The Story of the Ugly Crypto Sweater..... The Market is Booming -- Year Round.
The Ugly Christmas Sweater company, UglyChristmasSweater.com, says its company that spun off -- Hodlmoon, has sales through the roof.
Most of us seen these classic sweaters now, they are pretty sweet looking!
These are a seasonal item, or are they??
Since the festive swag company launched Hodlmoon, their items have been flying off the shelves.
Since the launch in October, Hodlmoon is an ugly crypto sweater version of its main business.
The clothing is quickly becoming the unofficial uniform digital currency investors, rather than just a novelty item.
Hodlmoon says they have made a whopping $200,000 in sales from the crypto sweater range in 2017 alone.
The company’s $59 garments have been a hit long after the holiday office parties ended.
Crypto investors are still sharing photos of their sweater on Twitter.
Hodlmoon born from the crypto market boom:
A web developer at UglyChristmasSweater.com, Zac Cohen, said he got the idea for Bitcoin-themed sweaters after sucessful investment.
Cohen says he turned a $100 into $5,000 by investing in Bitcoin as the price per coin soared.
He bought one bitcoin in 2013, explaining that the basic math behind it was logical to him.
Bitcoin has a limited and finite supply, just like gold.
In the chaos, Cohen spotted a business opportunity for UglyChristmasSweater.com.
He pitched the idea of an ugly crypto-themed sweater to brothers Fred and Mark Hajjar, the company’s owners.
The unofficial uniform for bitcoin boosters
The Hajjars gave Cohen creative control over a spinoff company to follow-through on his idea.
The new company specializes in knitted sweaters emblazoned with the logos of popular cryptos, including, Bitcoin, Ethereum, and Litecoin.
They called it Hodlmoon.
“Hodl” refers to holding investments in cryptocurrency and resist selling when the prices slide.
If an investor “HODLs,” their investment might rise in value “to the moon,” as the saying goes.
After the initial samples came back from the company’s production facility in China, he posted a photo of the jumpers branded with Bitcoin and Ethereum logos to Reddit.
It immediately rocketed to the site’s front page, receiving over 2,000 “upvotes,” Reddit’s equivalent of “likes.”
Hodlmoon sold 200 sweaters during the first weekend of online sales in October.
The company later sold over 2,000 sweaters in 2017 before selling-out completely almost two weeks before Christmas.
The sweaters generated roughly $200,000 in revenue in less than three months and retail for $59.99 each.
Hodlmoon accepts credit as well as cryptocurrency as payment.
Even Ethereum founder Vitalik Buterin’s dad and cryptocurrency entrepreneur, Dmitry Buterin, wears Hodlmoon’s Ethereum-themed sweater in his profile picture on Twitter.
The sweater’s success stems from the passionate communities of cryptocurrency investors, says Cohen.
“It’s a niche inside a niche,” he added.
Thanks for Reading.
I would wear one!