Bow is a combination of the eponymous decentralized application, software, and the ERC-20 compliant token (BOW) which were created by a team of French experts in the field of luxury goods and blockchain devotees. This solution seeks to address the problems of the contemporary market of luxury products by establishing a properly functioning supply chain, improving traceability, detecting counterfeit, introducing an advanced payment method, etc.
The project has already established a partnership with a globally recognized brand, namely the Swarowski House, which participates in the creation and promotion of Bow’s proprietary product, the Bowtie Barber, the high-end bow-tie shaped like a fancy mustache.
The project has just concluded the pre-ICO sale of BOW tokens (BOW) and prepares for the fully-fledged token sale due to begin in the middle of the summer.
According to Fashion United, the online agency for global fashion statistics, the current volume of the corresponding global market amounts to $400 billion with the largest share of consumers being located in Europe and the United States. However, China has been entering this market in strides, expected to come to a level with the US and Western Europe by no later than 2020.
Surprisingly, bow-tie is among the luxury items which generate the largest sales across the world, which probably explains why it has become the project’s staple physical product. This accessory was designed by the French company called Bowtie Barber that is run by Aurore Petit, the project’s founder and CEO. To her credit, Aurora got the Swarovski House to endorse this product which, understandably, enhanced its status and cost-competitiveness among similar luxury products.
However, BOW wasn't launched solely for promoting the bow tie. BOW’s primary mission is to retaliate the counterfeit by uniting the global brands under its auspices. Their unique decentralized B2C mobile application, built on the Ethereum-based Quorum platform, will facilitate the inventory management, help to establish new sales channels, introduce improvements to market transparency by making every luxury item and its components accounted for and fully traceable. All products will be identifiable thanks to the use of NFC chips and QR codes.
The app will also be designed as a marketplace for the most renowned luxury brands. Each seller will be subject to a 20% fee, thus generating the revenue for the project.
The software is the second component of the BOW ecosystem designed primarily to serve the needs of businesses. It has the inventory management feature that allows to effectively check the stock levels and monitor orders at every stage of their execution. The B2B portal will provide means for businesses to establish communication and sales channels along with the incorruptible supply chain.
BOW is the utility token that will grant its holder the right to receive dividends of up 10% from the overall sales volume of Bowtie Barber. Additionally, staking BOW will grant their owners access to exclusive products, provide for discounts and promotions. Moreover, the holder will be able to re-invest these tokens in other blockchain projects which Bow Tie may endorse in the future.
The ICO is scheduled to begin on July 15 and last for three months till November 15, or until the hardcap of $6 million is reached. The price of 1 BOW is set at $0.3 with a minimum investment of $100. Investments can be made only in ETH. Citizens of North Korea and Singapore are prohibited from participating in the ICO.
|Start||July 15, 2019|
|End||November 15, 2019|
It is sad to see all the effort that had been put into Bow go to waste. The design of their website alone deserves endless compliments for how stylish and well-elaborated it is. I would really like to see Bow get enough money to continue developing the anti-counterfeit solution but, judging from what I see on the ICO indicators, the project won't reach even the softcap. Less than 3% of a minimum funding goal reached with only two weeks to go, that's a real mission impossible.
Judging from the tempo with which Bow raises funds through the token sale, the project would be fortunate to reach the softcap. 2.16% of the hardcap raised with only three months of the ICO to go, these are poor showings. That's a pity, really, because Bow looks like a well-crafted project that deserves a chance to enter the market. Hope that they would come up with an efficient marketing campaign soon enough to reach at least a minimum funding goal.
The Bow project is a prime example of how the blockchain technology can be applied to virtually any area of business, whether it is banking or fashion. This technology is on the march, and I sincerely admire how Bow chose to put it into practice. Despite how distant it may seem to a common consumer, the luxury market constitutes a substantial part of the global economy, and it needs to keep abreast with its trends, particularly in the sphere of technology. I am a business manager, not a “fashionista”, so my usual outfit rarely goes beyond a business suit, or a homely sweater, but it doesn’t mean that I am unable to recognize the potential that Bow holds. It is a solid project, through and through.
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