门口排队人群会一直排到下个街角，争先购买当季新品。Supreme 的每件产品都是限量发售，购买也受到严格限制——在店里，每个人每个款式只能购买一件；在网上同样严格——每个 IP 地址只能买一件。
Every Thursday morning of the distribution season, at 11 a.m. xff0c; Supreme, at the door of each flagship shop, lined up to the next corner xff0c; competing to buy new products for the season. Each product of Supreme is restricted to sales xff0c; purchases are also severely restricted - in the shop xff0c; each item can buy only one xff1b; and on the Internet it is equally stringent - only one per IP address.
每个 Supreme 粉丝都知道买一件货真价实的 Supreme 有多难，为了求得一杯羹，顾客愿意支付一定的溢价，比如出现了专门帮人线上抢购商品的公司，通过部署网络机器人连接 Supreme 服务器为顾客抢购 Supreme 发售的当季商品。华人阿姨开设的「Og Ma」则是一家以倒卖 Supreme 闻名的 Supreme 二手店铺，在纽约街头潮牌圈中大名鼎鼎，如果没有抢到当季新品，可以来这家店里碰一碰运气。
Every Supreme fan knows how hard it is to buy a real Supreme xff0c; to get a cup xff0c; customers are willing to pay a certain premium xff0c; for example, there is a company specializing in human-line shopping xff0c; the Supreme server, by deploying a web-based robot connection, buys goods for customers during the season that Supreme has sold. The "Og Ma" by aunt China is a Supreme second-hand shop known for selling Supreme #xff0c; it's famous in the New York street branding world #xff0c; it's not getting caught in the season #xff0c; it can take a chance at the shop.
将起价 220 美元的 Yeezys 爆炒到 2000 美元的转售价，把 Supreme 的产品转售变成一个产业链，这些故事听上去为品牌方带来了不错的营销效果，但对品牌方来说，也仅仅如此。品牌溢价，这是品牌方唯一能获得的好处，与此同时，中间价差，全都被二级市场攫取。
Sets the start-up price of $220 for Yeezys to a resale price of $2,000 & #xff0c; resells the Supreme product into an industrial chain & #xff0c; these stories sound good marketing for branders & #xff0c; but xff0c; that's all. Brand premium & #xff0c; this is the only benefit for branders & #xff0c; at the same time #xff0c; middle price difference #xff0c; all seized by second-tier markets.
Coinbase 前产品经理 Jacob Horne 的实践打算改变这种平衡。他计划发布的 Zora 要做的，就是通过重塑限量商品的买卖模式，帮助品牌方来捕捉二级市场中产生的高额价差。
Coinbase’s ex-product manager Jacob Horne’s practice is intended to change this balance. What he plans to publish is xff0c; xff0c, which is a sales model for remodeling restricted goods; and helping branders capture high price differentials generated in secondary markets.
目前 Zora 尚未正式上线。这个想法很简单：卖家首先为出售商品创建可兑换实物的代币，由于商品是限量的，因此可以基于「联合曲线」以动态价格出售，也就是说，商品的价格会根据供求关系而变化，出售的代表该商品的代币越多（ 但总数量依然是有限的 ），价格就越高。如果代币持有人选择继续抛售手中的代币（ 而不是去兑换实物商品 ）价格就会下降。购买者可按自己的意愿进行买卖，最终可以将代币兑换成现实世界的物品。
The idea is simple xff1a; the seller first creates convertible in-kind tokens xff0c; because the commodity is a restricted xff0c; thus xff0c; xff0c; xff0c; prices vary according to supply and demand; the more ff08 the sales represent the commodity; but the higher the price is still the total number xff09; xff0c; if the currency holder chooses to continue selling xff08; instead of xff09; the price will fall. Buyers can sell xff0c as they wish; eventually they can exchange the currency into goods of the real world.
Zora 的 「联合曲线」示意
Zora's "combined curve" suggests
当然 Zora 的愿景不止于此，最终，这个平台希望以文化为重点，为各类有文化含义的品牌方提供一个以代币形式发布产品的平台，这些品牌可以通过持有代币，被互联网用户共同拥有。他的设想非常宏大，希望涉足领域包括：
Of course Zora's vision goes beyond this: xff0c; xff0c; the platform wants to focus on culture xff0c; a platform for culturally meaningful brands to publish products in token form xff0c; these brands can be shared by Internet users through the holding of tokens xff0c; he has a very ambitious vision xff0c; he wants to go into fields such as xff1a;
Fashion Houses 潮牌Record Labels 唱片厂牌Production Studios 生产工作室Art Houses 艺术馆Festivals 各种节日（音乐节、艺术节）
Fashion Houses Possibilities Record Labels Phonogram Production Studios Production Studio Art Houses Art Gallery Festivals various festivals & #xff08; Music Festival, Art Festival & #xff09;
是不是很神奇？Jacob Horne 本身就是一个很神奇的人。他曾经在 Coinbase 担任产品经理超过三年。在 Zora 之前，他采用类似的模式发起了潮牌上衣项目 Saint Fame。而事实上，Saint Fame 也不是他的首创，其灵感最早来自于 Uniswap 的实验项目 Unisocks 。
Wasn't it amazing #xff1f; Jacob Horne was himself a wonderful person. He was a product manager in Coinbase for more than three years. Before Zora & #xff0c; he started the tidal coating project in a similar way, Saint Fame. In fact & #xff0c; Saint Same is not his first #xff0c; it was inspired by the Uniswap pilot project, Unisocks.
Unisocks 是实现实体商品代币化销售的首个案例。2019 年 5 月，它由以太坊上的明星去中心化交易所 Uniswap 发起，和 Uniswap 本身一样，Unisocks 同样是一个实验项目，它采用限量发行，基于联合曲线进行动态定价，主要是为了展示 Uniswap 具有销售实物商品的应用潜力。
Unisocks is the first case in which real commodity monetization is achieved. May 2019 & #xff0c; it was initiated by Uniswap, a centralization exchange with stars from the Etheria; xff0c; and Uniswap itself xff0c; Unisocks is also a pilot project xff0c; it uses limited distribution xff0c; dynamic pricing based on a combined curve xff0c; mainly to demonstrate the application potential of Uniswap for the sale of physical goods.
Unisocks 总共发行了 500 个 SOCKS 代币，代表 500 双 Unisocks 品牌的袜子。第一 双定价为 12 美金，并以 35 ETH 在 Uniswap 上建立了 SOCKS 代币流动性池，买家可以在 unisocks.exchange 上使用 ETH 购买 SOCKS 代币，以此为 SOCKS 代币创建了以下价格曲线。
Unisocks has issued a total of 500 SOCKS tokens & #xff0c; socks representing 500 double Unisocks brands. The first double price is $12 & #xff0c; and the SOCKS Currency Liquid Pool was set up on Uniswap with 35 ETH; buyers can use ETH to purchase SOCKS tokens #xff0c on unisocks.exchange to create the following price curve for SOCKS tokens.
从该联合曲线我们可以看出，该袜子代币的价格会根据供求关系动态变化。每售出一个袜子代币都会增加下一个袜子代币的购买成本，此外，Unisocks 允许买家随时将代币卖回流动性池。也就是说，每双 Unisocks 袜子代币的价格会根据供求关系动态变化。购买 SOCKS 代币的人越多，价格就越高，每一次卖出，价格都会增长，如果有很多人选择将代币卖回流动性池，SOCKS 代币的价格则会跌落。
From this combined curve, we can see xff0c; the price of the stocking tokens changes according to the dynamics of supply and demand. The higher the purchase cost of the next stocking token xff0c; and the higher the price xff0c; xff0c; Unisocks allows buyers to sell the coins back to the liquidity pool at any time. xff0c; prices vary according to the dynamics of supply and demand for each pair of Unis. The higher the price is xff0c; xff0c; prices increase xff0c; prices xff0c; prices fall if many choose to sell the coin back to the liquidity pool xff0c; SOCKS currencies fall.
最终用户可使用持有的 SOCKS 代币随时兑换成实物商品。每兑换一双实物商品，就会销毁一个 SOCKS 代币。Unisocks 宣布该项目运行至少 100 天后，所有剩余的流动性被删除，所有剩余的 SOCKS 代币也会被销毁。
End-users can convert into physical goods at any time using SOCKS tokens in their possession. For every two pairs of physical commodities xff0c; a SOCKS token will be destroyed. Unisocks announces that the project will run at least 100 days xff0c; all remaining liquidity will be deleted xff0c; and all remaining SOCKS tokens will be destroyed.
SOCKS 代币的价格是由联合曲线决定的，也就是动态定价。这里简单科普一下「联合曲线」的概念：联合曲线本质上是一种智能合约，通过设置联合曲线，可以预测后续每个代币出售的价格。
The price of SOCKS tokens is determined by a combined curve xff0c; that is, dynamic pricing. Here, a simple copy of the concept of the "combined curve" xff1a; the combined curve is essentially an intelligent contract xff0c; by setting a combined curve xff0c; and by predicting the price of each subsequent currency sold.
通过这个案例，我们发现了联合曲线捕捉上行溢价的潜力，这尤其适合扩展到限量发行的潮牌产品上。
Through this case xff0c; we have found the potential of the combined curve to capture the premium on xff0c; this is particularly appropriate to extend to the limited circulation of tidal cards.
Saint Fame 推出的创世上衣 （Genesis Shirt ） 是世界上首款由互联网用户以去中心化方式联合拥有的品牌，任何人都可以自由参与拥有品牌所有权，并从中获利。Saint Fame 的创世上衣于去年 12 月由 Jacob Horne 推出，灵感来自于 Uniswap 的实验案例 Unisocks。
Saint Fame launched & #xff08; Genesis Shirt & #xff09; The world’s first brand & #xff0c jointly owned by Internet users in a decentralised manner; anyone can freely participate in and profit from brand ownership & #xff0c. Saint Fame’s creation suit was launched last December by Jacob Horne & #xff0c; inspired by Uniswap’s pilot case, Unisocks.
Saint Fame 基于 Uniswap 协议构建，采用 Aragon 提出治理建议，使用 OpenZeppelin 部署智能合约，发行了基于联合曲线定价的代币「FAME」 ，这意味着每一次出售代币卖出一件 Genesis 上衣时，其价格都会上涨。
Saint Fame builds & #xff0c based on the Uniswap protocol; makes governance recommendations & #xff0c using Aragon; deploys smart contracts & #xff0c using OpenZeplin; issues a combined curve-based proxy "FAME" & #xff0c; this means that each sale of a Genesis top & #xff0c; their prices increase.
根据 Saint Fame 的联合曲线，第一件售出的上衣价格低至 8 美元，以奖励早鸟消费者，第 99 位消费者获得同样一件上衣则需要 170,000 美元，而最后一件，永远都买不到。
According to Saint Fame's combined curve & #xff0c; first sold tops at a low price of $8 & #xff0c; to reward early bird consumers & #xff0c; 99th consumer to get the same top $170,000 & #xff0c; last xff0c; never to buy.
Saint Fame 在 Unisocks 的基础上进一步延伸了设计师效应 （或者称之为名人效应 ），在衣服设计还没有完成就已经启动了该项目。当时消费者唯一的知道的信息是，这是一件由 Matt Vernon（A.K.A Dapp Boi) 设计的上衣。
Saint Fame further extended the designer effect & #xff08; or known as the celebrity effect & #xff09; & #xff0c; started the project before the clothing design was completed. The only information available to consumers at the time was & #xff0c; it was a shirt designed by Matt Vernon（ A.K.A. Dapp Boi.
Matt Vernon 是多个 DeFi 项目 （包括 Dharma、Set Protocol 和 Synthetix ） 的产品设计师，本身具有一定知名度，可以说，这是一件贩卖创意的服饰，设计师效应起到了一定的驱动作用。
Matt Vernon is a multiplicity of DeFi projects & #xff08; includes Dharma, Set Protocol and Synthetix & #xff09; product designer & #xff0c; has a certain profile & #xff0c; can be said to be & #xff0c; this is an innovative trafficking apparel & #xff0c; the designer effect is a certain driver.
值得一提的是，Saint Fame 通过向设计师 Matt Vernon 支付 8 个 BOI 代币，雇佣了 Matt 8 个小时的工作时间，为这件衣服提供设计服务。BOI 代币是由 Matt Vernon 在大约一年前发行的个人代币，每个代币代表 1 个小时的工作时间，而此次招募设计师 Matt Vernon 的决策是在 Aragon 上进行提案，并 由社区成员参与投票完成。
Mention should be made of xff0c; Saint Fame, by paying eight BoI tokens to Matt Vernon; employing Matt 8 hours of working time xff0c; providing design services for this dress. BoI tokens were issued by Matt Vernon about a year ago as personal tokens xff0c; one hour of working time per token xff0c; the decision to recruit Matt Vernon was made on the Aragon proposal xff0c; and the vote was cast by community members.
由于 Matt Vernon 在加密圈子里本身具有一定知名度，因此给项目带来了知名度，并体现在了代币价值上。从数据来看，FAME 代币目前已从发行时的 8 美元涨至目前 200 多美元，并曾一度高达 700 美金，目前为止共售出 79 件 （总共发行为 100 件） 。
Matt Vernon has a certain visibility & #xff0c; thus brings visibility to the project & #xff0c; and is reflected in the value of the tokens. Data show that ， FAME tokens have now increased from $8 at the time of issuance to over $200 & #xff0c; once up to $700 xff0c; 79 & #xff08; a total of 100 #xff09;
但回顾链上数据，自从发布以来，FAME 的价格出现了几次大的跌宕，1 月中旬之后，FAME 价格开始一路上涨，突破 200 美元，之后一直稳步上涨，一路攀升至 400，最终在 3 月 4 日达到峰值 777 美金。这标志着，在产品完工后有一部分曾在二手市场被转售爆炒，并一度让价格达到峰值。
But after reviewing the data on the chain xff0c; since its release xff0c; FAME prices have fallen several times xff0c; xff0c; xff0c; FAME prices have started to rise all the way after mid-term 1; xff0c; breaking $200 xff0c; steadily rising xff0c; climbing to 400xff0c; eventually reaching a peak of $777 in March 4c. This marks xff0c; a portion of the product that was resold in second-hand markets ff0c; and, at one point, a peak price.
虽然目前因为受经济下行的影响，FAME 代币价格已经跟随跌落至 240 美金左右。但从初始价位 8 美元开始涨至目前的超过 200 美金来看，可以说还算成功。从销售额来看，自推出以来，FAME 的交易额已接近 35,000 美元，与同类产品相比，单件市价只有 60 美元，100 件销售额为 6,000 美元。
Although current prices have fallen to around $240 as a result of the downside effects of the economy & #xff0c; FAME has fallen as compared to the same product & xff0c; a single market price of only $60 xff0c; 100 sales of $6,000.
更有意思的是，Saint Fame 还是一个双代币项目。除了发行 FAME 代币之外，还发行了治理代币「AINT」，代表的是 Saint Fame** 代币所有权和治理权。为了激励用户兑换实物上衣，降低代币供应和维持价格稳定**，Saint Fame 通过以下两点激励政策鼓励实物兑换：
Even more interesting is the fact that xff0c; Saint Fame is a two-in-kind project. In addition to issuing FAME tokens, xff0c; also issuing AINT & #xff0c, representing Saint Fame** token title and governance. In order to encourage users to convert to physical tops, xff0c; reducing the supply of coins and maintaining price stability**xff0c; Saint Fame encourages in-kind conversions xff1a through two incentives;
兑换实物上衣可获得治理代币 AINT，兑换时间越早，获得 AINT 代币越多，第一名兑换者可获得 100 AINT，最后一名可获得 1 AINT。兑换实物上衣还可获得由 Myphatarz 设计的同款虚拟版本的衣服，可在虚拟现实平台 Cryptovoxels 中穿着。
AINT， xff0c the sooner the change is made; ff0c the more AINT is obtained; ff0c the first converter is 100 AINT， and the last one is 1 AINT. The same virtual version of clothing xff0c, designed by Myphatraz, is also available; it can be worn in the virtual reality platform Cryptovoxels.
另外，目前 10,000 个 JAMM 积分也可以兑换 1 个 FAME 代币，然后兑换一件 Saint Fame 上衣。JAMM 是由加密猫团队的新作 Drip 在社区货币发行平台 Roll 上发布的社区货币，作为一个成就激励系统，它将复杂的链上操作转化成一单个可量化成分数的任务挑战，用户每完成一项挑战，就可以解锁相应的分数，这些分数之后可换成在其他用例中使用的代币 JAMM。
Also xff0c; currently 10,000 JAMM credits can also be converted to 1 FAME token & #xff0c; then to a Samt Fame shirt. JAM is a new encrypt cat team, Drip, published on the community money distribution platform Roll xff0c; as an achievement incentive system xff0c; it converts complex chain operations into a single quantifiable component task challenge xff0c; each user completes a challenge xff0c; it can unlock the corresponding fraction xff0c; these fractions can then be replaced with a token JAMM used in other cases.
Saint Fame 作为一项自称为「投机时尚」的实验，通过开放金融的互操作性，充分利用了各类元素进行交互：基于 Aragon 的去中心化自治组织，召集各类不同的人做出决策，使用 Uniswap 的流动性池，激励各类不同角色提供流动性，可以说运用了丰富的加密货币基元，为人们提供了一种交易文化的方式。无论是从发行价还是同类产品市价来看，可以说 Saint Fame 的实验取得了一定成功。
As an experiment calling itself " speculative fashion " & #xff0c; through the interoperability of open finance & #xff0c; taking full advantage of various elements to interact & #xff1a; decentralised self-organization based on Aragon & #xff0c; bringing together a variety of people for decision-making & #xff0c; using a liquid pool of Uniswap & #xff0c; incentivizing different players to provide mobility xff0c; using a rich encrypted monetary base xff0c; providing a way for people to make a trade culture.
此外，作为一种代币，FAME 的颗粒度被无限切割，这让多人共同拥有单个代币成为可能，从而纳入更多用户，他们可以通过持有 FAME 代币为 Uniswap 提供流动性，赚取收益。一旦有兑换需求产生交易费，那些提供流动性的代币持有人就可以通过持有 FAME 代币的同时获得被动回报。
In addition, xff0c; as a token xff0c; the particle size of FAME is cut indefinitely xff0c; this allows several people to share a single token that is possible xff0c; thus including more users xff0c; they can provide liquidity xff0c by holding FAME tokens for Uniswap; they can earn earnings. Once exchange needs arise, transaction costs xff0c; those currency holders that provide liquidity can receive a passive return by holding FAME currencies.
无独有偶，MetaFactory 也是新近发布的一个类似的平台，其发布的产品以实物和数字可穿戴两种形式存在。
No unique xff0c; MetaFactory is also a similar recently released platform xff0c; the products it publishes are available in both physical and numerical forms.
MetaFactory 创始人是 Drew Harding，Drew Harding 是智能钱包 Pillar 一名产品策略师，曾经帮助初创公司通过一套开发商店部署了数百个 MVP。Pillar 是一个智能钱包和密钥管理解决方案，主要致力于为用户提供对数据的完全所有权，并着重于隐私和安全性。
The founder of MetaFactory is Drew Harding， Drew Harding is a smart wallet, Pilar, a product strategist & #xff0c; has helped startup companies deploy hundreds of MVPs through a set of development stores. Pilar is a smart wallet and key management solution & #xff0c; is primarily committed to providing full ownership of the data for users & #xff0c; and focuses on privacy and security.
Drew Harding 也是 MetaCartel 成员，MetaFactory 缘起于在大阪 DevCon 发生的一次聊天，当时他和 MetaFactory 另外两名成员 Drrew Ven 和 Darren 讨论在加密世界存在对加密周边的广泛需求，由于社区和文化可以被时尚潮流驱动，因而提出了「可以穿的模因」这个概念，同时他们也注意到，当时取得一定成功的 Unisocks，通过将模因概念的袜子和加密经济学 （联合曲线） 结合在一起进行销售具有一定的可行性，于是开始着手 SwagDAO 项目 （即 MetaFactory 的前身） ，践行解决「如何通过投资一款设计让普通个体捕捉到产品销售中的上行溢价？」的问题。
Drew Harding was also a member of MetaChartel & #xff0c; MetaFactory started with a chat at DevCon in Osaka & #xff0c; Drrew Ven and Darren discussed the existence of extensive demand for encryption perimeters in an encrypted world & #xff0c; as communities and cultures could be driven by fashion #xff0c; thus introduced the concept of xff0c; they also noted xff0c; at that time, he and two other members of MetaFactory discussed the existence of widespread demand for encryption perimeters & #xff0c; as communities and cultures could be driven by fashion #xff0c; as a result, the concept of xff0c; and they took note of xffc; at that time, he had achieved a measure of success; nisocks& #xff0c; xfffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffffff.fffffffffffffff.ffffff.ffffffffffffffffffffffffffffffffffffffffff.ffffffffff.fff.fffffffff.fffffff.fffffffffffffffffffffff.ff.fffffff.....f.ffff.fffffffffffff.f.f.f.f.ff.f.f.f.f.f.fff.f.f.f.f.f.f.f.f.f.
一方面，MetaFactory 会和各大设计师、创作者、艺术家合作，生产街牌潮品，和 Supreme、Yeezy、Off White 等一样，MetaFactory 目标用户是那些街头潮牌爱好者。但 MetaFactory 又不止于此，通过引入 Web3 的加密基元，包括数字收藏品、虚拟可穿戴设备和 DeFi，为这些街头潮牌爱好者带来另一个维度的可能性。
On the one hand xff0c; on the other hand, MetaFactory works with major designers, creators, artists xff0c; on the other hand, produces street tiles xff0c; on the other hand xff0c; and on the other hand, Supreme, Yeezy, Off White, etc. xff0c; on the other hand, MetaFactory is a fan of street tidal cards. But on the other hand, MetaFactory goes beyond xff0c; xff0c, via the introduction of Web3 encryption base; includes digital collections, virtual dressable devices and DeFi， brings another dimension to these street tile fans.
对于创作者和品牌方来说，通过 MetaFactory ，可将服装作为一种画布，从而接触到一批新的受众。
xff0c for creators and brands; via MetaFactory & #xff0c; clothing as a canvas xff0c; thus reaching a new audience.
MetaFactory 同样受到了 Unisocks 的启发，采用联合曲线定价，但 MetaFactory 对 Unisocks 的模式提出了质疑，认为重点应该放在产品本身及其背后的创造者上。因此，在 Unisocks 的基础上，MetaFactory 进行了改进，将产品的价值转移给购买者，而非市场上的投机者。
MetaFactory was also inspired by Unisocks & #xff0c; joint curve pricing & #xff0c; but MetaFactory questioned the Unisocks model & #xff0c; thought that the focus should be on the product itself and the creator behind it. So & #xff0c; xff0c based on Unisocks; xff0c improved by MetaFactory & #xff0c; shifting the value of the product to buyers #xff0c; not speculators in the market.
和以上所有模式都不同，MetaFactory 不是建立基于同一品牌的代币，而是基于每一件商品创建一个单独的 NFT 代币，用户购买一个 NFT，就意味着拥有了这件衣服的所有权以及相关的特殊收益。
xff0c; MetaFactory does not create a token based on the same brand xff0c; instead, it creates a separate NFT xff0c based on each commodity; the user buys a NFT xff0c; that means ownership of the clothing and the associated special gains.
MetaFactory 发布的每一件实物商品都会关联一个独一无二的 NFT，同时在商品上会嵌入一个硅芯片，该芯片可跟踪该产品的订单号及其相关元数据，并对应一件可穿戴的数字版本。
Each physical commodity released by MetaFactory will be associated with a unique NFT， a silicon chip & #xff0c will be embedded in the commodity; the chip will track the order number of the product and its associated metadata & #xff0c; and a digital version should be available.
MetaFactory 会为所有购买者提供一定比例的销售回报，回报的价值由产品订单号确定，并直接关联到买家的数字代币 NFT 中，一旦购买买家就可自动开始赚取利息。
MetaFactory will provide all buyers with a percentage of the sales return xff0c; the value of the return is determined by the product order number xff0c; and it is directly linked to the buyer's digital token NFT xff0c; once the buyer has purchased it will automatically start earning interest.
下面就以 MetaFactory 自发行的创始产品，一种双面穿飞行员夹克为例，看看消费者可如何通过购买一件商品捕获价值。
Here is the case of MetaFactory's own original product & #xff0c; a double-faced pilot jacket & #xff0c; see how consumers can capture value by buying a commodity.
这款双面穿飞行员夹克的实物商品通过发行一个名为「Charged Particles」的 NFT 为用户提供 3 种权益，实物商品、同款可穿戴的虚拟版本以及持有 NFT 赚取利息，也就是说，当消费者购买一个代表这款夹克衫的 NFT 代币时，持有人就可以通过持有该代币自动赚钱利息，可以说，这是品牌方为用户提供的一种利润分成模式，由于每一个 NFT 代币可基于订单号确定购买先后顺序，从而为不同时期的购买者提供不同比例的利息率，也就是说，越早购买的消费者可以获得更高的利息。
This two-faced physical commodity in the pilot jacket provides users with three interests & #xff0c through the issue of a NFT called "Charged Partyes" ; physical goods, a virtual version of the same amount that can be worn and the holding of NFT earns interest & #xff0c; & #xff0c; xff0c when consumers buy a NFT coin representing the jacket xff0c; the holder can earn interest automatically by holding the coin xff0c; xff0c; this is a profit-sharing model offered by brand parties to users xff0c; since each NFT indent can determine the order of purchase based on an order number xff0c; thus the interest rate for buyers of different periods ff0c; xff0c; ffoc; consumers buying higher interest at an earlier stage.
当用户最终兑换实物商品，不仅可以获得一件实物商品，还可以获得一件可在 Cryptovoxels 中展示的同款可穿戴的虚拟版本，更重要的是，还可以兑换持有 NFT 赚取的利息。
When the user eventually converts to a physical commodity xff0c; not only a physical commodity xff0c, but also a virtual version of the same amount that can be displayed in Cryptovoxels xff0c; more importantly, xff0c; and interest earned by holding NFT.
可以说，除了实物商品，MetaFactory 还提供了另外两种特殊「赠品」，可在一定程度上激励代币持有者兑换实物，销毁该代币，从而让代币的总供应量变小，代币价值获得增长。
It can be said that xff0c; in addition to physical goods xff0c; MetaFactory has provided two other special "gifts" xff0c; there is some incentive for currency holders to convert to physical xff0c; destruction xff0c; thus making the total supply of the tokens smaller xff0c; and the value of the tokens increased.
值得一提的是，这个名为「Charged Particles」的 NFT 诞生于 dFore 黑客松，基于 DAI 铸造，并通过 CHAI 累积利息。
Mention should be made of #xff0c; the NFT named "Charged Partyes" was born in dFore Huff0c; based on DAI casting xff0c; and accumulated interest through CHAI.
MetaFactory 是集虚拟现实游戏、NFT 艺术和加密经济学等多种元素于一体的街头服饰众筹平台，用于创建限量版定制商品，最初专注于时装和服装。MetaFactory 作为一个平台，为创作者、设计师和品牌方提供产品市场策划和管理、促进拍卖并激发社区支持、产品生产和履行等服务，而让其合作伙伴专注于自己的产品设计。
MetaFactory is a street dress assembly platform that brings together many elements, such as virtual reality games, NFT arts and encryption economics & #xff0c; creates a limited number of custom-made goods & #xff0c; initially focuses on fashion and clothing. MetaFactory acts as a platform & #xff0c; provides product market planning and management services for creators, designers and brands, promotes auctions and stimulates community support, product production and performance #xff0c; and allows its partners to focus on their product design.
MetaFactory 目前已经与加密行业中多个顶级艺术家和项目建立了合作伙伴关系，其中一些是文化策展人、创意领袖、潮流引领者，包括 Twisted Vacancy、Van 和 Alotta Money 和 Skeenee。
MetaFactory has now established partnerships with a number of top artists and projects in the encryption industry & #xff0c; some of them are cultural advocates, creative leaders, #xff0c leaders; including Twisted Vacancy, Van and Alotta Money and Skeene.
MetaFactory 合作方 Skeenee
MetaFactory Cooper Skeene
以上是我们看到的一些结合了加密货币基元的潮牌实验。我们总结了潮牌的品牌方集成加密货币基元之后带来的各种可能性：
These are some of the tidal experiments that we have seen that combine the crypto-currency base. We have summarized the possibilities that the brand of the tidal plate created by the integration of the crypto-currency base & #xff1a;
预支报酬、有机生产和减少风险
Compensation advances, organic production and risk reduction
在产品正式投入生产之前可通过出售代币探测市场的接受热度，用户通过购买代币获得商品的所有权，而创作者和品牌方则可获得产品生产的资金，将其投入生产。二级市场的代币交易价格则可以帮助创作者和品牌方发现价格。
The price of a currency transaction in a secondary market can help creaters and brands to find prices.
品牌 / 明星设计师效应
Brand / Star Designer Effect
如果创作者和设计师本身具有一定的人气，可带来更好的销售业绩。以上例中的 Saint Fame 为例，由于其背后设计师 Matt Vernon 本身在加密圈子具有一定知名度，可为销售带来一定的驱动作用，因此在还未完成设计图时就开始启动代币销售。
If creators and designers themselves have a certain level of human energy & #xff0c; they can lead to better sales performance. In the example above, Saint Same is the example & #xff0c; because the designer Matt Vernon himself has a certain visibility in the encrypting circle & #xff0c; it can provide a certain driver for sales & #xff0c; thus it starts selling in currencies before the design is completed.
为嗅觉敏锐的人带来早鸟收益
It's for people with acute smell. It's for the early bird.
对于消费者来说，入坑更早的早鸟消费者可以以更低的价格购买商品，也就是在价格上涨之前抢购商品。比如，Uniswap 发行的 SOCKS 代币，在 12 月首次发行时交易价格为 8 美元，5 月份的售价为 12 美元，之后在引起 NBA 球员 Malcolm Miller 的关注后飙升至 700 多美元。
For consumers, xff0c; early-to-eat early bird consumers can buy goods at lower prices xff0c; that is, to rob goods before price increases. For example, xff0c; SOCKS tokens issued by Uniswap xff0c; transaction price of $8 xff0c at the time of first release in December; sale price of $12 xff0c in May; and then surged to over $700 after causing concern to NBA player Malcolm Miller.
购买代币就是拥有品牌
To buy a token is to have a brand name.
对于消费者来说，购买商品就是购买品牌，由于代币是可分割的，因此粉丝通过购买既可以为创作者提供经济上的支持，又可以从品牌成功中受益，也就是说如果品牌未来表现出色，该代币将获得更多价值。
For consumers xff0c; the purchase of goods is the purchase of brands xff0c; because the tokens are segregated xff0c; so fans can buy both economic support for creators xff0c; and benefit from brand success xff0c; that is to say, if brands show colour in the future xff0c; the token will gain more value.
以 Saint Fame 为例，购买 FAME 代币，并不是一定是想要拥有一件真正的上衣，而是有可能只 是想要拥有 Saint Fame 品牌的一部分。
Take Saint Same as an example & #xff0c; buy FAME tokens & #xff0c; not necessarily want to have a real top & #xff0c; it may only be a part of wanting to own the Saint Same brand.
此外，代币持有者还可以像股东一样在公司内部拥有投票权，MetaFactory 和 Zora 都采用了去中心化自治组织 DAO 的形式进行治理，这意味着该项目由具有投票权的代币持有者共同所有。正如 Zora 所说，这是一种新兴的组织形式，可将决策范围扩展到一小部分管理人员之外，并且可以创建一种新型的公司，该公司可称之为是真正被「互联网共同所有的」。
In addition, xff0c; a token holder can also have the right to vote within the company like a shareholder xff0c; MetaFactory and Zora both govern xff0c in the form of decentralised autonomous organizations DAO; this means that the project is owned jointly by the currency holder with the right to vote. As Zora said xff0c; this is an emerging form of organization xff0c; decision-making can be extended beyond a small number of managers xff0c; and a new type of company can be created xff0c; the company can be described as being truly “shared over the Internet”.
集成虚拟现实
Integrating Virtual Reality
代币化商品还可以无缝集成虚拟世界，比如 MetaFactory 上发布的飞行员夹克以实物和数字可穿戴两种形式存在，每一件产品都由一个独一无二的 NFT 代表，通过集成虚拟现实平台 Cryptovoxels，那些购买 MetaFactory 飞行员夹克的人既可以在现实生活穿着这件衣服，也可以在虚拟世界中使用同款数字版本。
Currencying goods can also be seamlessly integrated into the virtual world xff0c; e.g., the pilot jacket published on MetaFactory exists in both physical and digital forms xff0c; each product has a unique NFT representative xff0c; Cryptovoxels， through the integration virtual reality platform; those who buy the MeraFactory jacket can either wear it in real life xff0c; or the same digital version can be used in the virtual world.
代币衍生品
Currency derivatives
DeFi 的货币乐高特性为互操作性提供更多可能性，并可针对一定的市场供应状况采取不同的刺激政策 进行微调。比如 MetaFactory 通过集成 CHAI，让 NFT 买家可以自动赚取利息，直接为代币持有者增长收入。想要提取收益就必须销毁该代币，从而让代币总供应量变小、代币增值。
DeFi’s laxative properties provide greater possibilities for interoperability & #xff0c; and can fine-tune different incentives for a given market supply situation. For example, MetaFactory, by integrating CHAI， allowing NFT buyers to earn interest & #xff0c automatically; increasing income directly for the currency holder. To extract the revenue, it has to destroy the intergenerational xff0c; and thus make the total intergenerational supply smaller and more valuable.
这是一场新的社会实践。通过以上种种，总体来看，这类产品的市场规模或许有限。不过，尽管非常小众，谁说就不会迎来引爆点的到来？这本身就是小众的生意，而小众，有每每成功引爆大众。而对于 Uniswap 来说，我们又发现了它一个被低估的用途，即在为流动性较差的长尾资产提供交易市场上，Uniswap 将不可或缺。
This is a new social practice. Through the above xff0c; overall xff0c; the market size of such products may be limited. But xff0c; although very small xff0c; who says that xff1f will not come to the point of detonation; this is itself a small business xff0c; xff0c; and xff0c; for Uniswap xff0c; we find another undervalued use xff0c; #ff0c in the trading market for less mobile long tail assets xff0c; Uniswap will be essential.
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