My friend Rachel Wolfson wrote an article for COINTELEGRAPH.COM that “It's become clear that fashion NFTs must offer some type of consumer engagement, allowing brands to interact with individuals in both the physical and the digital worlds.” The January 2, 2022 article entitled “Unlocking utility is key for fashion brands launching NFTs in 2022” included these comments:
Nonfungible tokens, or NFTs, have become one of the most discussed markets in the crypto space this year.
A recent report from Cointelegraph Research found that NFT sales are aiming for a $17.7 billion record by the end of 2021.
This may very well be the case, as a number of mainstream brands have begun launching NFTs.
According to recent research from Bain & Company and the online luxury fashion platform Farfetch, digital interactions with consumers are becoming increasingly important for brands.
The report specifically states that “digital interaction with peers is on the rise when choosing to purchase a product.”
As such, nonfungible tokens tied directly to brands and their consumers are now more important than ever before.
No surprises in this report!
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.