Hypebeast of Crypto

MEGAX, A joint venture between Singaporean companies — iFashion Group and MC Payments, MEGAX is a token targeted at millennials, a token to be spent on the retail network. MEGAX aims to create an ecosystem of a common currency that will be accepted by in the retail industry from consumers all the way to suppliers.

MGX coins will be used for purchasing products and services on MEGAX retail network both online and offline, Megafash, Monoyono, Might Jaxx just to name a few. Users will have a iOS / Android wallet app that can interface with Merchant’s Point-of-Sale (POS). Other than performing the usual peer to peer to peer wallet transaction functions, the MEGAX wallet acts as a marketplace to spend MGX coins. It’s also interesting to point out the team intends the wallet to support exchange with other cryptocurrencies, possibly directly converting your BTC to MGX much like TENX for spending on their retail network.

Functions aside, the true value of MGX coins will be derived from the people who adopt it. I’m not talking about economics or market forces, I believe this will be the coin that will possibly for once, be influenced by social factors. It possibly will be the tangible and quantifiable manifestation of social currency, out of control from companies and left to the people who owns it. Possibly a cryptocurrency that can’t be bought with fiat or is extremely difficult to purchase, though everything has a price tag to it.

I know the concept might sound abstract but stand with me here; I used to be a Magic the Gathering player, each set contains a series staple or core cards are essential for every deck hoping to be competitive. Limited print runs of cards and a highly competitive and rewarding competitive scene in Magic created an system of trading, mostly around these staples. Traders who analyse the metagame will spot these staples and buy them up to hoard them. It is not uncommon that people only trade in staples during competitive periods or be prepared to pay a premium.

So hey what does cards have anything to do with cryptocurrency? Fun fact: MTGox is actually an acronym for “Magic The Gathering Online Exchange”.

Now apply the same concept to limited run streetwear, where people sleep in queues outside boutiques, retailers capping purchases — a scalper’s (wet) dream. In a market where both the consumers and businesses already understand the core nature of limited runs and exclusivity, adopting a common currency is’nt too hard to imagine.

Will MGX be the Hypebeast of cryptocurrency? I personally believe this might be it. As with any cryptocurrency, it’ll be about the adoption, once there are partnerships with retailers on these limited goods that can only and solely be purchased with MGX, I believe mass adoption will come given the ecosystem of the streetwear crowd. All that is left will be MEGAX’s ability to get hold of these retailers. Just imagine LVMH announcing their next LV x Supreme collaboration can only be purchased with MGX, that might just be the answer to “when moon?”.

The idea should be a marketplace of exclusivity, definitely you’ll be able to use MGX for everyday goods, I don’t see a point or even a way for MEGAX to limit MGX usage, but I can see MEGAX choosing select few merchants or products to exclusively accept MGX only specifically for products that have limited runs to create this sense of exclusivity and value of the coins. Merchants or users will be able to see the MGX value increase in fiat, while maintaining its MGX value (which let’s be honest, even as a bitcoin trader we’re all still counting profits in dollars instead of bitcoins). As for products that accept both fiat and MGX, needless to say your spending mileage as a user with MGX will be further.

Global adoption of cryptocurrencies may be a pipe dream today, but a good way to start would be getting niche groups to understand it, develop interest and use cases from there. Just like how Bitcoin’s first movers were developers, and is just starting to get the attention of the finance sector, MEGAX could possibly be the next frontier for cryptocurrencies to reach end consumers.

The next hurdle would be making cryptocurrencies appeal to this millennial crowd, curating the merchants and exclusive products for MEGAX, buying NMDs with MGX may not be too far away with the company’s strong network in retail.

I’ll probably stock up some MGX as an investment for my wardrobe. Check out MEGAX here.