How does BNV work?
The BNV platform is a combination of Smart Contracts which enable us to auction Digital Product Launches (DPL'S) where individuals can bid for items, store them in their Wardrobe (if their bid is successful), and trade them through the BNV Marketplace. As an IP owner you can be sure that the product is protected using Blockchain technology and that its availability, and therefore desirability, is controlled from the outset.
How is a BNV product different to other digital products?
By being secured as a Non-Fungible Token (NFT) on an Ethereum based Blockchain the number of pieces of each item is restricted with the quantity set before the Digital Product Launch (DPL). Throughout it's lifecycle this is fixed and cannot be increased. In other digital environments assets are created, sold and traded without restriction and therefore do not have the desirability and cache, and subsequent value, of being a limited release and highly desirable product. And unlike other digital products
How is my brand and product integrity protected?
We come from a branded and designer fashion background and understand the expectations and needs of brand owners and designers to look after their brands. We will not allow anyone to post products on BNV without invitation or vetting. The quality of the 3D design and rendering of product will be overseen by us. We will essentially be merchandising the product available on BNV in the same way as you would expect from a premium retailer.
We are not a free-for-all marketplace!
Additionally the NFT and storage structure ensures that the high resolution final product is stored securely and cannot be easily replicated. By stressing the integrity of BNV and our NFT's, customers and brands can rest assured on the legitimacy of the products.
What are the revenue streams for me?
At the close of each auction the IP owner will immediately receive a percentage of the revenue from the auction. The percentage will vary depending on the creative support required and the mutually agreed expectations but will normally be between 50% and 85% of the total sales depending on the expectations and work involved in creating the product for auction. On each subsequent trade the seller will pay a 10% fee to the marketplace which will be split in the same proportions as the original auction plus a 2.5% market charge fee.
How do we get paid?
This process is automated as soon as any transaction is complete and will go directly to your own cryptowallet which you can maintain or cash out as desired.
You will have access to a dashboard that will show the status and activity of all items that are part of your portfolio so you can see auction and trading activity and the value of those items and expected and actual income.
How do I get a product on to BNV?
We will have an invitation and vetting procedure before allowing brands or designers to join our community. We work with you to create 3D product with the level of involvement dependent on your own 3D design resources. It would be in a similar process as you would experience in creating physical samples and reviewing and tweaking them before an official season launch or drop. Once all parties are happy we set a DPL date and auction period, decide how many pieces to offer, at what price, and any other options. These are all then built into the Smart Contracts in preparation for the DPL. After that we load up the relevant images, product descriptions, stories, etc, to the BNV platform. From then on it's mostly automated.
How does the creative, design and build process work?
If you have your own 3D design resources then we just need you to submit high resolution renders of the item and any animations if available. If you do not have those resources then we will connect you with a specialist 3D designer who will act as a Creator.
They would work with you as a freelance designer to create the product. They may require various assets from you in order to execute a quality design. These could include a normal tech pack, material scans or swatches, material performance data, digital patterns, images of accessories and trims, print artwork, labelling and branding and other items depending on the product.
Depending on the work involved the Creator would receive a percentage of the initial sales and of subsequent trades. In this way the Creator is rewarded as a result of the success of the product rather than a fixed fee and is therefore also incentivised to create great product and promote it's sales. They are paid out in the same way as the IP owner.
There will be a 3 way contract between the IP owner, the Creator and BNV to protect the creative process, brand and digital assets.
What else do I need to do?
It is in everybody's interests to promote the DPL's through whatever, primarily digital, channels they have available. Subscriber lists and Social Media being the obvious routes. Again, in a similar fashion to how you would promote a new seasons collections or product drop.
What other marketing and brand enhancement options are there?
We are working on other possibilities including options to dress in the owned pieces. Offering a select number of pieces FOC to the IP owner to gift through product placement or reward systems. Embedding other services or promotional elements into the Smart Contract. For example, giving the NFT owner priority access to other real product or events, membership of related clubs/loyalty systems, or discounts in other areas. Long term we have plans in place to move into other areas of utility which we can explain in more detail when properly engaged.
Virtual only - Products offered as NFT's on BNV.ME should not exist or be expected to exist in the real world
Market Manipulation - Users are forbidden from accepting, soliciting, offering, bidding or in anyway engaging with the Smart Contracts, or transacting in anyway with the intention to artificially influence or misrepresent the price of their items.
Archive - For each item created one piece will be gifted to the Brand or IP owner as an archive piece and one will be retained by BNV as an archive piece. These will be gifted free of charge but will be part of the NFT minting process.
Ethereum Blockchain - All BNV transactions are executed on the Ethereum Blockchain and as such are not controlled or managed by BNV. BNV carries no responsibility for the execution of any transaction or for any losses or liabilities that may be incurred by any user due to the success or failure of any BNV related transaction.