Saturday, October 1

Profitability Key For Fashion Brands Launching NFT In 2022 By CoinTelegraph

© Reuters. Profitability is key for fashion brands launching NFT in 2022

Non-fungible tokens, or NFTs, have become one of the most discussed markets in the cryptocurrency space this year. A recent report from Cointelegraph Research found that NFT sales are targeting a record $ 17.7 billion by the end of 2021.

This may well be the case, as a number of major brands have started launching NFT. According to a recent study by Bain & Company and online luxury fashion platform Farfetch, digital interactions with consumers are increasingly important to brands. The report specifically states that “digital interaction with colleagues is on the rise when choosing to purchase a product.” Hence, non-fungible tokens tied directly to brands and their consumers are now more important than ever.

  • The Metaverse opens the door for luxury NFTs to become a multi-billion dollar market

Understanding What Utility Means for Fashion NFTs While it is notable that major brands like Adidas (DE :), Dolce & Gabbana and others have already launched NFTs, the utility behind non-fungible tokens is proving to be true. key to the success of a fashion brand. Karinna Grant, Co-CEO of The Dematerialised, a trendy digital marketplace, told Cointelegraph that utility is what gives non-fungible tokens purpose and value:

Read the full article on Cointelegraph

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Reference-es.investing.com

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