Insight into AscendEX's Launch Project Faith Tribe: The Metaverse Is Not a Digital Utopia — Empowering the Fashion Industry's Transition into the Web 3.0 Era
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Insight into AscendEX's Launch Project Faith Tribe: The Metaverse Is Not a Digital Utopia — Empowering the Fashion Industry's Transition into the Web 3.0 Era
Faith Tribe (FTRB), an open-source fashion design platform truly embracing the concepts of Web3.0 and the metaverse, will launch its initial listing on AscendEX on February 24.
Navigating Web3 tides with focused insightsAuthor: AscendEX Research
In 2019, Amsterdam-based digital fashion company The Fabricant launched the world’s first virtual garment—the Iridescent Dress—ushering the fashion industry into a new era of the metaverse. Co-created by The Fabricant, German filter artist Johanna Jaskowska, and Dapper Labs, the dress was auctioned at the New York Ethereal Summit blockchain art auction in 2019, ultimately selling for $9,500.
Starting in 2020, as Web3.0 evolved and the concept of the metaverse gained momentum, industries worldwide began exploring opportunities across various sectors. The fashion industry, with its keen sensitivity to trends, quickly recognized the vast emerging market demand. Established luxury brands also started entering this space. For example, in December 2020, Balenciaga unveiled its 2021 fall collection through a VR game titled "Afterworld: The Age of Tomorrow." Within 48 hours of the game’s release, searches for Balenciaga on the Lyst platform surged by 41%, monthly search volume jumped 76%, and social media discussions exceeded 130,000 mentions that month.
In March 2021, Gucci launched its virtual sneakers “Gucci Virtual 25.” Recently, Gucci announced it had purchased virtual land in The Sandbox to open an online concept store called “Gucci Vault,” potentially launching Gucci-themed NFTs and vintage bags. Beyond fashion-focused virtual spaces, Gucci will also release wearable digital items for players to purchase and wear within The Sandbox game.
According to McKinsey and Business of Fashion (BoF)'s report “The State of Fashion 2022,” online business models thrived during the pandemic. In 2022, companies are expected to continue investing in digital innovation and experimenting with new creative and commercial formats. Digital assets such as NFTs, gaming skins, and virtual fashion are moving toward mainstream adoption, with some brands expanding into the metaverse.
Although there is still debate over the precise definition of the metaverse, recent research suggests it represents a new space that fully integrates the digital and physical worlds. Online, people can work and live through virtual communities; offline, they retain tangible, physical connections. The metaverse enables individuals to transcend real-world constraints and become better versions of themselves within a new digital realm.
Despite the explosive growth of the metaverse concept over the past year, truly representative high-quality projects aligned with its vision remain rare—until we discovered Faith Tribe, an open-source fashion design platform.
Faith Tribe and the Metaverse
Faith Tribe is the first fully decentralized, community-owned collaborative ecosystem for creating, designing, minting, customizing, and distributing digital and physical fashion products.
Compared to other Web3.0 design studios, Faith Tribe leverages its own physical supply chain to genuinely bridge the digital and physical worlds, laying the foundation for the development of the fashion industry in the metaverse.
Faith Tribe was initiated by French luxury brand Faith Connexion, founded in 2004 by designer Ilan Delouis. Inspired by compassion, harmony, and rock aesthetics, the brand infuses lifestyle concepts into its designs, blending strong punk rock elements with luxurious fashion (many members of Faith Connexion’s design team come from Balmain).
Over the years, Faith Connexion has collaborated with numerous creative entities, developing a unique co-creation model and evolving into a luxury design alliance. Unlike typical brand collaborations that spotlight individual designers, Faith Connexion emphasizes collective creativity and teamwork.
Faith Tribe represents the continuation of this philosophy—an innovative Web3.0 approach to global collaboration that paves the way for the future of fashion in the metaverse. In addition to Faith Connexion, Faith Tribe’s partner fund includes Tyregate Capital, NFT Tech, TLF Ventures, and The Luxury Fund, while its technical partners include Define Labs, DressX, Platform, and Legitmate.
During this period of rapid digital transformation across global industries, fashion is undergoing an unprecedented revolution. Demand for talent—from independent designers, artists, curators, bloggers, to brand and buyer communities—is growing rapidly, and the fashion ecosystem in the metaverse is still forming its full industrial chain. Faith Tribe aims to build a global creator ecosystem, fostering an inclusive and open environment for user-generated fashion designs and maximizing its contribution to the fashion industry’s evolution.
How Faith Tribe Works
According to official information, Faith Tribe builds its global creator ecosystem around four key components: Designer Studios, the FTRB governance token, Community Governance Platform, and the NFT Marketplace.
Designer Studios
At the heart of the ecosystem, Designer Studios bring together countless high-level, borderless fashion designers. They create unique designs either collaboratively or independently on the Faith Tribe platform. These creations are authenticated via blockchain and secured as NFTs, protecting intellectual property rights. Designers can also set prices, issuance rights, and royalty fees according to their preferences.
Notably, designs created on Faith Tribe aren’t limited to the digital world. Thanks to Faith Connexion’s manufacturing and sales infrastructure, top-tier digital designs may be produced as real-world garments. Thus, whether a designer is already renowned or just starting out, well-known or overlooked, everyone has equal opportunity on this platform—even to impact the physical world with their creations.
For this reason, we believe Faith Tribe is driving fairness and “breaking boundaries” in Web3.0 fashion, accelerating the fashion industry’s true entry into the metaverse.
Faith Tribe Governance Token – FTRB
As a Web3.0 project, incentivizing community growth through tokens is essential. Within the Faith Tribe community, anyone who contributes—designers, artists, curators, bloggers, studios, or brands—can earn FTRB token rewards. FTRB holders participate in platform governance, oversee fund allocations from the community treasury, and vote on proposed changes and improvements (such as product strategy, leadership decisions, and treasury distribution).
Additionally, FTRB holders enjoy discounts when purchasing physical goods at Faith Connexion stores and on the Faith Tribe NFT Marketplace.
Community Governance Platform
As previously mentioned, select digital designs may be turned into physical garments. The Community Governance Platform is the channel through which these decisions are made—community contributors democratically vote via a transparent process. Leveraging blockchain and NFT integration, creators retain full or partial ownership of their digital assets and can participate in future sales. These NFTs can then be sold on Faith Tribe’s NFT Marketplace.
Unlike other projects, NFTs on Faith Tribe include comprehensive data about the product—designer sketches and photos, contributor details, ownership splits, and both digital and physical versions of the item.
NFT Marketplace
The NFT Marketplace serves as the final step in the process—a venue where designers’ works become reality and where both digital and physical NFTs are displayed and sold. A physical NFT means that upon purchase, the buyer receives the actual garment—selected earlier through community voting.
Through the Designer Studios, creators can track the distribution and sales performance of their digital or physical products on the NFT Marketplace. By providing global visibility, Faith Tribe ensures designs are produced in desired quantities and styles while giving creators full control over compensation—empowering them like never before.
Through these four core components, Faith Tribe effectively unites a diverse and inclusive community of artists, seamlessly integrating physical and digital realms of fashion, art, and culture. Powered by a blockchain-based interactive ecosystem, designers gain maximum autonomy and leverage cutting-edge Web3 and NFT technologies to collaborate, innovate, experiment, and monetize.
FTRB Token Economics
According to the official whitepaper, the total supply of FTRB tokens is 5 billion, with an initial circulating supply of 64 million and an issue price of $0.01. Of the total supply, 50% is allocated to community building and distributed among creatives, designers, KOLs, early supporters, and partners; 17% goes to the core team and platform treasury; 8% to investors; 11% to technological infrastructure; and the remaining 14% to marketing activities including offline and online fashion events and exhibitions.
FTRB functions across the entire upstream and downstream value chain, serving to incentivize and coordinate all stages including design, minting, customization, marketing, production, and sales. Additionally, FTRB supports governance voting, transactions, and payments, ensuring decision-making power is fairly distributed among contributing community members—establishing a dynamic, balanced economic governance model. FTRB redefines fashion industry distribution, enabling every ecosystem participant to share in platform value and long-term growth benefits.
The Metaverse: The Next Gold Mine for Fashion
Our understanding of the metaverse may differ from many in the industry. We believe the miracle brought by mobile internet was integrating online services into everyday life, tightly linking the digital and physical. Web3.0 and the metaverse should not become immersive digital utopias that trap people in endless virtual worlds. While the digital world is fascinating and Gen Z increasingly embraces digital lifestyles, a fulfilling life requires deep integration between digital and physical realities—using digital tools to enhance real-life experiences.
The metaverse is fashion’s next gold mine—not merely because of rising NFTs or digital-only streetwear, but because it opens an entirely new frontier. In the future metaverse, designers will collaborate on open platforms, create freely, and define sales rules. Different ecosystem contributors will share in the value generated, collectively shape industry direction, and even influence the physical world.
AscendEX, with seasoned expertise in traditional finance, maintains a focused and professional approach to value selection. Among our findings, Faith Tribe stands out as one of the few projects with a genuine understanding of Web3.0 and the metaverse—and the capability to execute it. Transcending income, gender, age, race, nationality, geography, and even national borders, Faith Tribe delivers equal opportunity to all and empowers real-world change. Using Web3.0 technology and principles, Faith Tribe dismantles walled gardens in the current internet and fashion industries, enabling interconnected fashion design. Indeed, Faith Tribe leads the fashion industry forward, revealing what fashion will look like in the Web3 era and establishing a solid foundation for fashion’s entry into the metaverse.
On February 18, Faith Tribe (FTRB) launched exclusively on AscendEX’s new coin mining (Launchpool) event. Users could deposit USDT to earn FTRB, with a total allocation of 10 million FTRB—5 million (50%) distributed in the first three days. By February 23, the event had attracted 10.94 million USDT, yielding an annualized return of up to 63.85%. This demonstrates AscendEX’s strong support for project ecosystem development and reflects significant user confidence in Faith Tribe.
The FTRB mining event concluded on February 24, followed immediately by the listing of FTRB on AscendEX.
AscendEX’s core team comprises professionals from top-tier financial institutions in Wall Street, including Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg, and Tier-1 high-frequency hedge funds, with deep expertise in financial engineering and large-scale quantitative trading infrastructure. Throughout its development, AscendEX has closely followed industry trends, paying special attention to DeFi, NFTs, and other use-case-driven innovations. Its launched projects have consistently achieved remarkable success in secondary markets, making AscendEX the preferred launchpad for innovative DeFi, NFT, and crypto-infrastructure projects.
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