👕👗📸💰 MIRL’s Wear-to-Earn “W2E” Programme Litepaper
With Phygital Fashion in the MetaVerse environment, MIRL’s Wear-2-Earn “W2E” will create a more accessible, rewarding, transparent and limitless experience for everyone, anyone.
1. Background
Regardless of population demographics, fashion is a consistent, core component present in daily life for the majority of individuals — that is, clothing is essential to our day-to-day living. In 2021, a report showed that the global apparel market is valued at $1.5trillion USD with top brands such as Nike, Adidas, and LVMH. Furthermore, with an expansive variety of niche fashion categories ranging from streetwear to luxury wear, opportunities for fashion brands are endless.
THE IDEA : WEAR MERCHANDISE & GET REWARDED
Now, imagine getting rewarded with cashbacks for wearing your new favourite T-shirt, your new bucket hat, or even for sporting a themed outfit under a brand campaign. In essence, that is what the Wear-2-Earn concept is all about.
The next-generation fashion industry will be revolutionary through the integration of blockchain, NFTs and novel reward mechanics. With the ledger of the blockchain networks displayed publicly, proof of transactions solves issues of authenticity by providing verification of ownership, an ongoing challenge even for major fashion labels.
2. OUR STATEMENT
2.1 Overview
The Made-In-Real-Life (MIRL) Project is the first decentralized fashion brand born into the Metaverse. With countless brands diving head-first into the novel space, the original intention of the WEB3 communities is easily lost in the fervour. The hangover of excitement resulting from headline news articles have fallen short of capturing only the most superficial manifestation of NFTs. Rather than building a community, retail brands focus on using the blockchain hype in attempts to stay relevant albeit not understanding the deeper meaning behind such technologies — freedom of expression and individualism. The MIRL.Club project hopes to capture the integrity of what fashion should look like in the metaverse.
In recent years, the Crypto industry has demonstrated the various possibilities to earn cryptocurrencies e.g playing games, participating in activities, assuming roles in community building, etc. However, the heavy commitment and prerequisites for earning rewards through these avenues has resulted in a significant barrier to entry for the majority of the public. In contrast, the Wear-2-Earn Fashion Program tears down these walls to enable minimal requirements for participation. Some key points of the Wear-2-Earn mechanics include:
- Proof of Style: Users will be able to showcase and flaunt their favourite MIRL fashion merchandise, apparel or branding to earn rewards with minimal prerequisites to participate.
- $MIRL: The Wear-2-Earn program will allow users to earn $MIRL tokens, the primary form of payment within the MIRL ecosystem. Participants will have the opportunity to earn additional $MIRL through leaderboard bonuses, milestone rewards, and loyalty rewards.
- MIRL DAO: Funds in the Wear-2-Earn program are allocated through the MIRL Decentralised Autonomous Organisation (DAO) and will utilise the $MIRL Token as the primary form of payment within the ecosystem.
- Campaign management: Designated managers and trainers will work in conjunction to streamline participants into joining and completing campaigns.
- Innovation: The novel implementation of the Wear-2-Earn system brings about countless new prospects for brands to reward their communities and create brand awareness.
2.2 VISION
The rise of Non-Fungible Tokens (NFTs) and Play-2-Earn projects have created significant opportunities for novel projects as blockchain technology expands and turns further mainstream — many companies are focused on gamification to reward their users. Our vision is to integrate the concept of Play-2-Earn mechanics together with Phygital Fashion in the MetaVerse environment to create a more accessible, rewarding, transparent and limitless experience for users.
2.3 MISSION
Our primary goal is to create a simpler route for earning rewards for our community using mechanics similar to that of Play-2-Earn systems; The Wear-2-Earn concept. The Wear-2-Earn system will require minimum knowledge and effort from users, largely due to the nature of fashion playing a significant role in average day-to-day living. Essentially, users will be rewarded simply for wearing MIRL in-house or collaborative apparel in the Physical or Digital world. Our secondary goal is to create a conscious and strong community that will in-turn assist with drive the MIRL brand forward through mutual support.
3. WEAR-2-EARN PLATFORM USER PROCESS
4. MIRL WEAR-2-EARN PLATFORM PARTIES
4.1 PARTICIPANTS
In order to participate in the Wear-2-Earn system, participants are required to wear approved products and showcase them through specified social media channels. Rewards are based on audience engagement, impact and duration of their participation.
4.2 MANAGERS & TRAINERS
For a smoother onboarding process, participants have the option to work in teams alongside managers and trainers. Managers & Trainers are handpicked community members who demonstrate strong work ethic, leadership skills, and experience in account / systems management. They work together with teams to ensure the success and maintenance of the Wear-2-Earn program; (i) Trainers will onboard, guide and educate new members on how to participate in the program; (ii) Managers will support members during involvement in campaigns. Incentives of 1% to 5% of the participant’s earnings are awarded depending on campaign performance.
4.3 CAMPAIGN BRANDS
Wear-2-Earn campaigns will be held by collaborating brands and MIRL partners. These brands are not just limited to fashion labels. Non-fashion labels may participate by working together with MIRL Creatives to design their own apparel collections and subsequently host campaigns on the Wear-2-Earn platform. Aside from providing WEB3 natives with novel opportunities to reward their community, non-WEB3 brands will be able to utilise the Wear-2-Earn program to engage both existing and new communities with minimal barriers to entry.
5. WEAR-2-EARN CAMPAIGN REWARDS
5.1 $MIRL Token
MIRL’s native ecosystem cryptocurrency, $MIRL, will be used as the primary source of funding and rewards allocation within the Wear-2-Earn program.
5.2 WEAR-2-EARN FUNDS
The reward pool for the Wear-2-Earn program will be supplied via the MIRL Treasury, governed by the MIRL DAO. As previously depicted in the MIRL whitepaper, 50% of $MIRL total supply will be allocated towards community rewards based on a 33 months linear vesting schedule (Refer to image below). By going through MIRL DAO, our processes are transparent to the community and the public.
Additional $MIRL may also be allocated to the community rewards pool from any injections of funds from the MIRL team, investors, or brands. A certain portion of $MIRL tokens will be locked in the treasury to be used for Wear-2-Earn program maintenance costs, upgrades and development.
Any additional tokens to be distributed and allocated as rewards after the 33 months linear vesting period will be acquired based on a percentage of revenue from brands/partners and re-distributed back into the MIRL ecosystem.
5.3 REWARD ALLOCATION
Users will submit chosen social media posts showcasing their “Proof of Style” on the MIRL Wear-2-Earn platform for review and approval. Depending on the type of Wear-2-Earn campaign, $MIRL token rewards are distributed to participants either at the end of every month or at the end of the campaign. Certain allocated percentages are subject to changes but will predominantly take the following split: 50% to participants, 5% to the managers and trainers*, 5% as a potential campaign bonus (refer to section 5.4) and the rest to the treasury. Additional bonuses may be distributed to users who actively participate in campaigns.
*During initial commencement, campaigns will be managed and operated by the MIRL team and hence initial earnings allocated to managers and trainers will instead be reallocated to the treasury.
5.4 ADDITIONAL BONUSES
Additional bonuses up to 5% of campaign earnings will be used to further incentivise participant engagement. Each bonus will be declared at the start or announcement of the campaign and may be adjusted (depending on the situation). For instance, a leaderboard system may be used where rewards will be distributed among top performers at the end of every week, month, or at the end of the respective campaign.
Example Scenario:
Using the leaderboard allocations from the table above and assuming a 5% bonus equivalates to an amount of 100,000 $MIRL tokens. This would mean that 77,000 $MIRL will be allocated to the top-performing participants and 23,000 $MIRL will be allocated to the managers and trainers.
Calculations:
Place 1: 15,000 $MIRL Tokens (15%*100,000), one participant 15,000 $MIRL Tokens
Place 2–5: 8,000 $MIRL Tokens each (8%*100,000), four participants 32,000 $MIRL Tokens
Place 6–10: 4,000 $MIRL Tokens each (4%*100,000), five participants 20,000 $MIRL Tokens
Place 11–20:1,000 $MIRL Tokens each (1%*100,000), ten participants 10,000 $MIRL Tokens
Assuming place 1–5 winners have Managers & Trainers.
For Managers & Trainers: 23,000 $MIRL Tokens (23%)
Calculations:
Place 1: 9,200 $MIRL Tokens (40%*23,000), Manager + Trainer (split)
Place 2–5: 3,450 $MIRL Tokens each (15%*23,000), four winners 13,800 $MIRL Tokens
In the event that teams doesn’t have Managers & Trainers (23%)
In the event a team doesn’t have a Manager & Trainer, the proportion will remain the same. Any unclaimed/un-won portion will be redistributed back to the treasury.
For example: Out of place 2–5, place 2, 3 and 5 had a Manager & Trainer.
In this case, team 4’s Manager & Trainer’s cut of 15% of the 23% to Manager, in this example: 15%*23,000 = 3,450 $MIRL Token will be directed into the Treasury.
Calculations:
Place 1: 9,200 $MIRL Tokens (40%*23,000), Manager + Trainer (split)
Place 2–5: 3,450 $MIRL Tokens each (15%*23,000), four winners 13,800 $MIRL Tokens
Place 2,3 and 5 will get a payout of 3,450 $MIRL Tokens split among Manager & Trainer.
Place 4’s amount of 3,450 $MIRL Token will be channelled back into the Treasury.
Be Part of MIRL’s family
Come onboard MIRL Club and be part of our ever-growing community! Get your very own MIRL genesis NFT today!
Get $MIRL on MEXC, Register: https://promote.mexc.com/a/MIRLListing
OS: https://opensea.io/collection/mirlclub
Mintable: https://mintable.app/store/MIRL-MIRL-OFFICIAL-NFT/0xfda07191be8d7019789cd1e1cf86d97604ce7351
Gem: https://www.gem.xyz/collection/mirlclub/
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About MIRL
MIRL is a FashionFi project to empower creatives around the world in both the metaverse and the physical world. Our ecosystem product includes the DAO and incubator that connects creatives and designers all over the world with a global community. MIRL brings the fashion industry into the Metaverse with community-driven products, unique wear-to-earn NFTs, and talented new creators; all while providing solutions to help manage the systematic issues within the current fashion industry model. While fashion has yet to establish a place in the current Metaverse, MIRL and the FashionFi industry have the potential to grow through building peaceful, mutually beneficial relationships to foster a better, more accessible Metaverse. Since its inception, over 350 aspiring designers have joined the DAO. MIRL is founded by designers and strategists who have worked with H&M, SHEIN, Yahoo, Google and Nike. MIRL is also in partnership with top players such as Bybit, Mintable, AVStar Capital, Solanium, MEXC, DAO Kondr, OXO Capital, Dexlabs, Vistalabs, Magnet Ventures and more.
