“The secrecy/mystery is what makes it cool,” Uniswap’s Ashleigh Schap said via direct message. “Normally you wouldn’t send $200 to random people who are promising to send you a T-shirt.”
And yet people are doing just that for Saint Fame, a decentralized autonomous organization (DAO) that’s part fashion house, part ethereum subculture.
“Saint Fame is more like a subreddit with money than a traditional fashion house,” said Matthew Vernon, a designer involved in the project.
Since announcing itself to the world on Nov. 11, Saint Fame has been intentionally somewhat hard to follow. In its first tweet, the DAO described itself as, “The world’s first internet-owned fashion house.”
Fashion and aesthetics have a special place in the ethereum world. Slava Kim, one of the people behind the project who works by day as a designer at Coinbase, told CoinDesk, “We are excited to enable a new paradigm of collective creation on the internet.”
The DAO currently works by selling a token, FAME, that’s redeemable for one T-shirt. FAME’s price is determined using a bonding curve, basically a smart contract that raises the price of each subsequent token sold at a predictable rate.
There isn’t documentation to explain the specific parameters of FAME’s bonding curve, but in a Monday tweet the project said the first one sold for $8. If all 100 FAME tokens sell, the final one will go for $170,000, though they have to be purchased in ETH or DAI.
In fact, Saint Fame favors all things ethereum.
Its projects and proposals can be made using Aragon, the governance project. Its smart contracts use OpenZeppelin. The tokens are being sold using a custom integration with Uniswap, the protocol built to swap any two coins on ethereum in one user action.
Uniswap built it to show how decentralized exchanges “enable…