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Token-gated websites are Web3’s virtual velvet rope

An increasingly popular Web3 tool, “token-gating” limits access to certain spaces to blockchain token-holders, allowing brands to offer perks to select customers. It’s also a way to appeal to the Web3 community. Gucci and Adidas are already on board.
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Photo: Gutter Cat Gang x Stadium Goods

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Magnolia Park’s latest drops can sell out in minutes online, with 1,000 units gone in little more than a blink. The California streetwear store has a loyal fanbase that follows its releases of rare sneakers and hats, in limited-edition colours. Many will line up outside of the store for hours ahead of a drop. But online, much inventory is eaten up by bots, leaving collectors resorting to aftermarket purchases at up to 10 times the original price.