Social media celebrity and content creator Jason Goh, perhaps better known as Smashpop, has released his first series of NFTs called the POPDAWG NFT.
Known for his photography, blogging, and tech review skills, Smashpop has now taken on the role of Lead Designer too in a project called NeonCity NFT.
A pioneer in Asia’s streetwear fashion NFT scene
NeonCity NFT is a streetwear fashion NFT brand in Asia that gathers streetwear designers from Japan, Taiwan, Hong Kong, Singapore, and Malaysia.
Its plan is to roll out limited edition and exclusive collaboration streetwear and merchandise from known designers. The streetwear can be purchased online or at physical outlets, while the merchandise will be distributed through big retailers.
Based on NeonCity NFT’s roadmap, it plans to launch its first physical store in either Singapore, Hong Kong, or Japan at an undisclosed date.
How the POPDAWG NFT works
The collection of POPDAWG NFTs will begin with a total supply of 3,888 minted NFTs at a price of 0.028 ETH each (about RM478 at the time of writing).
Each NFT functions as an access card, if you will, to special perks and participation in future activations based on NeonCity NFT’s roadmap.
According to the team’s site, holders of a POPDAWG NFT will be rewarded with an amount equivalent of up to 30% of NeonCity NFT’s net profits (non-guaranteed), which will be airdropped to each holder periodically, the team revealed at this point in time.
Editor’s Update [23/12/21, 11AM]: The information in the above paragraph has been edited based on updates made by NeonCity NFT regarding an earlier statement about holders receiving royalties. According to the team, that initial plan has been changed based on advice due to legal concerns.
Once its staking programme is launched, each POPDAWG NFT will generate $POPBONE, which can be used to redeem limited edition and exclusive streetwear merchandise.
Dictionary Time: NFT staking is a way to earn passive income in the crypto world. It’s where NFT holders lock their assets in decentralised finance (DeFi) platforms to receive rewards without the need to sell their NFT collections.
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NeonCity NFT’s second series is expected to release by Q1 2022.
Growing Malaysia’s NFT utility beyond digital art
What NeonCity NFT is trying to achieve in essence is to become an exclusive Web 3.0 streetwear social club whereby the POPDAWGNFT will serve as one’s membership token.
It echoes the concept of the Bored Ape Yacht Club, an exclusive overseas social club that boasts members like entertainer Jimmy Fallon, basketball star Steph Curry, and artist Post Malone today.
Did you know: Web 3.0 is built upon the core concepts of decentralisation, openness, and greater user utility.
For the most part, NFTs in Malaysia have been mainly utilised for the sale of digital artworks thus far. With NeonCity NFT’s debut, the concept of the metaverse and NFTs have entered Malaysia’s fashion scene.
Overseas, NFTs and the fashion world have already mingled, with examples of sneaker designer Jeff Staple releasing NFT sneakers, Adidas’ recent announcement that it’s launching an NFT streetwear collection, and Nike’s purchase of a company that makes NFTs and virtual sneakers.
There’s potential that NeonCity NFT may see strong traction in Malaysia, particularly amongst streetwear enthusiasts who already vie for exclusive, limited edition collections.
At the moment, there has been no reveal yet on what the streetwear or merchandise produced by NeonCity NFT will look like. The project’s aim is to first build a community, reward them with added value over time, and evolve its offerings based on the community.
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Like with all other NFT projects, good and bad tokens exist simultaneously in the market and it can be difficult to tell apart one from the other without a trained eye.
Not to mention, the NFT market is still rather immature and largely free of regulation, which can put collectors at risk in terms of volatility (unregulated price jumps or drops), and liquidity (finding the right buyer willing to pay your price), for example.
As such, it’s always wise to weigh your NFT investments carefully before making any decisions. The one advantage that we can see with NeonCity NFT’s strategy of community building is that it has revealed who its core team is, and provided interested members with multiple platforms to reach out to them and have discussions.
This at least mitigates some risks, as many NFT and crypto projects are operated under anonymity or pseudonyms.
Featured Image Credit: SmashPop, NeonCity NFT
