The nonfungible token (NFT) market is hot right now, and the future forecasts that it will only be getting hotter. The creation of the Metaverse opens the gateway for NFT luxury brands to reach $56 billion by 2030. As the production of NFTs continues to create new forms of fashion consumption, more and more premium brands are jumping on this fast-moving train, investing in their new digital collectibles businesses. As more aspects of people’s lives are moving online, the demand for digital fashion and goods will increase significantly in the coming years.
The Metaverse, virtual spaces where people can interact with each other and with digital objects through personalized avatars, is a groundbreaking concept currently being developed and built. Yet, it still has a long way to go. Still, within this short time frame, the spaces that are available to us now create opportunities for luxury brands to benefit from digital collectibles and the rise of so-called “social gaming.”
The beginning of the internet, or Web 1.0, allowed people to connect to information. Web 2.0 was the iteration of social media and in essence, facilitated a new wave of people connecting with others. And now Web 3.0 stands to become a whole new virtual reality, better known as the Metaverse. Within this new digital world, people will search for more than information and connection with each other — they will experience a genuine virtual reality immersion.
NFT and Metaverse as mega opportunities for premium brands
As an immersive experience, the personal avatars that users utilize will wear clothing and use items as manifestations of individualization and personal expression, much like they would in the physical world — this opens up a really exciting opportunity for premium brands.
Related: Why are major global brands experimenting with NFTs in the Metaverse?
Experienced strategists have mentioned the global platform Roblox as an example. Within this gaming and creation system, one in five players will change their avatar every day, much in…