CryptoBesties is working to create the first metaphysical makeup line that is community owned. Makeup for you, by you. Our model aims to create makeup products that have both physical and digital representation, through co-creation and in the limited drop format.
Abstract - CryptoBesties has built a community focused on building the bridge between the digital and physical world. Here is a link to our socials: https://linktr.ee/Cryptobesties
Motivation - Metafactory has been a pioneer in the co-creation space in web3 and has developed a robust economy design. We would like to partner with the Metafactory to bring in a new audience into the web3/co-creation space, specifically beauty and makeup users. We will be utilizing a limited edition drop format, where we would produce a limited quantity of our makeup product and utilize presale to gauge interest.
Specification -
Requesting, metafactory helps provide the costs for the logistics of the first makeup product. Currently we are proposing producing 500 mascaras. Costs that would need to be covered: *Production/Packaging Cost, Artist fee, product designer fee, NFT developer, insurance, quality standard certification. The Crypto Besties community will handle design, the logistics and the production. The proposed timeline is between 6-10 weeks post design selection. The first product will cost more, subsequent makeup products will cost less.
Benefits -
—>Expansion of Metafactory brand into the Beauty/makeup space
—>New audience would be introduced to Metafactory
Drawbacks
—> production costs for the first product
excited about this proposal and for MF to make moves in the beauty/makeup market!
Do you have ballpark estimates on what the production cost would be? What level of confidence do you have that we will be able to move 500 units? Would it be better to do a presale and then start production so we are guaranteed to not over-produce?
Thanks for the proposal @CryptoBesties101. I think there are some great opportunities for collaboration here. We have explored CPGs in the past, but they require a different marketing approach. Having specific support in that regard could help to develop successful strategies.
Would also agree with @METADREAMER about a presale approach to gauge market interest and develop sales channels as a first step.
Thank you for the responses, we are negotiating the minimum order quantity down. In terms of go to market, pre-sale with a limited drop would the strategy we were thinking. We are continuing to research the market for beauty and pre-sales. We do have an existing community and audience, that we would be leveraging.
Updates, we were able to negotiate down the min. order quantity to 300 and after running some interest surveys, lipgloss is a better product to launch, the current rates for the high quality, vegan, cruelty free product with existing testing + regulatory clearance)
300 lipgloss + shipping ($3,000) + packaging cost ( $1,000)
( $150-200 depending on weight and taxes)
Pre-sales: Yes, we can have a presale option for the lipgloss.
Questions:
Metafactory has an existing fulfillment warehouse- would we able to use this?
What is the process to get the proposal approved by metafactory, should we have a final cost estimate of the total costs?
300 items sounds much more doable. If we do a presale first before committing to production, we would need to have some base mockups / product renders / copy etc ready + decide on pricing.
We have existing fulfillment so we can handle distribution if you get the bulk amount shipped to our fulfillment Center. Would be great to flesh out details on packaging and whats included in the box etc in the proposal as well.
Is there any costs to cover before the pre-sale happens? Or can we just use the revenue from the pre-sale to fund the production?
Once we have a final complete proposal with product details, pricing, and costs we will put up a vote on Snapshot where ROBOT holders can vote to approve
(1) For marketing, we believe it would be best to not do a complete pre-sale, new makeup products sell best after people see the actual product in use.
(2) We already have the mockups of the product, can send some samples.
(3) Where is the fulfillment center? The taxes for the shipping will be impacted by this.
(4) We have also done market research and will be able to have an accurate price to sell the product for once we factor in the shipping and the weight.
(5) We think it would be best to fund the production upfront, since a complete pre-sale may not be the best method.But could consider other options.
HI,
(1) community is mainly in the United States and Canadian
(2) We have attached the mockup
(3) For the final estimate, what is the address of the fulfillment center
Hi,
The final estimate would be $4,000, if metafactory is unable to front the cost, we are able to front some of the costs as well.
What is the voting process like and what is the timeline for the voting process?
MetaFactory
141 Flushing Ave
Building 77, Unit 1307
Brooklyn, NY 11205
I will post a proposal on our Snapshot, voting period will be 7 days. Once approved we can move forward with production!
Once you guys get the funds, whats the rough turnaround timeline on production? If its less than 6 weeks we can open up a presale at a discounted price before doing the production run to better gauge demand.
If we only get 50 orders during the presale, is there an option to do a smaller production run? If not we will need a contingency plan on what to do with the leftover stock so its not just sitting at the warehouse forever.
I’d like to see a validation of demand for these products before committing any funds. Every product that we have dropped targeting a female demographic has not performed well and I think more work needs to be done to build the category and channel before production occurs.
Would it be possible for you to conduct a poll with your community to validate product demand and potential price points prior to any pre-sale or pre-production work?
Hi great questions.
(1) the timeline is about 6 weeks.
(2) post likely once production is started we will not be able to cap it.
(3) As a contingency plan, we are happy to buy out the stock in the event that it does not sell, and sell it during our community events and events such as NFT NYC.
Hi, we could run a poll within our community. What was the past results of the products targeting the female demographic are there some metrics we can look at to look at?
The metrics we would have on this front would probably be the Bankless UltraSound Summer female focused variants and then some SadBirdsClub earrings we had available during ETHDenver
I’d say it’s less about female demographic demand VS specialty product demographic demand. MetaFactory has it’s faithful that are copping drops and co-creating, then we have the composable aspect for brands/partnership support, cross-pollinating the communities along the way.
The Beard Oil was more of an indicator that specialty products need to have a pre-measure of demand before we over-produce or allocate the bandwidth towards dropping them. Especially with out zero waste goals with limited/scarce products that don’t have lingering inventories.
Definitely want to onboard new demographics to the MetaFactory fam and our partners though.
Hi, we have given a survey to our community! We are ready for production, What are the next steps we need to iron out the logistics? We do want the product to be ready to have by NFT NYC.
How did the survey go? The vote passed with “fund production via presale” so doing the sale would be the first step. If you can share the official product images/renders and description / pricing we can start that process
