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Here is where you can find all the answers to questions you may have about the project!
To put it concisely, our NFT acts as a membership token which can be used to claim one fragrance every six months for a period of two years. In order to receive your perfumes, simply connect your wallet to our website (we will create one for you if you do not have one, more info in FAQs), enter shipping information and they will be on their way. You must do this once for each fragrance, as there are four cycles for the release of this project.
The structure of the project is at its core a subscription service, with the NFT purchase (the “mint”) functioning as a one-time payment. Every six months, the previously available fragrance will be replaced by the next release in the line. This does mean that while minting the token gives you the right to own all four perfumes, you must still log into the website to claim them one at a time. However, we will be providing plenty of reminders over the course of the six months, and the claiming process will take no longer than 2 minutes. But if you do forget, fragrances will be available to be claimed retroactively for tokens which have not previously been used to claim them (more info on this in FAQs).
When you purchase one of our NFTs off the Subscribe page, you will become a member of a community of people who will receive all four of our fragrances and be able to collaborate on future scents. While there is always the possibility to purchase a membership token off a secondary market like OpenSea, there is no guarantee that you will be able to find one at the original price of $480. Therein lies your incentive to mint a token directly from our site, as you will not only be guaranteed all four fragrances but also will, as stated above, be getting an excellent deal on what you receive.
If you have missed the mint, and are choosing to purchase a token off the secondary market, make sure to do your research beforehand. Each one of our 2,222 tokens, while appearing the same, will be assigned a number. This will be represented on OpenSea as Scents of Wood Membership Token #1532 (as an example). Each token during any given period will either have already been used to claim a perfume or not, and you will want to know which one it is before purchase. We offer on our website a way to verify that a token has not been claimed yet for complete transparency. You can also use OpenSea to check this, as the metadata of the token will be updated after each claim (analogous to punching a hole in a punch card, only with a ton of code).
It is important to note that secondary market prices will likely be impacted by how many fragrances have been claimed, so be sure that the token you’re interested in has the number of fragrances you want available.
1. Why this NFT
From the creation of Scents of Wood - on the day of the Fall Equinox in 2020 - one key driver of our brand has been to reinvent the business of fragrance by making luxury scents affordable. Hence our Web 2 subscriptions, which allows our subscribers to try a new delightful scent every month for less than $50.
Hence our direct-to-consumer business model, which gives us better margins that we can pass on to our customers.
Hence our commitment to olfactive perfection, which explains why Scents of Wood was awarded Fragrance Extraordinaire of the year in 2021 by the Fragrance Foundation (the fragrance equivalent of the Best Picture Academy Award) for Pascal Gaurin’s Plum in Cognac masterpiece.
We are seeking to replicate this affordable luxury model with our NFT subscription. Each holder of our NFT will be entitled to 4 exclusive Scents of Wood fragrances over 2 years. If we listed those scents on our website (which we never will) or sold them in stores (which we never will either), each of them would be priced at $240, like the rest of our collection.
So the accumulated value of those 4 full-size, 75ml Scents of Wood fragrances is $960. Our minting price, $480.
2. What’s in it for you
Our scents are Web 3’s first smellable utilities. Tangible utilities that live in the real world. Your 4 exclusive Scents of Wood fragrances will be the brainchildren of some of the most renowned Perfumers and Master Perfumers in the world.
Each of them will be produced exactly 2,222 times, making them the rarest luxury scents ever commercialized.
They will be sent directly to your home.
But perhaps our most interesting utility is the right to vote on who will create the perfume and the ingredients they will use, making this project the world’s first crowdsourced fragrance release! This has never been done before, and we cannot wait to see what you all choose to do!
And that’s before we start adding other utilities such as meetups, samples and merch (and we have great ones coming).
And that’s not counting our commitment to keep our community alive and happy past the 2 year mark, but let’s not get ahead of ourselves.
3. What’s in it for us
And what’s in it for us you ask?
First, we see this NFT as an experiment in luxury commerce.
If it proves successful, it’s not only the marketing of fragrances that can be re-imagined, but that of any luxury product from fashion to accessories to travel and more.
Second, we see it as a test for the way we, as a brand, should bring fragrances to market.
Again if it does resonate, we might want to recalibrate ALL of our subscriptions, ALL our product offering, we might want to invent an entirely new way of building community around home and personal fragrances that will become our entire business model. Incidentally, the fact that this project is associated with a brand that has built its reputation on the quality of its customer service is your best possible insurance.
Our reputation as an IRL fragrance brand is on the line.
So no matter the fluctuations of cryptocurrencies, no matter if NFTs still exist in 6 months from now or not, you will still receive 4 magnificent scents from us over the next 2 years.
And if you happen not to like one of them, they will come with a return label. Send us the scent back, choose one from the Scents of Wood catalog and smell the way you like until you receive our next creation.
Finally, and most importantly, money.
If our NFT finds its audience, it will work like a supercharged Kickstarter campaign and we will we end up raising substantial funding (for a company our size anyway)
And this is where you, as a token holder, come in again: holders will be asked to vote on the allocation of funds as we collect them, making them de facto shareholders in our brand and allowing them to directly impact our business development.
Examples of possible use of funds would be:
- Expansion to new markets, such as the UK, Germany or the UAE
- Creation of new workshops to accelerate our production capabilities
- Opening of own retail operations in strategic locations
Obviously a fascinating perspective, as such an experiment has certainly never been done in our industry (or any industry).
What is an NFT?
Stands for Non-Fungible token. Fungible assets include cryptocurrencies, FIAT currency. Non-fungible assets include houses, cars, and tokens on a blockchain.
NFTs are units of data which are stored on the blockchain that can be anything ranging from music to film to artificial intelligence code.
NFTs live on the blockchain, what is that?
At their core, blockchains are systems designed to keep track of information in a transparent and immutable way. When new data is introduced to the block chain, it gets encrypted into a “block” which is then “chained” onto the last interaction which creates a single source-of-truth for the data in a chronological method. When a new block is added, every miner on the network must validate the transaction, which creates an unbreakable layer of security. This, plus the fact that every transaction to ever occur on the network is publicly accessible data entirely prevents fraud and makes the technology extremely useful in many places.
How do I receive my NFT?
After checking out, you will receive an email from NiftyBridge with instructions.
How will I get a wallet made for me?
You can get more information here.
This information will be updated soon
How do I sell my token?
You can get more information here.
This information will be updated soon
How do I use NiftyBridge wallet?
You can get more information here.
This information will be updated soon
What is OpenSea?
OpenSea is a secondary market for digital collectibles, analogous to eBay for NFTs! You can use OpenSea to purchase more tokens of your liking, or to sell the ones you already own for ETH!
Is there rarity on these tokens?
All Scents of Wood Membership tokens are created equal. However! Depending on the number of fragrances remaining to be claimed on a certain token, the prices on the secondary market may vary.
How do I claim my fragrance?
Once you’ve received your token in the wallet of your choice, simply go to the membership page, connect your wallet and enter your shipping information! All you have to do next is sit back, relax, and wait for the fragrance to arrive in the mail!
Do I need to pay for these fragrances?
Once you’ve paid the initial fee for the token, everything else is free! Simply enter your shipping information and you’re off to the races.
How do I claim a fragrance that is not in the current release phase?
Check the number of your token on our websites or check the traits of your token on OpenSea to see how many fragrances are still claimable, and if not simply connect your wallet to our website and all unclaimed previous fragrances will be available to receive!
What happens if the token changes hands?
You can only claim one perfume every six months per token – changing of ownership does not change this. Selling a used token to another person will not give them the ability to claim the same fragrance as you, they will need to purchase their own. If you use the token to claim the first fragrance, then decide to give it to someone else, they will be able to receive all future releases! But since you’ve already used it to claim the first scent, that one will remain in your possession and they will not be able to claim it (unless you decide to give them the physical bottle as well).
What if I missed the claim window?
Once a six month window has passed, a new fragrance will be released. If you forgot to claim the last one, we’ll send you both, as long as your token hasn’t already been used to claim the first.
Crypto Tutorials
The NFT you are about to purchase can be acquired using a credit card, simplifying access to this technology for people who are not familiar with it.
But the world of NFTs functions for the most part in crypto.
If you wish to sell your Scents of Wood NFT, or if you want to buy one on the secondary market, there are a couple of things you are going to need to set up.
This is what this section is all about.
How to create a digital wallet with Metamask
https://metamask.io/faqs/
This information will be updated soon
How to buy crypto
https://metamask.io/faqs/
This information will be updated soon
How to view a token on OpenSea
https://opensea.io/learn
This information will be updated soon
How to buy or sell on OpenSea
https://opensea.io/learn
This information will be updated soon
