TECHNOLOGY

THE GOODS DEPT. LAUNCHES INDONESIAN FASHION RETAIL FIRST NFTS

Get one Goods People for 0.04 ETH.

05.01.2022
BY JACKSON KEEFE
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The Goods Department, better known as The Goods Dept., has once again brought innovation to the local fashion retail world by launching "The Goods Society", a collection of non-fungible tokens built on the Etherum network.

The Goods Dept. is a curated department store in Jakarta. Established in 2010 by the founders of Brightspot Market, this unique and multidimensional retail is an alternative place for fashion and lifestyle from young Indonesian designers and several international products.

Previously collaborating with Museum Macan to launch the first official merchandise for Garuda Indonesia, The Goods Dept. dove deeper into the digital world by presenting The Goods Society at the end of 2021.

 
 
 
 
 
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A post shared by THE GOODS DEPARTMENT• (@thegoodsdept)

"The implementation of NFT into the retail world is the first in Indonesia, and it will revolutionize many things," said the local lifestyle retail pioneer in its official release.

The retailer worked with Gaspack and Iman Waskita to create the NFT. Gaspack is a startup focusing on developing the digital economy in the web 3.0 era that has previously launched several NFT projects, while Iman Waskita is a renowned illustrator who created the unique characters which the NFTs feature.

The Goods Society and its Goods People

The Goods Society is Goods Dept.'s first NFT collection. It features over 1,100 characters and is unique in that it allows the owner to collect and use the tokens in the real world. 

The Goods People are the characters of the Goods City. They're said to be "young at heart, open-minded, and tech-savvy", and each one of them "believes that they have the potential to build a better world", and so they decided to "create a place where they could come together and show the world who they are". One of its unique features is that its owners can change the attributes of their character.

 
 
 
 
 
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A post shared by THE GOODS DEPARTMENT• (@thegoodsdept)

"The Goods Society is our first Non-Fungible Token (NFT) Collection with 1100 cute and unique characters representing The GoodsDept customers. This NFT collection is built on the Ethereum blockchain," said The Goods Dept. co-founder Anton Wirjono during its launch.

"But uniquely, unlike NFT collections in general, which focuses on collections and their use in the virtual world, owners of The Goods Society will be able to feel the benefits of their assets in the real world as a token of identification and receive various benefits in The Goods Dept. retail network."

The NFT owners will have privileges such as a designated line at Goods Dept.'s stores, free shipping through its online store, up to a 50 percent discount for purchases during the user's birthday, and a free cup of coffee every Monday-Wednesday all year long for 2022. 

Up next in line

The Goods Dept. has high hopes for its NFT project. If the NFT project succeeds, it can open up more digital innovation opportunities. So far, 61 out of the 1,100 NFTs have been minted. You will need to connect your Ethereum wallet and pay 0.04 ETH (Rp 54,320,200) to mint one.

Before you dive headfirst to mint the NFTs, you should understand that NFTs currently are in a grey area where they are still unregulated by the Indonesian government. While cryptos are regulated by the Commodity Futures Trading Authority, the cryptoasset that is NFT cannot be treated the same because of its non-fungibility.

In other words, with crypto, the price is determined by the market, by its supply and demand. But with NFT, the price is determined by the owner or creator.

The Goods Society was officially released to the public in limited quantities on Tuesday 28 December 2021 at 13:00 through nft.thegoodsdept.com. All features can be enjoyed starting 2022.

Related article: FASHION BRANDS ARE GETTING INTO NFT 

 

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