Meet Mintouge, the Web3 plugin that connects luxury brands to their customers through purchased products. Blockchain-based certificate of ownership creates digital twins of physical items that combine a digital wearable and a private communication channel.
The startup was one of eight companies selected for the first launch of the Farfetch X Outlier Ventures Dream Assembly Base Camp accelerator. He benefits from a 12-week mentoring program.
Mintouge enables brands to provide after-sales customer service, digitize physical assets and communicate through a product’s digital twin; this is stored in an associated application where the digital wardrobe and storage wallet meet the social network.
Interoperable, scalable technology means Mintouge can be integrated into virtually any e-commerce transaction within minutes with a few lines of code.
Currently, after-sales communication poses a real challenge for brands. The luxury consumer expects and demands a high level of customer service, but is increasingly reluctant to share their personal data due to high security breaches.
“He has a direct line with customers before they buy, but that line often stops abruptly after a sale is complete. Mintouge offers a solution to this problem plus the added benefit – all in one place,” says co-founder Pietro. Novelli adds that this is vital for customer retention, which becomes more important than gaining customers during a recession.
The benefits for the consumer are many. Along with their physical purchase, they also get their 3D digital twin, which they can wear in various games and metaverses. It doubles as a digital certificate of ownership, providing access to token-gated experiences and communities.
Here’s how it works. You select a product on a participating brand’s e-commerce site, try its 3D digitized version in an integrated avatar configurator (Mintouge both digitizes the assets and creates the avatar), pay with your credit card (this is important) and receive the physical item in the mail as standard.
The transaction also creates a digital certificate of ownership / digital wearable that is stored in the Mintouge digital wardrobe app (storage wallet) with which the brand can talk to you and offer experiences, offers and rewards.
As Novelli puts it, “imagine your next luxury purchase as a key to unlocking an exclusive membership club.”
Most importantly, neither the brand nor the user need to be involved in the cryptocurrency aspect, as Mintouge technology takes care of it through a fiat-to-crypto payment gateway. “It’s completely frictionless,” Novelli says, “creating a real bridge to Web3 adoption.”
As the community evolves, owners will be able to use the digital twins to resell connected physical products through the Mintouge social community and track the market value of their physical wardrobes through the custodian wallet. This resale can potentially generate an additional revenue stream for brands (as well as creative copyrights can be written into smart contracts). The custodian has a $35 million insurance policy.
Mintouge was born in Art Basel Miami 2021. Novelli describes Steve Aoki doing a set with Alec Monopoly at Liv at Fontainebleau. “He was wearing a bomber jacket with a Bored Ape on the back, and I thought this guy was redefining the idea of luxury because it’s not just about big brands anymore, it’s about privileged communities. She’s wearing something worth a million dollars and she’s the only one who can wear it.” (FYI Bored Ape and Crypto Punk owners have IPs.)
As for the pedigrees of Mintouge co-founders Pietro Novelli and Kunaal Chande, they were head of marketing at Meta’s global business team and digital strategist at Bloomberg, respectively. Broader team consists of former TikTok, Google
Mintouge has already signed with at least one global luxury fashion brand and is in advanced talks with several. Negotiations with an influencer marketing agency are also ongoing. In the future, Mintouge technology could enable brands to feature an ambassador’s avatar in the configurator and directly track conversions. Influencer receives royalties from every transaction as stated in their smart contracts that allow them to monetize their community.
Since its inception, the founders have been booting the company but will launch its first seed funding round in the first quarter of 2023.