Red DAO
Providing people with a way to stay fit and healthy.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Seed | ||
| Total Funding | 000k | ||
Red DAO operates as a decentralized autonomous organization with a strategic focus on the burgeoning digital fashion and beauty sectors. Established in 2021 , the organization functions as a collective investment vehicle, pooling capital from its members to acquire, archive, and support digital assets, primarily non-fungible tokens (NFTs).
The DAO gained significant prominence on September 30th, 2021, with its inaugural and record-setting acquisition of the Dolce & Gabbana 'The Doge Crown' NFT for 423.5 ETH, equivalent to $1.27 million at the time. This purchase, part of D&G's 'Collezione Genesi' on the UNXD platform, was a landmark event, marking the highest price ever paid for a fashion NFT and solidifying Red DAO's position in the Web3 landscape. The 'Doge Crown' is a "phygital" item, granting the DAO ownership of both the digital version and a physical, handmade crown of 24-carat gold and silver.
Red DAO was incubated by Tribute Labs, a firm specializing in architecting DAOs, and was formed by a consortium of individuals and firms who identified an opportunity at the intersection of fashion, beauty, and blockchain technology. Founding members include recognized figures in the crypto and digital fashion space such as Megan Kaspar, a long-time blockchain investor; Dani Loftus, founder of the digital fashion platform This Outfit Does Not Exist; and investor GMoney. The organization's membership is composed of up to 40 initial members who contribute capital, with voting power on investment decisions weighted by their contribution.
The business model is centered on collective governance and investment in the digital fashion ecosystem. The DAO's mission is to invest in and support the paradigm shift towards dematerialization in the fashion industry, backing everything from digital NFT garments and emerging designers to related platforms and applications. This includes investing in companies like DressX, By Rotation, and KIKI. By operating as a DAO, the organization maintains transparency through on-chain records of its financials and governance decisions, which are executed via smart contracts on the Ethereum blockchain.
Keywords: digital fashion, decentralized autonomous organization, DAO, NFT investment, Web3 fashion, crypto fashion, phygital assets, blockchain investment, metaverse wearables, D&G NFT, The Doge Crown, Tribute Labs, Megan Kaspar, Dani Loftus, GMoney, NFT collecting, virtual apparel, digital garments, blockchain governance, crypto collectibles
