MEXC AMA x MIRL – Session with Joanna Lim • MEXC Blog

In this Telegram AMA recap, you’ll find insights about the MIRL project. In an event hosted by SenHo from MEXC, you will meet Joanna Lim, Co-founder & Lead Designer.

Introduction

Sen Ho: Today, we’re honored to have Joanna Lim, Co-founder & Lead Designer in our community to give us a more intuitive introduction to their unique project. Joanna , would you like to say hello and introduce yourself? @taintedscars

Joanna Lim: Hi everyone, I’m Joanna, founder of MIRL NFT. My background is in the fashion industry where I own 2 fashion labels. I realized that there is a strong need for individuals within the NFT community to have something in real life that represented their virtual identity. Hence, the idea to create fashion apparel that reflects the NFTs of PFP holders came about. MIRL was created by a group of friends who love fashion and wanted to make some dope wearable NFTs. The MIRL team consists of fashion designers, illustrators, engineers, security experts, business developers, and marketing professionals!

Questions from Community:

Sen Ho: 1. What is MIRL? Can you share with us more in detail?

Joanna Lim: MIRL is the first decentralized fashion brand was born in the Metaverse. 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. The MIRL ecosystem consists of NFTs, physical apparel, DAO, and an Incubation program for creatives/designers.

✏️ MIRL Incubator

Our incubator provides new aspiring designers & artists with the tools they need to survive in the harsh, competitive creative industry. The MIRL flagship incubator program, guided by our Decentralised Autonomous Organisations (DAO), takes forward-thinking creators and gives them the opportunity to manifest their ideas into reality.

All royalty from the NFT collections, plus 50% of the proceeds generated by the MIRL Labs e-store will be put into the $MIRL treasury that will enable the launch of subsequent new collections by other fashion designers as well as provide scholarship grants for aspiring new designers. Around 300 designers applied prior to the official launch.

✏️ MIRL DAO

Governed by $MIRL, the MIRL Decentralised Autonomous Organisations (DAO) acts as the governing body of MIRL’s future business directions. The purpose of MIRL DAO is to: (1) Enable full transparency across its participants and stakeholders, allowing information to flow freely within the space; (2) Give the community and creators a voice in the operations within the MIRL Ecosystem, from production to incentivizing emerging artists/designers in the space.

✏️ MIRL Labs

An open-for-all e-store, MIRL Labs will allow NFT collectors to customize apparel with NFTs that they own in their crypto wallets. These features will be unlocked and redeemable with $MIRL tokens. Besides the usual digital assets used to redeem or acquire NFTs/Physical apparel, $MIRL owners will receive special entitlements on MIRL Labs at a special rate.

✏️ NFTs with Physical Redeemable-

Together with $MIRL tokens, MIRL NFTs will unlock access to redeemable and exclusive access to one-of-a-kind wearable. These wearables will be further customizable with other cc-permissible NFTs owned by the user. Furthermore, holding these NFTs will act as an access key and privilege card for future perks, merchandise giveaways, and digital and real-world experiences.

Sen Ho 2: What triggers you to launch MIRL? What are some of the real-world problems/ pain points that MIRL aims to solve?

Joanna Lim: kiThe traditional fashion industry faces multiple issues such as fast fashion wastage, exploitation of emerging designers, unprovable scarcity, and the lifelong debate regarding the role of fashion in helping people to fit in or stand out. Moreover, when it comes to the NFT industry, fashion is an art that has been overlooked by the current market. While NFTs have solidified their place in the Metaverse, they have yet to find a place in our physical world.

In response to these issues, MIRL hopes to build Web3’s first fashion brand, first fashion community, and first fashion incubator. At the current time of writing, there are no other projects embarking on similar issues. We strongly believe that digital wearables will be the next big thing in NFTs, and people will be able to utilize them within Metaverse spaces, compatible with AR and VR functionalities. NFTs will be the key to a fresh whole category of collaborations between brands and industry – Fashion x Music, Fashion x Tech, Fashion x Art, Fashion x Food, etc.

Moreover, Sustainability is key when it comes to digital wearables. Not just preserving the longevity of the apparel, but avoiding deadstock and minimizing fabric wastage. I believe that fashion houses will want to tap into the digital realm with their physical apparel. Luxury houses have already begun to delve into the world of NFTs.

The future could mean wearing our NFT clothing in zoom meetings or having a virtual fashion show where you get to wear these digital clothes and attend as your avatar.

MIRL’s mission is to empower creators and designers all over the world through the advent of blockchain technology. The concept of MIRL is to allow our community to mirror their Metaverse activities in real life, using fashion as a medium to bridge the two worlds.

Sen Ho 3: What is the role of the $MIRL token in your project? Would you tell us more about its tokenomics?

Joanna Lim: In order to build and power a robust ecosystem, the $MIRL token serves as the governance and utility token within the MIRL ecosystem.

✏️ Payment within the ecosystem

As the primary mode of payment for MIRL related products (Wear-to-earn store, Purchase of Physical Wearables, events), $MIRL will be accepted for NFT and physical products redemption on our proprietary marketplace besides the major cryptocurrencies.

✏️ Governance

As the governance token for MIRL DAO, all votes and proposals are to be submitted by MIRL community holders only. Any proposals

voted for and against will be determined by $MIRL staked for votes. Tokens used will be locked until the proposal deadline is over.

✏️ Scholarship grants

The DAO will vote on which creators should be granted scholarships. $MIRL tokens will be distributed to creators who receive these scholarships. For NFTs/Physical Products sold, Artists will also receive incentives in $MIRL as well.

✏️ Reward for liquidity providers

To incentivise liquidity providers on AMMs across the adopted networks, $MIRL will act as the yield token for LPs. Emission rate will be controlled and determined by the community once decorum is established.

✏️ MIRL Launchpad

By staking in $MIRL’s Tier System, during a new MIRL Collaboration launch period, users staking in different tiers will be automatically whitelisted into the sale.

✏️ Wear-to-Earn

MIRL W2E allows incentivising fashion enthusiasts and consumers to wear and post brands related content on social media. In return, brands receive mass marketing via consumer network and pay per engagement via MIRL W2E

Sen Ho 4: Are there any exciting news or updates with regards to MIRL that you would like to share with the users?

Joanna Lim :YES! Since launched, we have hosted, organised and attended various events and exhibition

Our Highlights so far also includes:

● Sold 4548 NFTs across public and Bybit NFT Marketplace

● Showcased utility of NFTs with various entitlements such as APY boost for holders on Bybit

● Launched MIRL Labs 1.0, with on-chain wallet verification eCommerce

● Voting page for Creative DAO proposal beta version is live, prior to TGE

● Secured Web2/3 brands partnerships such as Karafuru for physical apparel production.

● Showcasing at Singapore Design Week in Raffles City Mall, one of Singapore’s biggest mall

● Onboarded 3 clients for MIRL Couture prior to official launch in December

● Since MIRL’s incorporation in March 2022, we’ve obtain ~US$325K in revenue from MIRL Labs, NFT and events.

What’s next soon:

●London NFT in November

●Launch of MIRL X Karafuru apparels collection

And many more! We segregated our roadmap into different stages over the next few years – Growth, Scale and Expansion. In 2023, we will be focusing on building the foundation for MIRL Labs, DAO as well as launching the W2E beta version. Thereafter, our key focus will be tapping into specific markets that are huge on fashion and technology to gather more users onboard our ecosystem. In line with our goal of building a perfect FashionFi platform that integrates both physical and digital elements, MIRL’s very own Metaverse specifically for fashion brands, designers and enthusiasts will go live.

Sen Ho 5: If you were to summarize your project in ONE word, what would it be? Why?

Joanna Lim: 🏠Madhouse

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.

Here at MIRL, we are a madhouse as we constantly sourcing and curating the best partnerships to help artists in the MIRL Ecosystem and establishing a fashion presence in the industry, thus bringing fashionable and stylish products to our community.

Free Asking Segment

(Q1) Currently there’s huge hype & Craze for Play2Earn, Walk2Earn, Sleep2Earn etc. While Reading your White paper i came across a very unique and New concept of Wear2Earn. Can you brief us Little About Wear2Earn? This is Quite astonishing & like me everyone would want to know about it

Joanna Lim:The rise of non-fungible tokens (NFT) and Play2Earn projects have created a huge space for development as blockchain technology grows and innovates. Many companies are focusing on gamification to reward their users. Our vision is to integrate the concept of Play2Earn together with Phygital Fashion in the MetaVerse environment where it is more accessible, rewarding, transparent and limitless.

MIRL’s Wear2Earn DAO oversees MIRL treasury for the community, where $MIRL tokens are injected into the DAO for the Wear2Earn participants. The token allocations will be distributed to the participants in the ratio of their efforts and online achievement / engagement. There are several possible scenarios of processes performed among a group of participants based on requirements, scope and expectations.

And here is a brief of how it will function:

The Wear2Earn participants are the fundamental driver of the program, without participants, it will be impossible to conduct the Wear2Earn program. Participants are required to put on approved products by the MIRL team at their own individual timing. Depending on their engagement, impact and duration of the activity they will be rewarded accordingly. For example, wearing an approved T-shirt and posting it on social media that have garnered 10,000 views, 250 likes and 50 shares. This will translate into certain points which in turn will be rewarded in $MIRL tokens. This may be one out of many ways that participants can earn rewards.

The MIRL Team will inject funds into the DAO for participants to acquire. Similar to how companies allocate budgets to engage a list of influencers and how each influencer is compensated at different rates based on their experience and popularity. With our DAO, we are able to keep our processes transparent to the community. Furthermore, with a DAO this means that the community holds the autonomy to vote and run the decisions moving forward.

(Q2) Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?

Joanna Lim: Yes, as mentioned in our early days, MIRL strongly believes in the community members – these are essentially your clients, your friends and your brand ambassadors. As compared to paying a large fee for influencers and KOLs, MIRL strongly believes that our holders are the utmost important ambassadors we could have asked for.

Therefore, their feedback and requests are things we do take into consideration while still staying true to the brand’s vision and mission. We can never please everybody in any form of industry, but what we can do is to listen and continuing building MIRL.

Our ideal consumers are of course artists, creators and people who are into fashion, after-all we are a fashion NFT project. We are also aiming to educate the community about what NFT, Metaverse, Fashionfi is through our project, hence our secondary consumers are those who are curious and wanting to step into the web3 arena.

(Q3) Are you a global project? Can anybody use your services from anywhere?

Joanna Lim: Yes, we have always been promoting ourselves as an international project despite being based in Singapore. We have also worked with various artists outside the Asia region such as Chromakane from London and Jon Sanchez from Spain who also have aided us in the Bybit showcase in Art Dubai & Paris Blockchain Summit Week.

MIRL will continue to look at more avenues and opportunites in the global market while building consistency here in Singapore. Do feel free to reach out to us for any form of partnerships or collaborations

(Q4) PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of your partners with us?

Joanna Lim: Here are some our of partners that we have collaborated before and working in progress. We collaborate and partner with web2 and web3 companies as well as any form of creators as long as the synergy and concept is right.

(Q5) Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?