Beyond The Hype
How NFTs are changing Luxury Commerce
19th April 2021
Beyond The Hype
How NFTs are changing Luxury Commerce
19th April 2021
Non-fungible tokens are not new but have lately broken through the art world and mainstream consciousness. What’s behind the hype? How can the Luxury sector tap into the potential NFT offers?
Non-fungible tokens (NFTs) have been around since a while but they have suddenly catapulted to global attention, with examples from the art world drawing headlines for the stratospheric prices being commanded for digital works, such as the Beeple collage that sold for $69 million at a Christie’s auction in March 2021.
However, in the first week of April 2021, NFTs plummeted almost 70% from a peak of around $4,000 in mid-February to around $1,400 in early April. It is also interesting to note that beyond the hyped sales, an average NFT artwork may not sell for more than $200.
So, is NFT just another hype or there is more to it?
For both NFTs and Luxury goods, value is driven by authenticity and scarcity, so it stands to reason that the combination of the two will offer a new world of possibilities for brands and consumers alike. As the digital and physical universes merge, the importance of NFTs go beyond the hype.
Our team analyses the evolution of NFTs and the possibilities they offer focusing on the Luxury sector.
Step into the Future
Step into the Future
In the hyper-digital world, NFT will create the layer of security and ownership giving rise to new forms of business models and revenue channels. Our research decodes the Industry and Market shifts setting the foundation for these trends.
1. Demand for NFT Collectibles
2. NFT Marketplaces
3. Dressing up the Avatars
4. The Commerce of Gaming
5. CGI Fashion Models and Influencers
6. Closer to Consumer with deeper insights
7. Movement towards Sustainable Consumption
8. Demand for new skills and technological solutions