About SockHodler
SockHODLER is an apparel brand that creates tangible goods with digital ownership representation on the Algorand Blockchain. Limited runs of sock designs will be paired with NFT Artwork as collectibles.
Additionally, apparel brands currently struggle to maintain their value as counterfeit goods flood the market with little way to verify authenticity. The blockchain solves this with an auditable public ledger listing out transactions. Our collectible socks will not only verify ownership but also authenticity recorded on the Algorand Blockchain.
Aside from the general lack of Cryptocurrency related apparel being sold on the web, many NFT artists produce work that only exists digitally.
We strive to create partnerships with both NFT artists and like-minded projects to bring the blockchain to the physical realm.
Why Crypto Socks?
Socks are a cost-conscious way to enter the apparel space and broadly eliminates the need for product variants, such as sizes, colors, and general overhead expenses relating to stocking and shipping.
The processes of dye-sublimation and 360 degree printing require very little setup, are fast, and are readily available from many suppliers should the need for scalability arise.
Turnaround times and costs are reduced as a result. Plus, socks are cool.
Who Wins?
NFT Artists
Gain exposure IRL to reach a broader audience outside of the Crypto communities.
Up-and-Coming Blockchain Projects
Collaborations with new and existing blockchain projects create engagement with their followers that differentiate itself from the traditional NFT giveaway or marketing effort.
Crypto Enthusiasts
The Crypto audience has an additional avenue in supporting their favorite blockchain or project; by wearing them. They are rewarded in $SOCKS Tokens (Algorand Blockchain) for their purchase which can be used for product redemption and premium subscriptions.
Additionally, consumers will be able to pay in either $ALGO or $SOCKS (Est. June 2022) with low transaction fees and instant finality. This payment gateway bypasses the typical transaction fees associated with credit cards.
Key Differentiators
Physical Paired with Digital
Original collections will remain for sale as a physical good only (with ownership verification through a standard token), but limited run sock designs will be paired with NFT Artworks specific to those designs and sold as a bundle. Our base collection will feature designs of popular blockchains such as Algorand, Ethereum, Solana, and Bitcoin.
Algorand-Based Rewards System & Payments
Earned $SOCKS Token rewards may be used to redeem products on the SockHodler website. Payment in either $ALGO or $SOCKS tokens will be accepted. The type of payments accepted will be open to governance decision in 2023, but for now, we would like to encourage those that transact with different blockchains to enter the Algorand space.
Limited Edition NFT Staking
Earn $SOCKS Tokens for staking limited edition NFTs as well as partner pool tokens. All Physical NFT Socks will qualify for NFT Staking Programs as well as our Genesis Coin NFT Collection for sale at:
https://algoxnft.com/collection/genesis-coins
Nearfield Communication Wearables
(Estimated Q4 2022)
Limited Edition NFTs will be embedded into the socks allowing for proof of authenticity and wallet access by using an NFC tagging device linked to the Algorand Blockchain.
Near field communication
NFC Tags are a contact-less technology that allows for encrypted communication between an NFC-Enabled Device (such as smartphones) and apparel over short distances.
Data is written to the tag and when scanned by a smartphone, it can connect to a crypto wallet, NFTs, or other miscellaneous transactions on the blockchain.
In order to ensure authenticity and ownership, the blockchain needs to be embedded in the article of clothing that links the physical realm to the digital one.
In our case, the NFC Tag adheres to the sock and a patch is stitched over it. The tag is water-proof and can sustain typical washing cycles. When scanned, the digital counterpart (NFT) will be loaded to display ownership and authenticity via our webapp (The Sock Vault [Estimated Q4 2022]).
Users are able to redeem their NFT after their purchase by scanning the socks for the first time.
Non-Fungible Tokens
A non-fungible token is a piece of data that is stored on a digital ledger with unique qualities that cannot be interchanged.
For every physical sock that is manufactured, a corresponding digital NFT will be minted on Algorand.
Any limited collections we produce will have non-fungible tokens coupled to them.
It is best to think of the socks and NFTs as two separate items that come in a pair. The NFT can be sold, exchanged or lost, but the user would still have ownership until it is transferred to another wallet. We encourage collectors to maintain ownership of both (socks & NFT) to retain their value.
Project Collabs
Collabs with like-minded projects on Algorand will be fundamental to SockHodler's growth.
We are seeking partnerships with those engaging with their respective communities who wish to offer members their limited-run project-branded goods.
NFT Artists are encouraged to reach out if they want to increase their exposure as well as partner up on limited edition sock designs.
At this time, we are choosing to open up collaborations with Algorand-based artists only but will be expanding to other blockchains in 2023.
Reach out to us at
sockmaster@sockhodler.com if you would like to be considered for a sock drop.
Tokenomics
SOCKS Token - Algorand
Where to acquire?
SOCKS Tokens can be exchanged for on
TinyMan. There are currently two liquidity pools - ALGO/SOCKS & SOCKS/YLDY.
Use-Cases
- Earn SOCKS Tokens from staking limited edition NFTs, and daily scan rewards in the SOCK VAULT webapp.
- Earn SOCKS Tokens from purchasing products on the website.
- Payment for Digital & Physical Products.
- Access to premium subscription plan when it is released.
- Royalty payments to artists.
Token Allocation
- 15% (15,000,000 Tokens) - Early Investors and Founders - (24 month Vesting, 3 Month Cliff and Locked for 2 years
- 25% (10,000,000 Tokens) - Community Chest (Giveaways, Airdrops, Project Collabs, Rewards Programs
- 15% (15,000,000 Tokens) - Operations (Web Development, Marketing, Design, Expenses
- 10% (10,000,000 Tokens) - Liquidity Pool - Locked for 2 years
- 25% (25,000,000 Tokens) - SockDrawer Reserves - (20 month Vesting, 3 Month Cliff)
- 10% (10,000,000 Tokens) - Initial Airdrops
Governance
Our Genesis NFTs allow users to guide the direction of the SOCKS Token for the future. Various measures will be put out over time where voting will be necessary to ensure the health of the SOCKS ecosystem.
Genesis NFT holders are automatically entered into Soft Staking Rewards up until the launch of the SOCK VAULT. All they need to do is hold the NFT in their wallet, and will be rewarded in SOCKS Tokens monthly.
