Meet the Decentralized Fashion House Bringing Overpriced T-Shirts to Ethereum

Yet people are doing just that for Saint Fame, a decentralized autonomous organization 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.

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.

The FAME token sale is run on a fork of an experiment Uniswap has been running called Unisocks, where you can use a token to buy a limited-edition pair of actual socks.

The first piece of fashion Saint Fame will create is a T-shirt designed by Vernon, aka Dapp Boi."Expect the design to be a somewhat incoherent explosion of weird internet things," Vernon told CoinDesk in an email.

For the Saint Fame gig, Vernon was compensated by way of his own custom ERC-20 token, BOI, which represents one hour of his time.

In theory, as the project moves forward, owners of the DAO's token will be able to vote on the direction its fashion house follows - using Saint Fame's governance token, AINT. These votes happen on Aragon.